We really didn’t want to see Bitcoin in this current price range this month. August promised great prosperity and a glimmer of riches, instead though, the trend of 2018 has continued – a tight bear grip and a falling market. With prices continuing to crumble, it is hard to envision Bitcoin within a richer future.
We can’t however let pessimism get the better of us and indeed, the progression of Bitcoin even in this crushing market does indicate that soon enough, the bulls will take hold once again. When they do, BTC at $20,000.00 plus will become a realistic prospect once more.
How is Bitcoin performing today?
At the time of writing, Bitcoin is valued at $6,526.22, up 2.73%. Bitcoin has recently fallen very close to slipping below $6,000.00, though thankfully a pull up has occurred before Bitcoin was able to drop below this threshold (though we did come close).
Whilst todays price seems pessimistic, just one month ago Bitcoin was stuck in a similar range, at around $6,200.00. A month earlier, in June, Bitcoin sat in a similar position, at around $6,300.00.
During this period however, Bitcoin has peaked at $8,345.27. If anything, this proves that despite today’s low values, Bitcoin still holds the ability to fly. It can rack up $2,000.00 in a couple of days, therefore don’t let today get you down. Tomorrow is another day.
Most importantly, Bitcoin dominance continues to climb. At the time of writing, Bitcoin dominance stands at 51.2%. Now, more than half of the markets capitalisation exists within Bitcoin. Last time this happened (with a dominance of around 60%) we saw what has been affectionately named the cryptocurrency boom, between the end of 2017 and the start of 2018 when Bitcoin hit the majestic $20,000.0 figure.
Please note, this is not investment advice, yet, if history is anything to go by, these figures are pointing towards the potential for another climb, a surge and a bull run. If it happens, Bitcoin is a tight grip on the markets, it will pull values up market-wide and within this, we could see all cryptocurrencies reach new all time highs.
As Bitcoin dominance continues to climb, keep an eye on the markets values. Bitcoin is a true indicator within this and therefore its safe to say at this point, over the next few months, whatever Bitcoin does, the markets will follow. Yes, there’s a lot of external factors to consider (namely ETF based factors), overall though, whilst things may look negative at the moment, the future is positive for Bitcoin, and its neighbours too.