Hypnosis00
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May 10, 2017, 02:12:20 PM |
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I don't think that the dominance of bitcoin is decreasing because if this is true then the price of bitcoin will gets lower and lower and it will back to $1000 but there is no proof that this is true so i doubt that bitcoin dominance is getting weaker.
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alyssa85
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May 10, 2017, 02:13:12 PM |
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I don't think so. The price of Bitcoin is still travelling upwards. It is simply the fact that Litecoin and a few other altcoins have gained popularity. This means that money and interest I'd going into the crypto industry, which will indirectly benefit Bitcoin. A competition of coins is good.
There are two issues. One is which coin will be used as a store of value, like gold. Bitcoin is way ahead here and I think it will stay ahead. The second is which coin will be used as a currency, to buy and sell stuff. Here the jury is out: the blocksize issue, the length of time it takes for transactions to confirm, the fees for sending, all these thngs mean that bitcoin is not likely to be used as a currency any time soon. But if not bitcoin which alt? The only coin that has a rising number of transactions per 24 hours is Ether.
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BlackPanda
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May 10, 2017, 02:21:25 PM |
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Bitcoin will still dominate the market in the next 5 years,unless of course the issue of transactions continue to persist,it is still the merchant prefered currency and 100% of all exchanges has bitcoin on it and I don't know of any people who are into currency that do not have bitcoin in their portfolio.
If everything is not impossible lco bitcoin can be a medium of financial payments that will last very long. Yes one of the important points is the need for improvement in sending bitcoin, now we all have issues about the delay of delivery of each transaction.
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paul gatt
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May 10, 2017, 02:30:44 PM |
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Bitcoin will still dominate the market in the next 5 years,unless of course the issue of transactions continue to persist,it is still the merchant prefered currency and 100% of all exchanges has bitcoin on it and I don't know of any people who are into currency that do not have bitcoin in their portfolio.
Bitcoin can be the biggest coin value, however, that does not mean it is the most popular, it is the top coin, it is popular because it leads all coin Otherwise, it is like a myth, and of course, the myth is always praised even when it is no longer strong. Bitcoin is being competitive, I think there will be a coin over it.
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dinofelis
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May 10, 2017, 02:48:33 PM |
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There are two issues. One is which coin will be used as a store of value, like gold. Bitcoin is way ahead here and I think it will stay ahead.
The second is which coin will be used as a currency, to buy and sell stuff. Here the jury is out: the blocksize issue, the length of time it takes for transactions to confirm, the fees for sending, all these thngs mean that bitcoin is not likely to be used as a currency any time soon. But if not bitcoin which alt? The only coin that has a rising number of transactions per 24 hours is Ether.
Point is that none of these aspects, namely "store of value in the long term", or "currency to buy and sell stuff" is what is driving the crypto currency market BY FAR. Almost all people who are in crypto currency (bitcoin and alt coins) are into the speculative aspect of "wanting to gain value" with it. True, some are into this for the shorter term (wanting gains on volatility, day traders) ; others are in the longer term into it (hodlers), but almost all of them are in it for (hopefully LARGE) gains. A small minority of people are into crypto to buy stuff with it ; dark markets are the main application, and bitcoin is still (despite its transparent chain) mostly used there. And yes, a few geeks like to buy stuff legally on the internet with bitcoin (me too). Another small minority of people are really into crypto, and mostly, bitcoin, to hedge against the potential woos of the financial system. But, by far, most users are in it for BIG PROFITS (in the short or long term). This is what keeps the exchanges going, this is what determines market cap, and this is what determines volume. ==> it are speculative assets to gamble on. Now, speculative assets derive their "value" (that is to say, their hoped-for potential to make you rich) from the amount of greater fools that flow in (long term hodling and dream of moon) ; or the amount of fellow traders that play, just as you are, on the volatility. It is true that, concerning volatility, alt coins are superior to bitcoin since a while ; but it is also true that the bigger the existing pyramid is (the higher the given market cap of a coin), the smaller the hope is to find a lot more of greater fools. At that point, it becomes interesting to look at smaller pyramids with larger growth potential - even though the big pyramids are still attractive and feel somewhat safer. I guess the recent shift of inflowing capital from bitcoin to dominantly alt coins, reflects this: smaller pyramids have higher potential growth in greater fool games than already very big pyramids, but the big pyramids are still filling in big layers of newcomers at high prices.
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Harlot
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May 10, 2017, 03:00:40 PM |
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A couple of months back (March), I remember seeing bitcoin dominance about 85% when It comes to the market capitalization. Its currently 59.2% and probably will continue to decrease in the next a few days. Is this something to be worried about? Source: https://coinmarketcap.com/charts/#btc-percentageBased on my previous trade experiences what is happening to Bitcoin right now is still normal. We have just seen Bitcoin from 500$ per Bitcoin last year to 1700$ per Bitcoin to this present date. Which is more than double your money if you invested and hold it last year. Right now every price uptrend we may see a little slow down because a lot of traders are prepared or rather scared of big players selling of their position from this level. Bitcoin is still dominating the cryptocurrency market I mean look at its competition they are way behind Bitcoin.
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dinofelis
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May 10, 2017, 03:04:07 PM |
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Bitcoin is still dominating the cryptocurrency market I mean look at its competition they are way behind Bitcoin.
Individual coins, yes. Overall, bitcoin is about half of crypto. It is a bit more when looking at market cap, it is a bit less when you look at volume. Right now: Bitcoin market cap: $28,817,708,481 ; bitcoin volume $930,818,000 Crypto total market cap: $52,069,216,063 ; crypto total volume: $1,912,681,567 It is the *coherence* between these numbers that tells us that bitcoin is grossly half of crypto at this moment. Half of the capital, and half of transaction volume. It is of course still by far the individual market leader, but it doesn't hold the crypto monopoly any more.
