The Bitcoin (BTC) market capitalization dominance currently being at its lowest level in seven months is not exactly bad news. Why? Because the lowest Bitcoin dominance indices have historically coincided with a higher bitcoin price.
Bitcoin Dominance Slips Despite Price Gain
According to CoinMarketCap data, the BTC market dominance now stands at 50.8 percent. This figure represents the lowest market dominance since mid-August 2018.
Data shows that Bitcoin’s share of the total cryptocurrency market capitalization has been sliding downwards since the latter part of January 2019. The drop in market share comes despite Bitcoin price trending upwards in the last four weeks.
As previously reported by Bitcoinist, BTC finished the week ending March 17, 2019, on a positive note to make it four consecutive weekly gains. The last time, BTC enjoyed such a run was in April 2018.
Bitcoin Optimism Continues to Grow
Dominance slide or not, there is growing optimism among BTC bulls as to prospects of the cryptocurrency in 2019. Bitcoin…