Bitcoin’s market dominance hits record low

02.01.2018 / 10:10

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Bitcoin, which experienced a more than 30 percent price drop off its recent ‎highs, today had a record low in its percentage of cryptocurrency’s total market ‎cap as investors hedge with other prominent ‎altcoins.‏

While the scaling debate and price swings have been going on during the ‎last few months, the Bitcoin Dominance Index, which shows how much of ‎the entire cryptocurrency economy is dominated by Bitcoin, has been ‎dropping all the way to reach a record low at 37.6%. ‎

Today’s figure is the coin’s weakest level since June 2017, and many point ‎to the increasing popularity of altcoins such as Ripple and Ethereum as a ‎convenient reason why.

Ripple has experienced a massive short-term advance in market cap, after ‎seeing a staggering $80 billion increase within a month. The sudden and ‎dramatic ascension through the ranks has taken Ripple to the position of the ‎world’s second-most valuable cryptocurrency‏.‏ ‎ It had already overtaken ‎Ethereum for the first time since May 2017, with its market cap surging to ‎‎$85.2 billon. ‎

Although Ethereum has managed before to regain its previous position, but ‎this time Ripple has built a strong adoption among major banks in Japan ‎and South Korea, where the majority of its trading volume is ‎concentrated in‏.‏

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original Post: Bitcoin’s Market Dominance Hits Record Low, Ripple Surges

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Bitcoin’s market dominance hits record low

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