Bitcoin's (EXANTE: Bitcoin) share of the crypto market has reached its highest level of 2018, according to CoinMarketCap data.
During Thursday's trade, the largest crypto made up 45.66% of the total market, while the total market cap for digital currencies stood at $274 billion, down more than $500 billion from its all-time high.
"When cryptos go down in value, investors want to go to bitcoin, the largest market cap, since it is seen as the safest coin," Joe DiPasquale, the founder of BitBull Capital, told Business Insider.
"It's the one that has the most acceptance, the most use, and of course it is first mover."
Bitcoin has dropped 5,13% over the past 24 hours to $7 527,19. The second largest cryptocurrency by market capitalization Ethereum (ETH/USD) has lost 7,96% to $413,82, while Ripple (XRP/USD) is 5,76% down to $0,542833.
The Bitcoin dominance index reached a record high in November 2013, when it rose above 96%. It hit a record low in January, when Bitcoin cost about $ 14,000.