Bitcoin's Share of $350 Billion Crypto Market Highest Since 2017

Published on by Coindesk | Published on

Bitcoin has done it again, hitting a new 2019 high above $12,000 before retracing slightly.

At 21:00 UTC on June 25, the world's largest cryptocurrency by market capitalization broke from sideways trading after being held beneath $11,400 for over 11 hours.

Perhaps most notable is the fact that bitcoin also crossed above 60 percent market dominance for the first time in over 17 months.

A metric maintained by data provider CoinMarketCap, the Bitcoin Dominance Index shows bitcoin continues to gain altitude at a time when broader confidence in the crypto market, now nearly $350 billion, has yet to return.

Notably, the price rally was also accompanied by an uptick in the 24-hour trading volume as an increase of $13.8 billion was added overall, according to data from CoinMarketCap.

Its "Real 10" volume - a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management, is delivering more sober results, currently standing up $4.09 billion, according to Messari.io.

Still, bitcoin's dominance may be the broader story.

At press time, bitcoin's market capitalization now records $202.8 billion, which is about $67.1 million more than the market capitalization of every other cryptocurrency combined - which currently stands at $135.7 billion.

Eyes are now firmly set on bitcoin's new target along the $12,0000 psychological price tag, last seen 17 months ago on Jan 28, 2018, signaling a very strong upward toward its all-time high near $20,000.

Bitcoin image via Shutterstock; Charts via CoinMarketCap.

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