The Growing Dominance of Bitcoin and Its Effect on the Long Term Market
September 12, 2018
The market of cryptocurrencies is recognized as one of the most volatile markets in the trading and investing industry. Major cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc has a fluctuating market which the traders prefer more while investing. Even if you take the market history of any above-mentioned cryptocurrency then you will understand that Bitcoin out of all was the leading one from the beginning. The market capital of Bitcoin has been on the top since it was founded a decade ago. The Bitcoin has had many followers who had invested in this super cryptocurrency.
The Bitcoin market capital was believed to reach over $300 million USD during the cryptocurrency market surge. It became one of the most profitable investment platforms in just a matter of months. The market of Bitcoin was later starting to deteriorate by March ending which got the investors suspicious about the market and were discouraged from investing in Bitcoin. Even though the market was plunging, Bitcoin remained the top cryptocurrency in terms of market and profit generation capacity. In the later months, Bitcoin market started to flourish which then established the dominance of Bitcoin in the market. This phenomenon made many investors and cryptocurrency experts to predict the long-term effects of Bitcoin in the market.
The global dominance of a cryptocurrency is measured by comparing the market capital of the cryptocurrency with other cryptocurrencies. This global dominance was low back during the market drop which was recorded to be 38% even still then Bitcoin was considered a profitable cryptocurrency. The global dominance of the Bitcoin is currently at 56% which is over $80 million USD regarding market capital above all other cryptocurrencies.
Price per Bitcoin
The price of Bitcoin is considered the highest in the current market. The price of Bitcoin at the present moment is $6,275 USD per Bitcoin. Hence a handful of Bitcoin can make you rich. The Price of Bitcoin during its foundation was $135 USD which then hiked to this extent. There are many online Cryptocurrency Exchange platforms such as Evonax which provides Bitcoin in exchange for USD. Looking at the current position of cryptocurrencies especially Bitcoin, the price of Bitcoin is destined to hike as we go along.
Bitcoin stock and circulation
According to Bitcoin, there is a total of 21 million Bitcoin which can be mined out of which 17 million coins have already been mined. But the Blockchain technology of the Bitcoin has made sure to half the circulating supply every four years. According to the calculation, the miners will complete mining of the rest of the Bitcoin by the year 2140.
The trading volume is the total volume of buys and sells that happens over a period of 24 hours. The trading volume of Bitcoin in the last 24 hour is currently $4 billion USD which is nearly 650 thousand Bitcoin. These numbers suggest that Bitcoins are trending and people are adopting Bitcoin which will be a great impact on the cryptocurrency.
Here are some of the important facts that suggest the impact of Bitcoin in the long-term market. The current market of Bitcoin has the potential which will lead it to a successful future. If you wish to buy Bitcoin online then Evonax is a great Online Bitcoin Exchange which can help you buy Bitcoin before the next cryptocurrency market surge.