Endangered by Altcoins: Bitcoin Dominance Index Drops to Historic 36%

Endangered by Altcoins: Bitcoin Dominance Index Drops to Historic 36%

Before the New Year, on December 28 and December 30, the whole crypto market experienced a potent plunge, when the total market capitalization dropped to $539.7 billion and $546,8 respectively. At that moment, the price of almost all crypto coins was decreasing, except Neo, Qtum, and Cardano within the top-20 coins, which CCN, bitcoin continues to be the most liquid and largest digital coin on the crypto market given its user and developer activity. Currently, bitcoin’s total market capitalization makes up over $232 billion. At the same time, its everyday trading volume reaches over $10 billion.

Moreover, some credible investors alluded that the value of bitcoin could overcome $50,000 in 2018 as if it’s a piece of cake. For example, billionaire hedge fund manager Mike Novogratz even suggested that the total market cap of bitcoin will reach $1 trillion.

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Nevertheless, experts keep being quite affirmative concerning bitcoin’s destiny in 2018, primarily, in view of its support by the most prominent financial institutions in the world. In particular, it comes to the Chicago Board Options Exchange (Cboe) and the New York Stock Exchange (NYSE), which, as it seems, are going to offer individual investors an up-to-date platform for piling into bitcoin. For that, they have filed for six bitcoin exchange-traded funds (ETFs) .

Altcoins On The Stage

Interestingly, the piggyback market value of top-5 cryptos has overcome the cap of bitcoin, which is happening for the first time in history. In particular, the combined total market capitalization of Cardano, Bitcoin Cash, Ethereum, and Ripple makes up around $238. This is $6 billion surpassing the overall market cap of bitcoin.

Within the following few months, billions of dollars are expected to flux into the market of the most popular crypto coin. Therefore, some specialists remain optimistic about bitcoin. However, the others have begun to consider the durable increase of altcoins, particularly, anonymous digital coins and auxiliary tokens which hold a lot of potentials.

Charts Source: coinmarketcap.com

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