Bitcoin (BTC) Dominance Approaches 60% as Altcoins Sell-Off
According to data from CoinMarketCap, Bitcoin currently stands at 57% of the market, up from under 40% just three months ago.
A good portion of Bitcoin’s gain in market share has been driven by a significant drop in the price of Ethereum (ETH), which has suffered from increased short-interest and a cooling ICO market. In the last three months, Ethereum has dropped from 17.7% to 9.7% market dominance.
Given that there is no guarantee that the altcoin will recover, many investors are finding Bitcoin to be a relatively less risky long-term investment. Bitcoin currently makes up 60.3% of the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.