Bitcoin Dominance Nears 50% Even As The Price Plummets
Bitcoin's dominance — a measure of its total cryptocurrency market share — has continued to creep up over recent days, hitting year-to-date highs and approaching the psychological 50% mark for the first time since the massive bitcoin bull run in December last year. This uptick in bitcoin's market share comes amid a bitcoin sell-off following the U.S. Securities and Exchange Commission delaying a decision on a proposed bitcoin exchange-traded fund (ETF) until September 30 at the earliest. It was previously expected some time in August. The bitcoin price lost some $500 in around six hours last night on the back of the news — taking it to around $6,500. A rise in bitcoin dominance essentially means bitcoin is more in demand compared to the alternative cryptocurrencies and an increase in bitcoin dominance could be seen as the start of a bull run, as it's a common route for fiat money to enter the cryptocurrency market.