Bitcoin (BTC) – the largest digital currency in the world by market cap – has been a key player in the digital currency industry. The digital currency has been dominating the crypto space and it is known for setting a trendline for other digital currencies. Its value has a significant effect on almost all the coins in the market, and when it is in the green, other coins will follow suit.
Bitcoin (BTC) Dominance Rate Hits 50 Percent
Bitcoin (BTC) now accounts for fifty percent of the market cap of the entire digital currency market. Shortly after 03:00 UTC on the 11 of August, the Bitcoin dominance rate on Coinmarketcap.com – an indicator that keeps track of the percent of the total digital currency market cap contributed by the top digital currencies – got to 50% for the first time since 19th of December last year.
At the moment, the market cap of Bitcoin is $105,785,552,545, and this is about $900 million more than the total market cap of every other digital currency in the market. Looking at the dominance rate chart, the dominance rate of Bitcoin (BTC) has been on a steady incline for the past couple of months.
From the 1st of May until date, the dominance rate of bitcoin has seen an increase of 14 percent. On the 19th of December last year, the average value of Bitcoin (BTC) was $17,605 across trading platforms – which is 65% higher than the current value of the digital currency.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is valued at $6,079 after losing about 6 percent of its value over the past twenty-four hours. The digital currency currently boasts of a market cap of $105.78 billion with a trading volume of $4.44 billion over the past twenty-four hours.