Bitcoin Dominance Surges Past 50% for the First Time Since Mid-December

Bitcoin price LIVE Crypto prices rally into the green but it may not be recovery

Bitcoin price LIVE Crypto prices rally into the green but it may not be recovery

The total market cap is that of $216 Billion, which contains Bitcoins worth $108 Billion while all the other cryptocurrencies combined account for the other $108 Billion.

It's unlikely that recent global market turbulence, fueled by Turkey's currency crisis, is impacting cryptocurrencies, said James Quinn, head of markets at Kenetic, a blockchain company with investment and advisory businesses. It was last down 3.5 percent at $6,036.74.

Ethereum plunged almost 9 percent to $258.45 ETH=BTSP on Bitstamp, falling to a more than one-year low of $250.54.

"What began earlier this week as a rout in the Turkish lira has quickly spread throughout all markets and now it seems to be affecting the cryptos as well", said Israel-based Mati Greenspan, senior market analyst at eToro.

At press time, bitcoin is trading hands at $5,922, printing a 5 percent 24-hour depreciation, according to the CoinDesk Bitcoin Price Index, up slightly from a low of $5,785 set June 24.

Ethereum (ETH), the world's second-largest cryptocurrency by market capitalization, tumbled to a nine-month low of below $300 on Monday.

For the broader market, it was a particularly tough week, Bitcoin's dominance rising from a start of a week 47.3% through to 51% at the time of writing, with the cryptomarket total market cap sliding from $259.99bn to a low of $206.97bn before recovering to $214bn levels. The continued decline precedes a short lived, yet promising, rally when Bitcoin rose to approximately $8,400 on July 24th before gradually falling to lows of $6,100 on August 10th.

Late last month, the SEC stood by its decision to block the ETF application of Tyler and Cameron Winklevoss, founders of crypto exchange Gemini Trust Co LLC.

The sell-off in the Bitcoin has been attributed to the delays in the decisions made by the SEC for the approval of the Bitcoin ETF products.

"I believe we're just witnessing the continuation of the cryptocurrency bear market".

Bitcoin's market dominance has spiked during the recent bear market and now represents 56% of the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

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