Cryptos Land: Bitcoin price keeps moving upwards as dominance pass 55%

Friday, 13 October 2017

Bitcoin price keeps moving upwards as dominance pass 55%

After falling to a dominance of as low as 38% in mid of year 2017, Bitcoin is rallying upwards. Bitcoin crossed $5800 on several exchanges and the upward trend is in no sight to stop. Settling around $5300 yesterday, investor started to bet on their favorite Altcoins but Bitcoin made their decision unfruitful.

According to the data from coinmarketcap Bitcoin's total market dominance surpassed 55% first time after falling to 38% and dwindling between 45%-50%. Bitcoin dominance started to fall in first quarter of 2017 as people bet on Altcoins leading to a massive surge in prices of various Altcoins such as Ethereum, Litecoin, Ripple, etc. This resulted in Bitcoin dominance starting a diminishing trend falling to extreme low. There was even a moment in Crypto industry where people thought that Bitcoin rival Ethereum would surpass Bitcoin in total marketcap.

However, things in crypto world changes quickly and after activation of Segwit Bitcoin price jumped from $2000 to $4500. This remained in effect for long until now as people are loosing confidence in Segwit2x, a hardfork that will increase the Bitcoin transaction block size.

According to the chart from coinmarketcap Bitcoin's price is in an upward trend as it climbs to reach the year end target of $6000.

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