As Bitcoin’s price is breaking previous records, its dominance over crypto markets has also increased. While Ethereum fees are down due to low DeFi’a activity, the Bitcoin network fees have seen a clear rise amid the price position above $13,000.
The dominance of the world’s leading digital currency over crypto markets marked new highs of the year. On Sep.14, Bitcoin’s dominance was standing at 56.67%, which was the same value witnessed in June last year. Similarly, the price value of primary cryptocurrency was exchanging hands at $10,000 in September. Currently, it is trading close to $14,000, and its market dominance’s figure is standing at 63.5%.
Rush over the Ethereum network has decreased significantly due to a decline in the decentralized finance market. In the summer, DeFi coins witnesses a clear victory in performance, which resulted in high network fees over Ethereum. According to the calculated data, Ethereum’s dominance in the crypto markets jumped from 9.8% in July to 13% witnessed at the end of August.
As the majority of DeFi coins lost their value in large amounts in October, the load over Ethereum became less, which then followed by low Ethereum network fees. After DeFi’s loss, Ethereum’s dominance out of a total of $395 billion equals to 11.65%.
This weekend, Bitcoin’s network fees reached the yearly highest level as these fees witnessed last time in January 2018. Per the data, the average fee of the BTC transaction was $13 on October 31. On the other hand, Ethereum’s average fee is currently standing at $0.89, which once was $14.5 in September.
Bitcoin is currently struggling hard to register new all-time highest positions as fundamental factors, and institutional inflows on the part of big investors are bullish. The short-term goal stands at $16,000, which needs to break if Bitcoin wants to witness new highs. In its path towards $16,000, the top cryptocurrency has to face strong resistance levels, which are present at $13,800 and $14,000. Volatility in the crypto markets can be seen as the US election is going on, which will set a new tone for Bitcoin and other cryptocurrencies.