A former Google and Facebook executive claimed that Bitcoin actually accounts for a much larger percentage of the entire cryptocurrency industry.
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Bitcoin’s market capitalization ratio has remained above 60% for a long time.
On August 6, Avichal Garg, who currently runs cryptocurrency asset management company Electric Capital, released new data on social media. He said that the standard method of measuring the dominant position of Bitcoin is flawed.
The resources that calculate market value, especially the currency market value, make use of thousands of cryptocurrencies, including those that have no liquidity at all. He believes that this makes them unrelated to calculations and allows them to dilute the real existence of Bitcoin.
"BTC's real market share may be more than 75%, and it may have been more than 60% for a long time."
“Coinmarketcap incorrectly uses the competition currency with a liquidity of 0 to calculate the proportion. Most (although (of course not all) projects have a value of 0, which will make the BTC's dominant position more than 75%.”
The market value of Bitcoin is currently around $317 billion. After a few days of bull market, bitcoin prices once again exceeded $12,000.
CoinMarketCap's data shows that Bitcoin's dominant position is 68.5%, the highest level since April 2017.
Although the competition is still a factor, this year's market situation is extremely beneficial to Bitcoin investors, and many analysts warned that the challenge of the competitive currency market to bitcoin status will no longer be meaningful.
BTC achieves a record high market value
Garg's calculations surfaced a few weeks after another surrogate measure of market value touched its own historical high.
According to reports, the so-called " realized market cap " reached a record $93 billion last month and has since continued to record highs, currently at $97.8 billion.
The realized market value refers to the price of the last transaction of Bitcoin and the number of bitcoins moved in the transaction.
Industry media resource Longhash analysis said that by multiplying these two values, Bitcoin can get a number to more accurately determine the health of Bitcoin.
Market capitalization is just one aspect of the Bitcoin network's record-breaking record in the 2019 bull market. As pointed out earlier, computing power, mining difficulty, trading volume, etc. are all at an unimaginable high at the beginning of the year.
Even the brief bearish sentiment triggered by a US regulatory review failed to sustain, and the BTC/USD rebounded more than $2,000 in just a few days from last weekend.
Concerns about trade wars, coupled with broader economic uncertainty, have driven the trend of Bitcoin and improved the performance of safe-haven assets such as gold.