The world of cryptocurrency is quite unpredictable. At the moment, Bitcoin Dominance Index is gaining momentum at nearly 45%, rendering Altcoins almost useless. Of course, there are many cryptocurrencies apart of Bitcoin that offer certain advantages over Bitcoin. However, Bitcoin remains the only currency people have confidence in. This is why everyone is exchanging altcoins for Bitcoins in recent weeks.
To be precise, the Bitcoin Dominance Index is at 44.7%. This indicates that Bitcoin represents 44.7% of the entire cryptocurrency market cap’s value. It leads other cryptocurrencies like Ethereum, Cardano, NEO, and NEM, but everyone is waiting to see which of the altcoins can recover quickly.
In any case, the Bitcoin Dominance Index is not a perfect quantitative measurement. One thing it tells us is that Bitcoin is the go-to asset when the cryptocurrency market turns very volatile. With time, altcoins recover and push the BDI to less than 40% and then the cycle occurs all over again.
As of now, we cannot tell if the Bitcoin Dominance Index will keep rising. Since altcoins are experiencing huge losses, it is expected to also realize major gains once the momentum turns. Mysterious things always happen with the cryptocurrency industry, so there is no need to despair — the best is yet to come.