Bitcoin Dominance Hits 70% as Keiser Warns Altcoins 'Not Coming Back'

Bitcoin now has the highest share of the overall cryptocurrency market since before its record-breaking $20,000 bull run in 2017.

According to data from major monitoring resource CoinMarketCap, Bitcoin now accounts for 70.5% of the total cryptocurrency market cap as of Sept. 3.Bitcoin market cap hits pre-$20K high.

As Cointelegraph reported, continued underperformance in cryptocurrencies other than Bitcoin has triggered warnings from traders and analysts alike.

"Alts never coming back Sorry," he tweeted on Sept. 3, also referencing market cap statistics.

"Altcoins are to Bitcoin what lead is to Gold.".

Some sources had reported Bitcoin hitting the 70% mark as early as last week.

Bitcoin itself delivered a sudden return to form late on Monday, having previously dropped to just $9,350.

At press time Tuesday, BTC/USD was circling $10,360, bringing 24-hour gains to 6.2%. Altcoins in the top twenty mostly failed to achieve more than 4%, meaning they lost value in Bitcoin terms.

Some commentators voiced caution about placing faith in Bitcoin's strength.

Market cap, they argued, is a poor measure of performance, as it includes many altcoins which do not even have any trading volume.