Bitcoin soars to trading dominance for first time since 2017

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Updated September 21, 2022 | Published October 20, 2020

2 mins read

Following a bonanza of Decentralised Finance (DeFi) solutions, the market weight has shifted back to Bitcoin (BTC).

This has occasioned a huge boost in the trading dominance of the currency, previously registered three years ago in 2017.

With the dominance increasing in the BTC segment, the altcoin segment has seen a bit of a drop in activity.

Altcoins tend to do well when stablecoins and Bitcoin are in a bit of a slump, but the altseason ends once interest rallies back to Bitcoin where yields to be higher.

Having BTC climb up very quickly in dominance and value is both bearish and bullish for altcoins, argues Three Arrows Capital CEO Su Zhu.

According to him, “money is a coordination game and Bitcoin is the Schelling point.”

The community doesn't play a big part in that, says Su Zhu.

Bitcoin's trading volume has been climbing up across multiple exchanges as a confirmation of the coin's trading dominance.

More interestingly still, Bitcoin is building up momentum despite an uncertain presidency in the United State and other events that were expected to push its value down.

Instead, Bitcoin has comfortably stood at $11,700 and kept climbing up.

This bodes well for consumers in the iGaming sector who are looking to bet and cash out with BTC.

Casinos such as Bitcasino, 1xBit, and FortuneJack are offering a variety of opportunities to do just that.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.
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