Bitcoin Dominance

Bitcoin Dominance Rising Again after Ethereum London Hard Fork after a Bottom of 45% as of today

Bitcoin Dominance has been in a consistent drop today and plunged to 45.11% with a quick downside wick. After the Ethereum London Hard Fork was implemented, Bitcoin started to dominate.

Today was the Ethereum day as it made history by doing a necessary upgrade by implementing updates to lower the transaction fees. Traders invested in and the price pumped above the $2,800 mark. Due to this most important event, Ethereum won all attention and the dominance rose to 20.57%.

Ethereum Dominance
Source: TradingView

However, as the Hard Fork was implemented, the dominance started to fall, and right now it’s near 19.87%.

Bitcoin Dominance:

Alternatively, the money flow from Ethereum went to Bitcoin. As seen in the chart below, Bitcoin dominance from 49% is in a down trend since July 21 and dropped to the low of 45%. The trend line is now broken after a long time, thanks to Ethereum which help hold the price bullish, it rose to 46.45%.

Bitcoin Dominance
Source: Bitcoin Dominance, TradingView Chart

 Bitcoin Dominance: Ethereum flipping Bitcoin?

Ethereum has been consistently making green candles in the last 12 days which is longest in the history. Not only this it, for a great deal of time, took a great chunk from Bitcoin Dominance, which is pretty surprising and ultimately signals a potential threat to the monopoly of Bitcoin.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Check Also

bitcoin mining

Jack Dorsey’s Square wants to build bitcoin mining system

CEO of Square Inc Jack Dorsey said the company might build an open-source bitcoin mining …

Leave a Reply

Your email address will not be published. Required fields are marked *