As The Bitcoin Price Plummets, Its Dominance Is On The Rise
Bitcoin has had a terrible month, but not as bad as many other major and minor cryptocurrencies it would seem, with bitcoin's share of the total cryptocurrency capitalization, known as its dominance, moving higher throughout November. The bitcoin price has fallen some 45% so far this month after rival cryptocurrency, bitcoin cash, split in two due to developers and miners failing to reach an agreement over its future, triggering a cryptocurrency sector-wide sell-off that has caused some to question bitcoin's chances of survival. Bitcoin's dominance has ticked up over the course of the month, however, from lows of 51% in early November to 53% today—highlighting bitcoin's enduring appeal to investors and cryptocurrency miners. Bitcoin has this week dropped below $3,500 for the first time in 14 months, according to CoinDesk's price tracker, down around 80% from its peak in December last year and casting a shadow over the hundreds of bitcoin and cryptocurrency startups that have popped up over the last two years.Elsewhere, amongst the other top five cryptocurrencies, Ripple's XRP is off by 90% from its all-time-high, Ethereum's ether is down by 92%, bitcoin cash 95% lower, while EOS (which peaked in April this year) is down by 85%. While many of the other major cryptocurrencies have fallen harder from their all-time-highs than bitcoin, it's amongst the minor cryptocurrencies that real rout has happened.
Bitcoin (BTC) is down 2.33% over the past 24 hours and is currently trading at $3,731.88 on Coinbase. BTC dominance is at 53.3% and the total cryptocurrency market cap is currently at $121.7 Billion.