As the bitcoin price bounded to a new 2019 high on Friday, a key market metric quietly surged to its highest level since December 2017 when the bitcoin price peaked at an all-time high just under $20,000.
That metric, “Bitcoin Dominance,” measures what percentage of the overall cryptocurrency market cap belongs to bitcoin.
According to CoinMarketCap, Bitcoin Dominance jumped to 58.4% on Friday as the flagship cryptocurrency smashed through resistance to set a new six-month high at $6,425 on Bitstamp.
Reference: https://www.ccn.com/key-bitcoin-metric-barrels-to-highest-level-since-december-2017
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