This Key Market Measure Shows Bitcoin Is Dominating the Cryptocurrency Market

Neil Dennis

Every day bitcoin appears to be getting stronger. Maybe this hasn't been reflected in the price for a while as it languishes 30% below its 2019 peak, but against its rivals it is vastly outperforming.

Bitcoin is now the only asset in the top 10 of cryptocurrencies by market capitalization not to have fallen below its 200-day moving average, according to data from

The 200-day moving average is an important indicator of long-term market trends. As long as an asset remains above this line - which is calculated daily - it is generally considered to be in an upward trend, even if it has been moving lower for several weeks.

Most of the top 10 had already passed the mark some days, even weeks, ago. Bitcoin cash was last of the top to move below on Thursday, leaving bitcoin - below the $10,000 mark, the last one above its 200-day moving average, which currently stands at around $6,420.

Bitcoin Dominance

These moves further illustrate how dominant bitcoin is becoming in the cryptocurrency market. Comparing bitcoin's market capitalization to that of the total of all other cryptocurrencies, it holds nearly 70% of the total market share.

Bitcoin puts a further stranglehold on the market when those cryptocurrencies that are rarely traded are taken out of the equation. This gives a measure of bitcoin's liquidity-driven market dominance, and is closer to 90% of all market share, according to recent research by Arcane Crypto.

In a report on its Kryptografen blog Arcane Research's Bendik Norheim Schei said that given this dominance bitcoin was best positioned to become the currency of the internet, despite other cryptocurrency networks that claim to be quicker or better supported by merchants. Schei said: 

Every day bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as a money. That is important to understand not only for investors and those building out payment infrastructure, but also those building out solutions leveraging the security of a public blockchain.

Importance of Dominance

It's not necessarily important that bitcoin may be seen as the currency of the internet - but that it is now being seen as a store of value is important. This puts it in the league of such "flight-to-safety" asset as gold.

And when its rivals fall, crypto enthusiasts who want to stay in the digital asset market will favor bitcoin's haven status. If it can continue to display these attributes, it will attract further institutional interest and gain further dominance in a market with a great many players.

What the rest of this market is looking forward to is bitcoin's own fall below its 200-day moving average. Even bitcoin has fallen below nearer-term measures. Its 50-day moving average is $10,740 and the 20-day is $10,670 at the time of publishing.

It is not necessarily a bad sign. Indeed, crossing the 200-day moving average line can often be an indicator to technical investors that bearish sentiment is being flushed out and that a turnaround may be on the way.

Bitcoin Goes Above $10K 15 Minutes After President Trump's Speech on Law and Order

Siamak Masnavi

At 23:05 UTC (or 19:05 EDT) on Monday (June 1), 15 minutes after President Donald Trump finished explaining (during a speech from the White House's Rose Garden) how he was going to stop the rioting and looting going on across the U.S., the price of Bitcoin surged above $10,000 for the first time since May 7.

According to the White House, President Trump started delivering his prepared statement at 22:43 UTC (or 18:43 EDT).

Here are a few highlights from this speech, which took place on the sixth day of riots across the U.S. following the death of George Floyd whilst under custody of Minneapolis police:

"All Americans were rightly sickened and revolted by the brutal death of George Floyd... But we cannot allow the righteous cries and peaceful protesters to be drowned out by an angry mob. 

"The biggest victims of the rioting are peace-loving citizens in our poorest communities, and as their President, I will fight to keep them safe.  I will fight to protect you.  I am your President of law and order, and an ally of all peaceful protesters...

"But in recent days, our nation has been gripped by professional anarchists, violent mobs, arsonists, looters, criminals, rioters, Antifa, and others...

"That is why I am taking immediate presidential action to stop the violence and restore security and safety in America.  I am mobilizing all available federal resources — civilian and military — to stop the rioting and looting, to end the destruction and arson, and to protect the rights of law-abiding Americans, including your Second Amendment rights...

"Today, I have strongly recommended to every governor to deploy the National Guard in sufficient numbers that we dominate the streets... 

"If a city or a state refuses to take the actions that are necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them."

President Trump finished his speech at 22:50 UTC (or 18:50 EDT), which is when Bitcoin's price surge started; according to data from CryptoCompare, Bitcoin was trading around $9,718 at 22:50.

The Bitcoin price then spiked above $10K approximately 15 minutes after the President's speech ended and by 23:35 UTC (or 19:35 EDT), or 45 minutes after the speech finished, Bitcoin's price had reached $10,332, as you can see from the 24-hour BTC-USD price below:

BTC-USD 24 Hour Chart  on 2 Jun 2020.png

Here is how crypto-focused behavior analytics startup Santiment commented on Bitcoin's price action:

Finally, Santiment says that either FOMO (Fear of Missing Out) "kicks in now, or profit takers end up taking the safe route with the expectation of buying below $10,000 again."

As for the rest of the crypto market, 46 of the top 50 cryptoassets are currently (as of 06:30 UTC on June 2) in the green.

Here are a few examples:

ETH-USD 24 Hour Chart  on 2 Jun 2020.png

EOS-USD 24 Hour Chart  on 2 Jun 2020.png

OMG-USD 24 Hour Chart  on 2 Jun 2020.png

One cryptoasset that is worthy of a closer look is OMG Network, which was known as OmiseGo (OMG)  until yesterday, when a rebranding took place.

Below is the one-month OMG-USD price chart:

OMG-USD One Month Chart on 2 June 2020.png

As you can see, the OMG price started surging on May 14 following an announcement by crypto exchange Coinbase that OMG would soon be listed on Coinbase Pro, which is Coinbase's trading platform for experienced/professional traders. On May 19, OMG began trading on Coinbase Pro.

Then, yesterday, OMG Network published a press release from Bitfinex on its blog. This announcement stated that crypto exchange Bitfinex (which is owned by the same parent company as stablecoin issuer Tether) had integrated Tether (USDT) on OMG Network for faster and cheaper transactions:

"The integration of USDt onto the OMG Network will reduce confirmation times, make payments faster, and lowers transaction costs at the same level of security as Ethereum. The Bitfinex platform will enable USDt deposits and withdrawals on the OMG Network."

Vansa Chatikavanij, CEO at OMG Network. had this to say:

“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second and reduces transaction costs to a third of Ethereum.

"We’re delighted to partner with Bitfinex to address blockchain’s scalability issues and drive further growth and adoption of open financial services.”

As crypto journalist/researcher Zack Voell later pointed out, this was Tether's eighth launch:

In the past one-month period, the OMG price has gone up 133.15% against USD.