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Bitcoin Dominance Rate Hits 50% For First Time in 2018

Bitcoin dominance rate hits 50% for first time in 2018

Bitcoin Dominance Rate Hits 50% For First Time in 2018

bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.

Shortly past 03:00 UTC on August 11, CoinMarketCap’s bitcoin dominance rate – an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency – reached 50 percent for the first time since December 19th, 2017.

At press time, bitcoin’s market capitalization now records $105,785,552,545, which is about $901 million more than the market capitalization of every other cryptocurrency combined.

Bitcoin dominance rate hits 50% for first time in 2018
Chart via coinmarketcap

The above chart shows bitcoin’s dominance rate has been on a steady incline over the past few months, currently representing a 14 percent increase from May 1st. In the same time period the market dominance of all other cryptocurrencies have largely been on the decline.

Conditions were much different the last time bitcoin’s market dominance was above 50 percent.

On Dec. 19th, the average price of BTC was $17,605.81 across exchanges – an 65 percent higher price than the cryptocurrency’s value today, according to the CoinDesk bitcoin Price Index.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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Published at Sat, 11 Aug 2018 04:02:33 +0000

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Top Venture Capitalist Says Cryptocurrencies Could be Worth Trillions of Dollars

The total value of all cryptocurrencies currently sits at around $300 billion, but venture capitalist Albert Wenger believes that it could eventually be worth trillions of dollars.

The economic, not to mention societal, impact of cryptocurrency cannot be denied. Individuals from across the globe are turning to decentralized digital currency for numerous reasons, such as investment, ease of transactions, anonymity, lack of bank access, or sheer need. It seems every new week brings a new high to bitcoin and other cryptocurrencies, and the total value of all cryptocurrencies is now around $300 billion. However, one of the top venture capitalists, Albert Wenger of Union Square Ventures, says that cryptocurrencies could eventually be worth trillions of dollars.

Is the Future of Cryptocurrency Rosy?

At the Slush technology conference in Helsinki, Finland, Wenger made a number of remarks to CNBC. He said that there’s a lot of “irrational exuberance” in the cryptocurrency market right now (as seen by the recent dips and surges), but he believes that the total value of all the various digital currencies could go a lot higher in the future. He told CNBC that it’s too early to tell if digital currencies are in a bubble, and he added:

So I believe there’s a good chance that cryptocurrencies taken together as a bucket will be worth trillions of dollars. We are a long way from that.

Cryptocurrency Following in Amazon’s Footsteps?

An interesting note made by Albert Wenger was his reference to Amazon when discussing the long-term prospects of cryptocurrency. He said:

If you look at (the) Amazon stock chart, it looks like this massive upward sloping curve. But then if you zoom in you see in the beginning there was this very quick run up and then this big drop off. So the way I look at this (cryptocurrencies) is when we look back at it from far in the future, it will be a very massive run up. The current run up could turn out to be a blip on that chart.

So I think it’s you know, once you reach the territory we are in today, there’s definitely a way for it to go down. And there’s definitely also a path in the future where, cryptocurrency as a whole will be worth trillions of dollars.

Bitcoin Prices Shake Off Gossip to Continue Highs

Overall, this is an interesting perspective from a widely respected venture capitalist, and his Amazon reference could be spot-on. Albert Wenger was an angel investor to Etsy and Tumblr, and Union Square Ventures has invested in a number of blockchain startups.

Wenger is not alone in being bullish on cryptocurrency. Ronnie Moas of Standpoint Research told CNBC he expects bitcoin to be worth at least a trillion dollars in a few years. Hedge fund manager Michael Novogratz said that the market cap of cryptocurrency could be $2 trillion by the end of 2018. Of course, there are still the naysayers, like Jamie Dimon, the CEO of JPMorgan Chase, who believes that bitcoin is a fraud.

Do you agree with venture capitalist Albert Wenger that the market cap for cryptocurrency could one day be trillions of dollars? Or will digital currency eventually crash and burn? Let us know in the comments below.

Images courtesy of Flickr, Pixabay, and Bitcoinist archives.

The post Top Venture Capitalist Says Cryptocurrencies Could be Worth Trillions of Dollars appeared first on Bitcoinist.com.

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