A series of significant price jumps have made Bitcoin dominance to escalate steadily over the last six weeks.
Brad Garlinghouse reportedly revealed that during Fortune’s “Brainstorm” podcast held on November 19, Bitcoin is not competing with Ripple. He also said that he would continue holding a portion of the most popular cryptocurrency.
“I don’t view what Ripple is doing as somehow competitive with Bitcoin. I hold Bitcoin. I want Bitcoin to be successful. […] I do think all boats will rise,” Ripple’s executive said.
Bitcoin rally is usually beneficial for other cryptocurrencies in the bull market. Bitcoin’s sheer market dominance and wider appeal among investors make it an immense gravitational pull on other digital assets. In terms of the dominance rate, Bitcoin has a rate of 67.01%, implying that it occupies nearly two-thirds of the total cryptocurrency market cap.
CoinMarketCap data showed that Bitcoin’s dominance rate fell to a low of almost 32.8% during the January 2018 boom peak. BTC dominance can stay the same or go up even if the price of the altcoin declines. Ethereum (ETH) became the first rival of BTC, then, Litecoin (LTC) and XRP followed much later.
A series of significant price jumps have made Bitcoin dominance to escalate steadily over the last six weeks. XRP has also not been left behind as it also broke out this week, to the point that it registered a high of almost $0.3075, as per data from TradingView.
Read more: https://www.coinspeaker.com/ripple-ceo-bitcoin-be-successful/