Bitcoin Regains 40% Crypto Market Dominance As Ethereum, Other Altcoins Plummet

Bitcoin’s crypto market dominance has recovered above 40 percent as Ethereum’s deep falls caused its presence to reduce sharply.

Data from Coinmarketcap shows an uptick of around two percent over the past 24 hours for Bitcoin, despite its price also slipping downwards.

Percentage of Total Market Capitalization (Dominance)

Bitcoin’s share of the cryptocurrency market had bottomed out at as little as 37 percent last week amid Ethereum’s ICO frenzy.

The largest altcoin’s rapid losses over the weekend, which continue today, soon reversed the trend, however, Ethereum currently trading at around just $250.

Meanwhile, Tuesday’s status quo for the top ten and even the top 100 cryptocurrencies paints a gloomy picture for short-term investors.

90 percent of the top 100 posted declines in the 24-hour period to press time, a more impressive downtrend than even May’s slump produced.

Mainstream media was quick to capitalize on the reversal of fortunes in Ethereum. The Wall Street Journal even concluded that investor profit-taking was the principal motive.

Source: Cointelegraph