Bitcoin Dominance Figure In The Crypto Market Rises To 65%

Bitcoin Dominance Figure In The Crypto Market Rises To 65%

Reports have claimed that Bitcoins dominance over other digital assets have witnessed a major boost as coronavirus cases across the globe continue to surge.

The leading crypto assets continued dominance over the other crypto assets and the column inches across the weekend. Bitcoin saw the bulls take charge of its momentum as it rose well to surge far above its previous $16,000 price, which saw its dominance place well above 65% since June. A look at Bitcoin’s previous pattern has shown why the leading digital asset has yet again seen an increase in its dominance figure.

Grayscale holds 2.29% of the total bitcoin market cap

A report that was shared by data analysis firm Glassnode showed that the total number of Bitcoin in circulation surged to an all-time high across the weekend. This figure does not consider the total number of Bitcoin that has been either lost or stagnant n a wallet over the past couple of years. This new report is said to be linked to a recent Bitcoin purchase that was made by Grayscale worth $241 million. With this purchase, the total value of Bitcoin in the assets funds company’s confines is now $8.1 billion, which is around 2.29% of the total market cap of the digital assets.

The company also boasts of owning nothing less than 62% of the whole Bitcoin that is held by public companies across the globe. The firm also has a considerable amount of Ethereum in its holding and will receive a further boost by the digital asset’s performance during the weekend. Ethereum’s realized price has also touched its two-year high level as the coin reached $450. Bitcoin Cash told a different story as it witnessed a 5% loss over the weekend, with most of the loss attributed to the hard fork issue surrounding its network.

Stock markets experience a boost to finish up a strong weekend

The BCH’s latest hard fork issue has been ongoing between both clients of the Bitcoin Cash network. The first party, Bitcoin Cash ABC (BCHA), proposed that they start charging an 8% fee as a tax on mining profits to help the network develop, while the second party, Bitcoin Cash Node (BCHN), was against the move. As both parties went ahead with the fork, major crypto exchanges in the market, especially the U.S-based Coinbase, temporarily suspended deposits and withdrawals of Bitcoin Cash.

Things had since gone on pretty well for the crypto as it had regained it is making moves to return to the previous price before the fork happened. Investors are looking to continue their investments in the stock markets as the market has continued to show promise. Nasdaq Futures and the S&P 500 experienced market boosts to cap off a good weekend for the market.

David Pražák