Market Update July 2018 – Bitcoin Dominance Grows
Another month has passed and Bitcoin (BTC) has registered important gains, increasing its trading volume and market dominance. Other important cryptocurrencies registering gains were Tether (USDT) and DASH.
Bitcoin has been steadily growing in the last month. At the beginning of July, Bitcoin had a price of $6,300 dollars and reached $8,300 at the end of the month. Its market capitalization moved from $110 billion dollars to $140 billion.
It is also important to mention that the market dominance of the famous virtual currency registered a strong increase as well. Bitcoin is getting closer to 50% market dominance, when at the beginning of July slightly under 43%. At the moment of writing, Bitcoin has a 48% market dominance, according to CoinMarketCap, the same value registered in December 2017.
Furthermore, in the last 30 days, Bitcoin registered a growth on its trading volume of 4.6%. But the number remains slightly under the one recorded during May.
Tether (USDT) has also been one of the top traded virtual currencies in July. This stable coin gained 11% in trading volume compared to June. USDT registered a trading volume of $77 billion dollars in June and $85.5 billion dollars in July.
Ethereum (ETH) was the third most traded token in the market after moving $53 billion dollars in July. This number is less than the one registered in June with $54 billion dollars.
EOS was the fourth most traded virtual currency right after Ethereum. But it suffered an important percentage drop in its trading volume during this month. Its trading volume moved from $32 billion dollars to $20 bln. This is a very big drop of 36%.
Bitcoin Cash (BCH), one of the most important virtual currencies registered a trading volume increase from $14.7 to $14.85 billion dollars and remained the fifth most traded crypto in the market.
Litecoin (LTC) an old player in the market has been the sixth most traded virtual currency in the market. The last month, the currency created by Charlie Lee obtained the same position. However, Litecoin registered a decrease on its trading volume of 7.8% passing from $93 billion dollars in June to $8.57 billion dollars in July.
XRP has also experienced an important drop in trading volume during July, after losing 17%. Its volume moved from $8.3 billion dollars to $6.9 bln.
Ethereum Classic (ETC), registered a $100 million dollars’ increase in trading volume in the last 30 days. In this way it became the 8th most traded currency in the market. In the last months, Ethereum Classic received important support from Coinbase and the U.S. Securities and Exchange Commission (SEC).
Another important currency, Tron (TRX), was able to be in the 9th position in the market according to its trading volume. In July, Tron lost 9% of trading volume.
Dash, another old player in the crypto space, was able to enter the top ten most traded cryptocurrencies in July. It was able to register $5 billion dollars of trading volume in the last 30 days.
The top 20 has been completed by QTUM, NEO, Cardano (ADA), CKUSD, Stellar (XLM), ZCash (ZEC), BTM, MITH, TRUE and ONT.
Bitcoin shows that it is ready to keep growing in the future and that a crypto ETF would forever completely change the landscape in the market.