Bitcoin Dominance At 2019 High: Is This A Recoup Signal?

Over the last few days, we can see the Bitcoin dominance at 2019 high – moving to the highest point relative to the rest of the crypto market. Even though this occurred far too early to categorically state as such – it could be a clear sign of a recoup that some analysts predicted in the latest cryptocurrency news.

The Bitcoin dominance at 2019 high is also a signal that Bitcoin may likely hold a unique place in history for the only digital currency to enjoy full market dominance. An alternative theory, however, was given by the Fundstrat Global Advisors Tom Lee who said that the bear market is already over and that we can see a lot of increase in the altcoin news reporting about altcoin prices – mostly taking profits from Bitcoin gains.

A lot of crypto assets have risen close to the top and fallen back down over the years – but Bitcoin is not one of them for sure. The Bitcoin dominance at 2019 high shows that BTC is superior to any altcoin – even when compared to the Ethereum blockchain which rose to account for over 31% of the total crypto market in July 2017, when Bitcoin’s dominance fell to below 40%. This was the only time in history when the two cryptocurrencies (BTC and ETH) were having the smallest gap in their market dominances.

However, Bitcoin weakened in January 2018 and clocked a new dominance at 33% which was the most critical time. Following the burst of the crypto bubble, Bitcoin’s dominance began to surge and returned to just above 50%.

The latest Bitcoin dominance at 2019 high shows that BTC now accounts for 54.6% of the total crypto market cap which is only a fraction of a percentage off its year-to-day high having achieved this point last week. The 54.6% is a new level of dominance and a 2019 high, as reported by many best cryptocurrency news sites.

Even though it’s still early to predict anything or predict a new bull run, analysts believe that this is needed and expected in the near term. As one analyst and popular Twitter personality named Vinny Lingham said earlier this month:

“Bitcoin could double overnight, but does this mean other assets should too, even if nothing has changed on their end in term [sic] of development, network etc?… How can we have a situation where the market price of one asset dictates the value ascribed to other unrelated assets, irrespective of whether or not anything changes in their own separate networks.”

All in all, the Bitcoin dominance at 2019 high is a clear sign that cryptocurrencies may recoup in the near term.