Bitcoin’s dominance rises to 70%, despite anchoring $100 billion market drop

Bitcoin ain’t down and out yet.

With the fourth and final quarter of the year beginning on such a low, perspective matters. During the close of the third quarter of the year, the price of Bitcoin, which had never dipped below $9,000 since June, shaved over 15 percent of its value and closed September at a dismal $8,200.

To put that in context, Quarter 2 closed with Bitcoin trading above $11,000, falling off from its 2019 price peak at $13,800 which it reached on 27 June.

Despite the slumping conditions of the market and anchored by Bitcoin’s fall, the king coin’s dominance in the market has not been deterred; in fact, it has actually ascended. According to the Quarterly Report by cryptocurrency data aggregator CoinGecko, Bitcoin is bearish in price, but bullish in dominance.

In the month of July to September, Bitcoin was locked in a descending triangle, leading to a continual precipitation of market capitalisation and decrease in trading volume for the entire industry. The report indicated that in the quarter, 29.1 percent of market capitalisation was lost, over $120 billion. Trading volume saw a 42 percent decline as well. Read More...