This is clearly not an altcoin season. In the last months, Bitcoin has recovered part of the dominance (above 50% now) it lost since it reached $20,000 dollars and most of the altcoins lost their presence. This situation has been created due to the fact that the U.S. Securities and Exchange Commission (SEC) delayed the VanEck SolidX Bitcoin Trust and the final decision may be taken even in 2019.
The total cryptocurrency market capitalization is currently below $210 billion dollars, the same level as it was back in November, 2017. Bitcoin (BTC) has also been recovering part of the market lost to other virtual currencies, and other altcoins such as Ethereum (ETH), XRP, Litecoin (LTC), or Bitcoin Cash (BCH) have been losing their presence in the market as well.
Bitcoin has also increased its presence in the market. At the beginning of the year, Bitcoin’s dominance was 37% and now it is 49%, an increase of 32%. Since May, 2018, this tendency started to be clear, Bitcoin increased its presence in the market from 36% up to the numbers that we have now.
At the same time, altcoins lost 35% of the market during the same period of time. This is quite impressive considering that more and more Initial Coin Offerings (ICOs) and projects are launching their tokens to the market.
An important example of this bear market is XRP that dropped over 90% since its all time high, one of the highest drops in the top 10. The price in BTC has also been falling reaching the lowest point this year.
IOTA, another top 10 currency has also registered important losses. The currency fell 35% in a matter of days being traded around $0.98 dollars the last Saturday, while now it has a price of $0.63 dollars.
EOS, which has registered important gains during this year, did not have a good week. It lost 22% moving from $7.18 dollars to $5.54 dollars some days later.
Bitcoin has proven to be a resilient currency and a coin that works as a store of value in the moments that the market operates negatively. Most of the experts remain bullish about Bitcoin (BTC) for the middle and long term. If a crypto ETF receives an approval, the market could skyrocket again and reach new highs.