Bitcoin dominance climbs above 70%, raising worries about altcoins

Bitcoin dominance climbs, raising worries about altcoins

Bitcoin strengthened its dominance over the cryptocurrency market, as its percentage of the total market capitalization rose above 70 percent, raising concerns about the future of altcoins.

According to the data showed by the main monitoring provider CoinMarketCap, that Bitcoin has the most of total cryptocurrency market cap with 70.5 percent, as of 3rd of September.

As of 10:29 GMT, the Bitcoin rose more than five percent at $10,356, Ethereum move in the same direction to increase more than two percent at $176, while Ripple and Litecoin rose more than one percent and two percent, respectively.   

As Bitcoin makes gains versus altcoins, where they continued to show poor performance, which have led to warnings from traders and analysts.

The dominance of the biggest digital currency has been on the rise since the beginning of the year, escalating gradually and confidently from 51.6 percent on January 1, 2019.

The Bitcoin lost 4.43 in August, extending its drop for a second month in a row, but the fall was rather the least among the top cryptocurrencies, as the Litecoin (LTC) and Stellar (XLM) experienced sharp declines of -34 percent and -25 percent respectively.

Meanwhile, other cryptocurrencies failed to increase more than 4 percent, which is in Bitcoin term considered as a loss in their value.

RT Max Keiser, who again claimed this week that altcoins would never recover from this contraction. 

But some of the traders cautioned about putting confidence in the power of Bitcoin, as they argued that market value is a poor measure in terms of performance, as it contains many altcoins that do not have any trading volume.

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