In the last 3 months, Bitcoin (BTC) – the most valuable digital currency in the world based on market cap – has gained more control over the digital currency market even in the third worst consolidation in the history of the market.
Bitcoin Price Today: Current Price of BTC
Bitcoin is still topping the list of all cryptos in the world with a market cap of $111.46 billion and a trading volume of $4.49 billion over the past twenty-four hours. The digital currency is currently trading at $6,500 after a decrease of 2 percent in the last 24 hours.
The Dominance Index of Bitcoin (BTC)
The dominance index of Bitcoin (BTC) has risen from 35 percent to 42 percent in two months. Back in May, Bitcoin’s dominance index was at about thirty-five percent – this was the period when the digital currency market began a massive consolidation rally to the previous support levels.
Nevertheless, Bitcoin (BTC) continues to gain more dominance over the crypto market as the bears in the market have taken out hundreds of Initial Coin Offerings. In a space of two months (from May to July) Bitcoin’s dominance index has increased by 7%.
Most investors usually fall back to top cryptos such as Bitcoin (BTC) and Ethereum (ETH) in bear cycles – basically due to tokens trend and small cryptos of experiencing massive upward and downward movements.
Digital Currencies Tend to Be Tied Together
Earlier this year, Goldman Sachs reported that BTC, as well as other digital currencies in the market, tend to move in a similar trend and manner.
When Ethereum (ETH) or Bitcoin (BTC) experience a downward movement, other digital currencies in the market with smaller market capitalization tend to decline lower by a greater margin, and when Ethereum of Bitcoin experience and upward movement, smaller digital currencies tend to increase by ten to twenty percent.