47.71% BTC Dominance a Possibility After Tapping 44.18%

CoinGecko, the world’s largest independent cryptocurrency data aggregator, shared some numbers of the current market dominance in a tweet on May 27. According to CoinGecko, the current market dominance is as follows: Bitcoin (BTC) 44.18%, Ethereum (ETH) 16.87%, and Tether 5.9%.

Another Twitter user, Altcoin Buzz, also commented on the current market dominance. The user stated that “BTC Dominance tapped 46.58%. Let’s see if we can tap 47.71%.” The user continued by saying that “it’s not a good sign for altcoins (pairs in BTC).”

Altcoin Buzz concluded by mentioning that “with 2x leverage, access members took a scalp short on ETH/BTC pair contract & made a 12.5% profit!.”

It is important to take into consideration that at the moment, traders are leaning more toward the larger cryptos amid the current market sell-off. People are trying to stay away from risks, and are uncertain of what to do as the US Federal Reserve still plans on raising interest rates.

This means that more people are turning to BTC, otherwise known as digital gold, which in turn raises the cryptocurrency’s market dominance.

BTC is currently worth $29,007.42 after a 2.24% drop over the last 24 hours and a drop of 4.18% over the last week.

BTC’s market cap now stands at $553,802,000,113. The crypto also saw a 24-hour trading volume of $43,586,035,217. This is a 58.10% increase from yesterday’s number.