The state of the crypto market remains bearish and indicates one thing – that Bitcoin remains the dominant cryptocurrency. Throughout the year, the market is in a slow but continuous course that has, on some occasions, sent the total market cap under $200 billion.
Recently, the market has been hanging around the same range as it was around this time in 2017. But the market is not out of this bearish, volatile condition yet. Even though the market is crazy as it is, it’s evident that the authority of Bitcoin is growing at a rate unbalanced to that of the total market cap.
It is evident, particularly when Bitcoin is compared with other digital currencies. Bitcoin’s authority was at the lowest back in January when most of the other digital currencies are growing. But before this happened, Bitcoin’s popularity was steadily growing, and people are seeing the same thing happening around this time.
Based on past trends, the growing dominance of Bitcoin could show that it could be on another run of popularity. If the past is any indication, there are possible reasons or explanations why Bitcoin’s popularity rises when the market is volatile.
One of these is the fact that Bitcoin is a prominent digital currency that everyone must have heard about before. New investors in crypto will naturally choose Bitcoin for this reason. Another of the reasons is Bitcoin is a lot less volatile than other cryptocurrencies.
In the eyes of crypto investors, Bitcoin is reasonably safe. When compared to other cryptos, Bitcoin experienced only 755 of retraction compared to others that have dropped down at around 80 to 95%. Bitcoin’s current dominance is high, but it is unlikely to rise much further.
Since the market allowed to create a new digital currency, the market share for Bitcoin has become heavily thinned. Every week, more altcoins pop up, but it does not derail the increasing dominance of Bitcoin.
Currently, some huge events are stirring that experts believe will have an effect on the direction that the crypto market will take. These are also milestones that could indicate that the market will have an upcoming bull run.
The rise of Bitcoin and the descent of altcoins could also be signs of the next bull run. Crypto investors could do well to look for continuous gains and corrections in the market. In the meantime, Bitcoin leads the market as the undisputed king of the crypto.
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