Bitcoin began its year on a negative note. Its price fell below $7,200 on the second day of the year. The much-awaited Santa Claus rally didnt materialize for the worlds largest cryptocurrency as the optimism fueled by the holiday spirit did not really catch up with the coins price.<\/p>\n
However, soon, the price did rebound. Bitcoin jumped by over 2% on the third day of 2020 as it entered its eleventh year. Following a strong upward movement against the U.S Dollar, the coin was valued at $7,363 with a market cap of $133 billion. Meanwhile, Bitcoin continued to hold a market dominance of over 68.5%<\/p>\n
Despite such setbacks, Bitcoin continues to be the king as the coins trading dominance was recorded to be above 40%. In the latest December Markets Overview, Binance Research revealed that Bitcoins trading dominance for the month was 40.48%. The figures, however, had declined by 1.28% since November, a month when it registered a trading dominance of 41.76%. Binance Research defines Bitcoin trading dominance as the respective volume contribution from Bitcoin trading, with BTC as a base currency, relative to the total spot volume on a platform [e.g., Binance] over a period of time.<\/p>\n
Binances report highlighted,<\/p>\n
Bitcoin trading dominance remained above the 40% mark in December [40.48%], a slight decrease [-1.28%] from 41.76% in November. Meanwhile, the Bitcoin market dominance increased slightly from ~ 67% to ~ 68%.<\/p>\n
The yearly low for this metric was recorded at 11% in March 2019. Overall, the figures largely remained positive as it gradually rose shortly after. Bitcoins monthly trading dominance rose significantly in August to 45.06%, a figure which happens to be its yearly high. This occasioned with Bitcoins price surge to over $12k. The figures, however, fell to 39.88% in October and coincided with Bitcoins price falling below $8.5k in the same month.<\/p>\n
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