Bitcoin Continues to Lose Its LeadOct 11, 2019
Let us recall that overall the situation on the cryptocurrency market remains fairly stable. At the same time, bitcoin continues to lose its market share, which shrunk to 66.8% from its September high of 71.2%. And of course we can always take the opposite view of the situation and see that it was the altcoins’ share of the market that went up.
Nevertheless, we are not currently seeing the general increase of the market capitalization, the process that took place from December 2018 to June 2019. Looking at the market capitalization change vector over the last several weeks, we are not seeing any clear cause for optimism. This may be due to the low demand for Bakkt’s bitcoin futures or could be a response to yet another rejection by the United States Securities and Exchange Commission of the proposal to launch bitcoin ETF, which was planned by the Bitwise Asset Management in partnership with NYSE Arca platform.
Whatever the reason, there is no need to panic yet: the market capitalization holds above the $215B-$216B mark, which has been the level of resistance for quite some time. Consequently, until this number drops below $211B, investors may expect continued growth of BTC and of the vast majority of the other Top 10 currencies in terms of capitalization.