The cryptocurrency market is growing at a notable rate since the beginning of 2020. Interestingly enough, the growth is across the board. Despite Bitcoin’s increasing price, its dominance continues to fade. This is a definitive sign that altcoins are claiming serious grounds as their prices continue to boom.
Cryptocurrency Market Cap At 6-Month High
It’s safe to say that 2020 has been an exciting year for cryptocurrencies across the board. The entire market’s capitalization has increased to $300 billion. The last time it was this high was back in August 2019.
Cryptocurrency Market Capitalization. Source: CoinMarketCap
At the beginning of 2020, the market capitalization stood at $190 billion. This means that in less than 45 days, it has increased by $110 billion, representing gains of almost 60%.
This happens at a time when all major cryptocurrencies are surging, and this time it’s not just Bitcoin.
Bitcoin’s Dominance Continues To Fade
Another important indicator to look out for is Bitcoin’s dominance. This is the index that measures the market cap of Bitcoin relative to that of the entire market. At the time of this writing, BTC’s dominance stands at 62.7%.
At the beginning of the year, it was over 68.5%, which is a loss of about 6% in the selected period.
Bitcoin Dominance. Source: CoinMarketCap
To a lot of people, this means that altcoin season is here, and the numbers support it. Large-cap altcoins are absolutely surging in 2020. Some of them, such as Bitcoin SV and Tezos, are marking triple-digit increases of 123% and 150%, respectively.
Ethereum (ETH), is up by more than 90% since the beginning of the year, while others are also making staggering gains.
It’s also worth noting that one of the most substantial events is also taking place a few months from now. Bitcoin’s halving, which happens once every four years, is estimated to occur in May, which is less than three months away.
It’s not certain if this will have any impact on the market, but it’s safe to say that exciting months are ahead.
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