Bitcoin [BTC], the world’s largest cryptocurrency, found resurgence earlier this month after a sudden surge pushed the king coin’s valuation above the $5,000 mark, before crossing $5,300 shortly after. The collective market followed its pace and climbed to short-term highs after breaking their respective immediate resistances, leading many crypto-enthusiasts to mark the event as the end of crypto winter.
Following the surge, Bitcoin maintained its position in the market, before dipping briefly on April 25-26 due to the Bitfinex-Tether fiasco. With the current market scenario being branded as the altcoin season, Bitcoin’s market dominance had gone for a toss after altcoins dictated market movements, up until the sharp hike BTC prices in early April. In March, Bitcoin’s market dominance had been between 45% and 50% for a majority of the time.
However, with the coin returning to its throne, a new Long Hash report has suggested that Bitcoin was finally in control of the market. This was further confirmed by the crash on April 25, following a brief dip in BTC prices.
According to CoinMarketCap, Bitcoin’s market dominance was around 54.76% at press time, well above its average between January and April. This observation was made in tandem with another development, a spike in Bitcoin transactions. According to Long Hash, the number of Bitcoin transactions spiked considerably this month.
Bitcoin transactions crossed 50,000 this month, only for the second time in over a year. According to data collected by Blockchain.com, Bitcoin saw a total of 64,424 [unconfirmed] transactions on April 24 for the first time since April 2018. In 2018, during the same period, the number of transactions crossed 75,000.
This increase in the amount of transactions and market dominance is of huge importance as Bitcoin has not achieved 60% market dominance since December 2017. This was during Bitcoin’s dream run to $20,000.
This shift in dominance also meant that Ethereum, the second largest coin, was losing its market share. At press time, Ethereum had barely 10% market dominance, while XRP had a market dominance of 7.21%.
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