Even though Bitcoin is yet to match its own standards of previous year in value, which is not the case with its market share. In spite of severe changes in the value of Bitcoin, it has hit an all time high in terms of the share it occupies in the market. The percentage of share occupied in the market is the same as what it held when it reached the $20,000 mark the previous year. It was found that Bitcoin held 47.6% capitalization value this Tuesday. As it turns out, Bitcoin has complete dominance over the market.
Bitcoin has led to several discussions in the market and has sustained its popularity through the ups and downs which have been pestering its value. It crossed an all time low in the month of January and the hit that it took in July is still being recovered from. However, even as the value is startlingly less compared to what it had held in the month of December, its share in the market is the same as it had held in the previous December when it had hit an all time high in the market.
This huge share of Bitcoin in the market can be attributed to the positive changes from the corporate, economic and political sectors. It was a huge leap forward for cryptocurrency, but more importantly, Bitcoin, when it started gaining validation from major corporate sectors as well as the authorities of different countries. There is also a hope that an ETF will be launched in the market this year. Even as SEC has rejected pleas from several eminent exchanges, such as the plea of the owners of Gemini group, Winklevoss twins, however, the efforts to obtain permission are still going on.
More digital developments are taking place. That is, a new platform is coming up called Bakkt; this platform is being launched by a number of giants in the corporate sector. It aims to utilize the blockchain technology in such a manner that the consumers of Starbucks can pay for their coffee through ten cryptocurrency they possess. This has also affected the value of major coins in the market positively. As these speculations are raging in the market, it can be believed that a lot of factors will still contribute to the value and the share of Bitcoin in the cryptocurrency markets. It is also being said that a great amount of manipulation is also gripping the sector even as major fluctuations continue to take place in the value and share of Bitcoin. It can be stated that other cryptocurrencies are not creating half as much conundrum as that created by Bitcoin. Namely, Ethereum and Ripple have ceased to create headlines at large and not much is being said about them even though they are the next in line to Bitcoin in terms of popularity and value.
