Hello Good Morning to Everyone,
Today we discuss about the bitcoin gain Dominance from failing ICO's
so lets start our talk : )
Though the price of Bitcoin has fallen over the past few days, Bitcoin’s dominance has seen some growth. In fact, in just two months, the growth of Bitcoin has risen by almost 10%.In May, the dominance index of bitcoin was at around 35 percent, during a period in which the cryptocurrency market initiated a large corrective rally to previous support levels.
Recent reports now find that some of this could be down to the sheer number of failing ICO’s that have surfaced over the coming months. With ICO’s failing, are more people turning to established coins like Bitcoin for their investments?
Usually, when the dominance index of bitcoin is low, the market is in a bear cycle and when the dominance index of bitcoin is high, the market enters a bull market. Investors often tend to resort to major digital assets like bitcoin and ether, the native cryptocurrency of the Ethereum blockchain protocol, in bear cycles, primarily due to the trend of tokens and small digital assets of experiencing intensified movements on both the downside and upside.
According to CCN:
“In May, the dominance index of bitcoin was at around 35 percent, during a period in which the cryptocurrency market initiated a large corrective rally to previous support levels. However, as hundreds of ICOs died out and the bear market came about, the dominance of bitcoin started to rise. From May to July, within a two-month period, the dominance of bitcoin rose by 7 percent.”
With this, based upon current and historic trends, perhaps the new rise in Bitcoin dominance may see us enter a new bull market?
thank you all : )
Regards,
Rahul Pansara