As Hundreds of ICOs Fail, Bitcoin Gains More Dominance Over the Market
Over the past three months, bitcoin, the most dominant cryptocurrency in the global market, has gained more dominance over the market amidst the third worst correction in the market’s history.
In May, the dominance index of bitcoin was at around 35 percent, during a period in which the cryptocurrency market initiated a large corrective rally to previous support levels. However, as hundreds of ICOs died out and the bear market came about, the dominance of bitcoin started to rise. From May to July, within a two-month period, the dominance of bitcoin rose by 7 percent.
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