Bitcoin (BTC) Dominance at Its Highest Levels, Strong Indicator of Positive Price Moments

Bitcoin (BTC) Dominance at Its Highest Levels, Strong Indicator of Positive Price Moments

According to data, bitcoin (BTC) dominance, which represents the part of the major cryptocurrency of the total crypto market, is currently about 48%, In particular, it was the only level of dominance that Bitcoin had done last year about $ 20,000 before he hit his highest time.

If we are looking back till the end of last year, the world’s most valuable cryptocurrency reached its highest record of $ 19,783.21 on December 17, 2017, On December 20, the market’s dominance was only a few days before reaching 47.6%.

A few weeks later, on January 2, 2018, the BTC’s dominion fell to 36.1%, which was one of the lowest levels in the history of cryptocurrency. At the moment, when the BTC dominance level is backed up, it is trading at about $ 7,100 at the time of writing.

Bitcoin prices also increased even a few weeks earlier, because the approval of many SECs in the crypto community and Bitcoin were expected after the Bitcoin ETF. The federal regulator, which is still reviewing this time carefully and said that it will give its decision (or not) in relation to the crypto ETF in September.

Positive Signs, Good News for Bitcoin (BTC)

The parent company of New York stock exchange (NYSE) proclaimed that they are planning to launch a Microsoft cloud-based cryptocurrency trading desk through a company called Bakkt, it’s a positive sign for bitcoin. Particularly, ICE’s PR mentioned that the user would be able to exchange their crypto for USD to make easy purchase

Interestingly, Tom Lee had recently told NBC’s “Fast Money” that fundraised by his Bitcoin Mistry Index (BMI) shows that Bitcoin (BTC) has not “broken” provided that it sustains its current price and volatility levels. But he also noted that Bitcoin’s current high level of market dominance was a good sign and it is “actually showing the market is reacting to what’s been taking place.”

 

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