Research highlights Bitcoin’s actual dominance is 90% which, according to Coinmarketcap, is hovering around 70% at press time. If this would be true, then as per the report, it threatens the rest of the crypto market big time, including Litecoin and Ripple’s native token XRP.
Bitcoin Dominance & Market Performance
At the time of reporting, BTC Dominance is 68.7 percent, a figure very close to 70% of the total crypto market. This figure is, however, the highest so far, which we have not seen since April 2017.
While Bitcoin dropped below $10000 figure today, it also dragged other cryptocurrencies down. As such, the second-largest cryptocurrency, Ethereum is down by 1.18 percent, XRP by 0.61 percent, Bitcoin Cash by 1.18 percent over the past 24 hours and other major cryptocurrencies are following the same suit.
BTC dominance, which is a Bitcoin’s share of the total market capitalization for all cryptocurrencies, is researched as above 90% according to the analyst at Arcane Research.
While study believes, Bitcoin recovers the significant value in 2019 following the crash since late 2017; it is also noticed that Litecoin, XRP and other rival cryptocurrencies are still struggling to attain the highest figures in the crypto market.
With suggested 90% BTC dominance, the market might pose a serious threat to other cryptocurrencies such as Litecoin and XRP. Bendik Norheim Schei, an analyst at Arcane Research in the report mentioned;
“Everyday bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as money,”
According to current data by coinmarketcap, Bitcoin holds $178 billion market capitalization whereas $19 billion by Ethererum, $4.5 billion by Litecoin and $11 billion by Ripple’s XRP.
Litecoin (LTC) Turns to Development from Adoption
While Dominance is still a significant aspect market players consider for Bitcoin, projects like Litecoin is on its growing effort to increase adoption so far. However, it has attained considerable growth in terms of adoption across different industries, including sports, the founder of LTC recently turned the project’s view from adoption to development.
LTC founder, Charlie Lee has been in talks with the Litecoin community about the latest development activities on the network for the upcoming Litecoin Core 0.18.1. As per developer Adrian Gallagher, it is “coming nicely.”
Moreover, according to Lee, the MimbleWimble protocol that aims to solve the issue of privacy in the Litecoin network is a significant focus of Litecoin. Lee shared the update on MimbleWimble on his Twitter account as follows;
Updates on MimbleWimble progress:@davidburkett38, the main developer of Grin++, is now working with @ecurrencyhodler and I on the design. We've been ironing out the mechanism of getting LTC in and out of MW/EB. Also figured out how to handle MW fees in a clean way.
— Charlie Lee [LTC⚡] (@SatoshiLite) August 20, 2019
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.