Bitcoin (BTC) has been struggling with the bears since 2018 and the struggle continues to this moment for altcoins as well. However, LongHash has noted that market dominance of Bitcoin has not been static but rather has risen by 50% in the last one year.
A tough journey for Ethereum
On the Contrary, Ethereum’s dominance has declined also significantly within the same time period. According to the LongHash Twitter update,
“BTC market cap dominance is up 50% in 1 year. Jan 29 2018: 35.6%
Jan 28 2019: 53.6%
ETH dominance is down 55% during the same time frame.
Jan 29 2018: 21.6%
Jan 28 2019: 9.7%”
This shows despite the struggling crypto market, Bitcoin may be doing better than many think. The Bitcoin dominance had crashed somewhere in August 2018 but has risen again suggesting an improvement. As for Ethereum, well, things may be getting worse despite the surge it experienced just a few weeks ago that took it from under $100 to just above $160.
What this means
In the seemingly worsening crypto crash, many experts and analysts including Weiss Ratings have said the worse the crash, the better the time to buy. It seems they knew what they were saying judging from this recent stats. Bitcoin might be preparing for another bull run even though it may not look like it at the moment.
Meanwhile, the cryptocurrency market is still under the grip of the bears with all top ten cryptocurrencies in the reds except the stablecoin Tether (USDT) which claimed the fourth position on the coinmarketcap.com ranking recently. It is unclear where the market is going from here but many believe the crypto winter may get worse of Bitcoin goes below $3000.
Are we going further into the winter or are we coming out soon as LongHash data reveals about Bitcoin market cap dominance? Only time will tell and we will be waiting to see how it goes.
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A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu