BTC Dominance Rate Hits Highest Mark Since March 2017

The BTC dominance rate has again risen to new heights, and this time the numbers are something that we haven’t seen since the spring of 2017. For those of you who are not following our latest cryptocurrency news, this metric indicates how much the market capitalization of Bitcoin accounts for within the entire cryptocurrency market cap.

At 70%, the BTC dominance rate is at new highs for the first time since March 2017. Notably, the spring was right before the 2017 initial coin offering (ICO) boom which heated things up – and which was before the Bitcoin and altcoin news showed major losses.

In that way, the BTC dominance rate has been up trending in the recent months and crossed over the 70% mark on September 3. In other words, Bitcoin has returned to a prior form with a 30 month high in the post-ICO bubble landscape.

Many best cryptocurrency news sites along with the crypto data aggregator Messari showed that the rate has now climbed even higher – and sits at 73.9%. There may be more rising yet if the crypto economy winds keep blowing just the way they have been in 2019.

What’s also interesting is the fact that this milestone comes as Bitcoin has yet to experience a “flippening” which basically means that it will be overtaken by another cryptocurrency in terms of its market cap.

Currently, the Bitcoin market cap is over $190 billion while the market cap of Ether (ETH) which is the biggest altcoin in the altcoin news, is just $19.5 billion. In that regards, BTC has considerably pulled ahead of Ethereum and the other top cryptocurrencies over the past two years.

Speaking of, many analysts said that the BTC dominance rate rising suggests that altcoins are even weaker. For example, the popular analyst Peter Brandt was optimistic about Bitcoin and wrote:

“When will altcoin junkies understand that BTC is the crypto with real and lasting value. Altcoins are to Bitcoin what lead is to Gold.”

At the end of the day, we can see that Bitcoin enters the week with a rally while the coming altcoin news show that major altcoins are in a period of loss. The hovering of the BTC price around $10,000 in the recent months is a sign that more institutional investors are becoming involved with the cryptoeconomy.