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Bitcoin re-establishes its dominance over alts; surpasses its 2017 peak

Namrata Shukla

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Source: Pixabay


Bitcoin is not just the oldest cryptocurrency in the market, but it is also leading the other cryptos to the number one position on the cryptocurrency charts. During the 2017 bull run, Bitcoin peaked on December 7, 2017, and established its 65.42% dominance over other coins, according to Twitter user @RegalChicken.

After looking into the old charts of CMC, it was noted that BTC’s dominance on December 7, 2017, was 64.43%.

 

Source: CoinMarketCap

Source: CoinMarketCap

Bitcoin has been trying to revisit its old ATH, but has been noting consecutive falls. However, the king coin still dominated the alts at press time by 65.4%, more than its 2017 ATH dominance. Despite the price of BTC plunging several times over the past few weeks, the coin re-established its dominance over alts.

Source: Trading view

Source: Trading view

However, the hockey stick movement of Bitcoin has made many users skeptical and provoked them to switch ships. Most of the crypto-community invested in alts are hoping for an alt season to follow BTC’s ATH, but this theory is being put to test whenever Bitcoin surges. Recently, the trend of BTC carrying the alts has been broken, and according to a users’ speculations, the next bull run might leave most alts on the bench and not in the race.

As for BTC, it fell massively on July 10, which brought its price down to $11,608.16. This fall added to it fall over the past few days, but was noted to be just 1.36%, adjusted with its growth. However, over the past one day, CMC reports that Bitcoin fell by at least 10.79% and was trying to climb up by 1.29% growth in an hour.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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