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Bitcoin Proves To Be The Best Coin In Q2 2019

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July 18, 2019 | 

Darryn Pollock |  0 Comments| 

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According to a quarterly report by CoinGecko, Bitcoin has proven itself to be the best coin in the last three months of 2019. The top cryptocurrency by market cap has increased its overall market dominance and has also impressed with its growth in price. 

Q2 has been a generally positive one all round for the cryptocurrency market. Market Cap and Trading Volume are both on an uptrend in Q2 with the entire market cap of the crypto market more than doubling - up 125 percent. 

But it is Bitcoin that is leading the way as its dominance over that rising market has seen it gain an additional 10 percent dominance over all other coins. Bitcoin increased its dominance from 54.6 percent to 65 percent during the last three months.

Better than the rest

Because market dominance is such a key metric, and a percentile one, it indicates that as Bitcoin has been gaining in dominance, and thus popularity, it has been taking from other coins. 

Controversial XRP, as well as EOS, felt the biggest sting from Bitcoin's rise up the dominance stakes. 

XRP fell from 9.8 percent to 5.7 percent, losing 4.1 percent overall. EOS fared slightly better, but it also saw it's market dominance reduced from 3.3 percent to 2.0 percent, representing a 1.3 decrease. Almost all other coins lost market dominance during Q2. 

Picking up on price

Part of Bitcoin's rise in dominance has had to do with the increase in its value per coin. Starting Q2, bitcoin was only a little over $4,000. However, before the quarter closed, it managed to reach a new yearly high of $13,000.

There has been a small fall back in the past week as Bitcoin dropped under $10,000 on news of increased regulatory pressure on Facebook's Libra cryptocurrency. However, its general popularity is also on the rise. 

Bitcoin has become a world more googled than "Stocks" in terms of popularity within the Finance category. It has quite a large gap on the traditional investing class, for the first time in two years.

Deja vu

The report also goes on to state that this sort of dominance, growth and general interest bears a striking resemblance to another valuable time in Bitcoin's history - the 2017 rally to $20,000.

"The last time such a trend was observed was during Bitcoin's run-up to ~$20k, raising hopes for a resurgence of mainstream interest in Bitcoin," the report adds.

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