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Home»ADOPTION NEWS»Bitcoin Dominance Soars to 60% Amid Crypto Market Downturn
ADOPTION NEWS

Bitcoin Dominance Soars to 60% Amid Crypto Market Downturn

By Crypto FlexsAugust 5, 20243 Mins Read
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Bitcoin Dominance Soars to 60% Amid Crypto Market Downturn
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Tier 1 • August 5, 2024 10:18 AM EDT

Posted 1 minute earlier In ~

Updated: August 5, 2024, 10:56 AM EDT

Bitcoin dominance is a term used to describe the total market share that Bitcoin maintains compared to other cryptocurrencies, which has hit an all-time high amid a downturn in digital assets and global stock markets.

Bitcoin’s total market capitalization currently accounts for about 60% of the entire cryptocurrency industry’s capitalization. Data pages of a block. That’s up from Bitcoin’s dominance of about 51% on Friday.

Bitcoin was trading around $51,000 at the time of publication, after briefly falling below $50,000 during Asian trading hours. This is the lowest Bitcoin has traded since several spot Bitcoin ETFs were launched in January.

Bitcoin’s price has fallen, but its dominance has surged as competing cryptocurrencies, including Dogecoin, XRP, and BNB, have fallen even further in value. Ether, the second-largest cryptocurrency, has also seen significant declines and is currently trading below $3,000.

U.S. stocks plunged on Monday after a dismal jobs report on Friday, rekindling fears of a potential recession. Japan’s Nikkei 225 stock index plunged 12% in Wall Street’s worst day since the 1987 Black Monday crash, raising concerns that a popular trading strategy involving the Japanese yen, known as the “carry trade,” is now unravelling.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Daniel Kuhn is a senior journalist and editor at The Block, covering the cryptocurrency industry with a particular focus on technology. He previously served as an associate editor at CoinDesk, where he covered the opinions/articles section. He was first published in the trade publication Financial Planning. Before pursuing journalism, he studied philosophy as an undergraduate, English literature as a graduate student, and business and economic reporting at NYU’s professional program. You can connect with him on Twitter and Telegram @danielgkuhn, or find him on Urbit as ~dorrys-lonreb.

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