- Bitcoin dominance hits a 2-year high
- Bitcoin now contributes over 72 percent of the crypto market valuation
- We are seeing a revival of Bitcoin – David Wachsman
Bitcoin News Today – Bitcoin (BTC) – the world’s largest cryptocurrency by market cap – was the first crypto to come into existence. Since its emergence, tons of cryptos have also found their way to the market. However, Bitcoin (BTC) is still the most dominant of all. Bitcoin (BTC) contributes to the majority of the entire valuation of the crypto market. This year has been a glorious one for Bitcoin (BTC).
Many altcoins have also accumulated a considerable level of growth this year. However, they have also lost a significant fraction of their gains over the past few months. During the recent plunge, the majority of altcoins plunged heavily, but Bitcoin (BTC) was still standing strong. The dominance level of Bitcoin (BTC) is continually increasing and it just hit a 2-year high.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Dominance Hits a 2-Year High
Bitcoin (BTC) dominance level just hit a new record high. According to data on CoinMarketCap, Bitcoin dominance just hit 72.5%. The last time Bitcoin dominance hit that level was two years ago. Bitcoin to USD price recently plunged below the $10,000 mark. The digital currency struggled around the $9,600 range for a couple of days. However, BTC to USD price just broke over $10k, which has greatly contributed to an increase in its dominance level. The recent sharp upsurge in BTC to USD price did not spill to the altcoin market. The majority of altcoins are still down, as Bitcoin (BTC) is now heading for the $10,500 mark.
The last time Bitcoin hit this dominance level was when it was trading at $2,450, on July 2017. Then, the market cap of the digital currency was just $900 million. However, analysts believe that Bitcoin (BTC) might encounter resistance here, as the trading volume of the digital currency has dropped enormously.
David Wachsman Believes We Are Seeing a Revival of Bitcoin (BTC)
David Wachsman thinks a revival of Bitcoin (BTC) has started. David Wachsman is the founder of Wachsman – a global blockchain services company. He said that Bitcoin is the oldest and one of the slowest blockchains. But he believes Bitcoin is experiencing a huge social revival in the blockchain industry. He said Bitcoin is reliable, amazing, and its reliability is now incredibly sexy. Wachsman believes Bitcoin (BTC) is reviving and something huge is upfront.
Bitcoin might experience a major upward trend in the near future due to the forthcoming Bitcoin halving. The next Bitcoin halving event will take place in May next year. This has even resulted in a bullish Bitcoin price prediction of $28,000 by Max Keiser