From the start of 2020, the cryptocurrency market is progressing at a high rate which is quite obvious. More amazingly, this growth is seen across the board.
On the other hand, Bitcoin is losing its dominance despite its increasing price. Such a high hike in altcoins prices shows that they are claiming serious grounds.No doubt, the year 2020 has been breathtaking for cryptocurrencies across the board. The total capitalization of the market has increased to $300 billion.
Last time, it was this much high back in August 2019. The market capitalization was $190 billion at the start of 2020. This shows that it has increased by $110 billion in less than 45 days, a gain of about 60%. This time not only Bitcoin but all other major cryptocurrencies are increasing.
Decreasing Bitcoin’s Dominance
Another factor to look at is the decrease in Bitcoin’s dominance. This index compares the market cap of Bitcoin to the rest of the entire market. BTC’s dominance stood at 62.7% at the start of this writing, but at the start of this year, it was over 68.5% which is almost 6% loss in this period. This means, to many people, that altcoin is here, and the numbers assist it.
Large-cap altcoins are tremendously raising this year. Among them, Bitcoin SV and Tezos are marking a three-digit increase that is 123% and 150% respectively. Also, Ethereum (ETH) has surged by more than 90% this year while others are also achieving overwhelming progress.
Bitcoin’s halving is also expected to occur in less than three months that is in May, which occurs only once in 4 years. No one can surely say that whether it will have any impact on the market or not, but no doubt exciting months are seeing our way forward.