Bitcoin Extends Market Dominance

As of Thursday, bitcoin commanded 48.74% of the total crypto market, with ethereum accounting for 21.52%. Bitcoin has extended its dominance consistently since June 14, when ethereum held 31.58% to bitcoin’s 38.57%.

Bitcoin took a hit earlier in the week when it was announced that a major supporter of bitcoin will be leaving the main network for a new one known as Bitcoin Cash. But the losses were limited compared to the recent gains, and break-out from the declining trend remains intact, despite the continued fears regarding the August 1 fork. In midweek, bitcoin fell by more than 10% off its highs, falling below $2,450, but rebounded off the strong support zone near that level.

Besides Bitcoin Cash, the mining community continues to show strong support for SegWit, which should be implemented shortly. It remains unclear whether or not there will be a hard fork with SegWit2x.

Ninth-ranked Monero, with a market cap of $655.525, posted the smallest loss among the top 10 cryptos, falling only 0.29 points.

Seventh-ranked ethereum classic, with a $1.377 billion market cap, had the second smallest loss at 2.23 points.

Fourth-ranked Litecoin, with a $2.129 billion market cap, suffered a 2.34-point loss, keeping it in solid recovery mode since falling from its July 8 price of $51.27 to $43.95 on July 19.

Source: https://www.cryptocoinsnews.com/bitcoin-shines-from-the-pack-as-market-wide-correction-continues/