At the time of writing, Bitcoin’s market dominance is at 68.8% and is nearing levels not seen since early-2017.
This rise in dominance has coincided closely with Bitcoin’s price rise that has occurred throughout the first half of 2019, with the cryptocurrency climbing from the lower-$3,000 region to highs of $13,800 in late-June. At the time of writing, Bitcoin is trading at $11,700.
Most altcoins, including the major ones, have not even come close to matching this price action, which has subsequently led their market dominance to nosedive.
Currently, Ethereum’s market dominance is below 8%, while XRP’s is just above 4%.
Roger Quantrillo, a crypto analyst on Twitter, recently explained that there is a strong possibility that altcoins drop another 50% before they begin climbing higher.