Bit-comment: Bitcoin dominance grew as it considers as ‘digital gold’

Over the last 24 hours, the benchmark cryptocurrency has added more than 2% and is currently trading at around $11,900, the struggle for a round level of $12K continues. Bloomberg’s data showed a several-fold increase in the correlation between Bitcoin and gold in the last 3 months. Bitcoin is again compared to digital gold and safe haven, despite the exact opposite to the precious metal in the context of price stability. Gold is also growing steadily due to global instability.

The Bitcoin dominance index is around 69%, continuing to grow steadily. Popular Bitcoin-maximalist Max Kaiser believes that we are now witnessing an irreversible process of altcoin market death and he predicts that Bitcoin’s share will grow to 80%. Along with the market share, the price will have to rise and judging by the dynamics of the main altcoins in recent weeks, such a scenario now seems very likely.

The FxPro Analyst Team