Bitcoin price hits $12,000: Market dominance over 65percent; highest since October 2017

Trading View data reveals that the king of cryptocurrency Bitcoin is dominating the market by over sixty-five percent (65.89%) today despite going through a very volatile period. While the Bitcoin price just hit the twelve thousand dollars ($12,000) mark again.

Where the bulls and bear runs took Bitcoin price to the year-to-date-high level of thirteen thousand eight hundred dollars ($13,860) mark on 26th June before thrashing the price back down as low as nine thousand and five hundred dollars ($951.6) on 2nd July 2019.

The Bitcoin market dominance is at the peak since the 1st of October 2017, when the market dominance almost reached sixty-three percent (62.97%).

Bitcoin price hits $12,000: Market dominance over 65percent; highest since October 2017 2Market dominance chart by Trading View

While the queen of cryptocurrencies Ethereum (ETH) market share is only about ten percent (9.91%), Ripple (XRP) the third largest cryptocurrency enjoys a little over five percent (5.31%) and Litecoin (LTC) has a market share of over two percent (2.33%) as recorded by Trading View.

On the other hand, Bitcoin is leading the market trade volume as well, where the total market trading volume is standing at a staggering three hundred and twenty-one billion dollars ($321.97B), while the total market capital excluding the Bitcoin market cap is one hundred and nine billion dollars ($109B).

Bitcoin price has also just hit the twelve thousand dollars mark ($1206) again at midnight 12:00 AM GMT. However, the king of cryptocurrency failed to sustain the level and is currently trading at eleven thousand nine hundred and fifty-one dollars ($11951.70) at the time of publishing.

Bitcoin price hits $12,000: Market dominance over 65percent; highest since October 2017 3Bitcoin price chart by Trading View

Word on the mainstream media has reached out that President of the United States Donald Trump in his recent Tweet demands that the U.S hits back China and European country in the money manipulation game.

Trump believes that the U.S should “match” the level of manipulation game through pumping money into the system. The statement has since triggered a debate in the crypto community where the argument, Bitcoin was incepted to avoid such troubles, is quickly prevailing.

Jameson Lopp tweets that “Bitcoin need not do anything else in order to become a global reserve currency”.

Whereas, Peter McCormack believes it to be a “direct order” to “buy Bitcoin”.

Bitcoin is currently trading strong and the current levels, if maintained, can give Bitcoin price the support level to hit back at a new yearly high.