This is the first time since March when the Bitcoin dominance surpassed 61 percent, making it the leading digital currency in the global cryptocurrency market.
The first nine months of this year was a nightmare for Bitcoin when the dominance index of Bitcoin fell from around 90 percent to 30 percent. It has started climbing up again and gradually crossing the 60-percentage mark.
This has been possible as many investors and traders started to convert their Altcoins to Bitcoins. To further strengthen Bitcoin’s position, two of the world’s largest option exchanges CME and CBOE will launch bitcoin future exchanges by the end of 2017 which will increase the demand for bitcoin from traditional financial industry.
ED Tilly, CBOE Holdings Chairman stated:
“CBOE is not only a home to options, derivatives and the VIX but also ETF innovations and foreign exchange. This makes us the natural choice for the development and trading of bitcoin futures. We very much look forward to responding to the growing interest in cryptocurrencies through the creation of bitcoin futures traded on a regulated derivatives exchange, with the many expected benefits that this brings, including transparency, price discovery, deep liquidity and centralized clearing.”
The entry of institutional and retail traders into the bitcoin market has helped Bitcoin regain its dominance in the market.
Bitcoin has established itself as a store of value and a haven asset since last year. It is very unlikely Bitcoin can regain its position with a 90-percentage dominance index again in the upcoming months with the existence of Ethereum and Bitcoin cash which are two very important crypto-currencies working on different philosophies and purposes when compared to Bitcoin. But, bitcoin remains as one of the vital currency in the global cryptocurrency market and if its growth is sustained it will likely reach 70 percent by the end of the year