INSIDER
- Bitcoin's share of the crypto market reached its highest level of 2018, according to CoinMarketCap data.
- Still, the red-hot coin was trading down more than 5% at $7,486 a coin.
- Watch bitcoin in real time here.
As the market for digital currencies sheds millions, bitcoin continues to eat up market share.
During Thursday's trade, the largest crypto made up 45.66% of the total market, its largest slice of the cryptocurrency pie since the beginning of the year. Meanwhile, the total market cap for digital currencies stood at $274 billion, down more than $500 billion from its all-time high.
The cryptocurrency marketplace, which is known for its spine-tingling volatility, saw bitcoin grab market share as it ran up to $20,000 at the end of 2017. As its price fell at the beginning of 2018, and smaller coins saw relative gains, its share bottomed out below 33% in January.
As uncertainty around regulations and the future of initial coin offerings mounts, it looks like investors are pouring back into bitcoin. Joe DiPasquale, the founder of BitBull Capital, a cryptocurrency fund of funds, said this is a trend that has played out before.
"When cryptos go down in value, investors want to go to bitcoin, the largest market cap, since it is seen as the safest coin," DiPasquale said. "It's the one that has the most acceptance, the most use, and of course it is first mover."
Still, the coin is trading down more than 5% Thursday, according to Markets Insider data, at $7,449.
CoinMarketCap
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