CoinMarketCap's bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency, rose to 46 percent today — the highest level since December 20 — adding credence to BTC's 20 percent rally seen in the last seven days.
To start with, a rise in the BTC dominance rate essentially means the number one cryptocurrency is more in demand compared to the alternative cryptocurrencies.
The above chart shows:
The BTC dominance rate has increased from 40.5 percent to 46 percent in the last four weeks.
During the same time period, BTC has rallied from $5,755 (June 25 low) to $7,820, according to Bitfinex.
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