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findingthemoon
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May 10, 2017, 03:05:40 PM |
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I wouldn't worry about bitcoins dominance fading, the market can accommodate several coins but bitcoin is likely to remain on top for the simple reason that it came first. And as others have pointed out all the exchanges do btc/alt, meaning btc is the benchmark price for those alts.
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dinofelis
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May 10, 2017, 03:08:24 PM |
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I wouldn't worry about bitcoins dominance fading, the market can accommodate several coins but bitcoin is likely to remain on top for the simple reason that it came first. And as others have pointed out all the exchanges do btc/alt, meaning btc is the benchmark price for those alts.
Well, it has been pointed out that this is not the case any more for the bigger alts, which are directly fiat/alt. There are several alts now that are *independent* of bitcoin ; and bitcoin not being a stable unit of value, it is a bad idea to measure the value of something (like alts, or coffee) in bitcoin. Most fiat is much more stable as a unit of account. The bitcoin and alt coin markets are getting decoupled. But it is true that bitcoin having first mover advantage, and having 3-6 years of advance on most alt coins of any significance, its market leadership is still good for quite a while before this erodes away.
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squatz1
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May 10, 2017, 09:00:31 PM |
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This is simply a bubble it's going to pop soon when everyone notices that they can't just join altcoins in order to make money simply, its something that you're going to have to really research when and if you get into it. At the moment, the market is disgustingly bullish to the point where pretty much every coin (Including Bitcoin) is at an all-time high.
I know people from the certain areas of the Bitcoin scaling shit are going to try to play this off as Bitcoin losing its grip on Cryptos and some other coin will take over that'll solve the problems if we don't adopt something like BTU, Segwit (Still support it, but I know this is probably happening), but this is just simple bullshit. No one is actually using these coins (With the exception of Ether - Small Contracts) for any actual usage in the least, people are only using them in order to trade and attempt to make some money off of.
Dominance in usage isn't just dominance in people investing is.
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XbladeX
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May 10, 2017, 09:03:11 PM |
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***
The second is which coin will be used as a currency, to buy and sell stuff. Here the jury is out: the blocksize issue, the length of time it takes for transactions to confirm, the fees for sending, all these thngs mean that bitcoin is not likely to be used as a currency any time soon. But if not bitcoin which alt? The only coin that has a rising number of transactions per 24 hours is Ether.
Those coins like Byteball have 0 fees so they can be used as currency ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) if will respell all attacks.
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dinofelis
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May 11, 2017, 04:02:16 AM |
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Dominance in usage isn't just dominance in people investing is.
That's exactly what makes this market entirely a market of speculative assets. The real economic value (= usage) doesn't matter much in the price determination, which would be 10-100 times smaller if it were.
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findingthemoon
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May 11, 2017, 04:13:39 AM |
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I wouldn't worry about bitcoins dominance fading, the market can accommodate several coins but bitcoin is likely to remain on top for the simple reason that it came first. And as others have pointed out all the exchanges do btc/alt, meaning btc is the benchmark price for those alts.
Well, it has been pointed out that this is not the case any more for the bigger alts, which are directly fiat/alt. There are several alts now that are *independent* of bitcoin ; and bitcoin not being a stable unit of value, it is a bad idea to measure the value of something (like alts, or coffee) in bitcoin. Most fiat is much more stable as a unit of account. The bitcoin and alt coin markets are getting decoupled. But it is true that bitcoin having first mover advantage, and having 3-6 years of advance on most alt coins of any significance, its market leadership is still good for quite a while before this erodes away. You are right the markets are starting to get decoupled, however they are currently still not really decoupled even for the big ones, the biggest markets are still btc/alt. The price of bitcoin also strongly affects the price of alts. For example when btc goes up a lot the alt markets tend to crash as people convert alt to btc. I think however you are right 3-6 years advance on alts is about right, eventually some of the markets will become more or less completely independent and bitcoin will have to adapt to survive.
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pooya87
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May 11, 2017, 04:18:07 AM |
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Bitcoin is still dominating the cryptocurrency market I mean look at its competition they are way behind Bitcoin.
Individual coins, yes. Overall, bitcoin is about half of crypto. It is a bit more when looking at market cap, it is a bit less when you look at volume. Right now: Bitcoin market cap: $28,817,708,481 ; bitcoin volume $930,818,000 Crypto total market cap: $52,069,216,063 ; crypto total volume: $1,912,681,567 your arguments become funnier each time ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) do you even know how easy it is to start a new altcoin? for those others who don't know, it is as easy as clicking a button! you click fork and there you have it another altcoin, now multiply the billion or million coins they create with a small price 1 satoshi to 50,000 satoshi (normal price for shitcoins) and there you have it again: bitcoin's market cap dominance decreased again. i can make you 10 altcoins in an hour if you like and make bitcoin's market cap dominance decrease by a factor of 10. oh and here is another fun little thing to look at: https://blockchain.info/charts/estimated-transaction-volume-usdyeah that's right a medium of 300 million dollar is being transferred daily using bitcoin
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gribble
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May 11, 2017, 04:38:59 AM |
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I don't think that the dominance of bitcoin is decreasing because if this is true then the price of bitcoin will gets lower and lower and it will back to $1000 but there is no proof that this is true so i doubt that bitcoin dominance is getting weaker.
Yes, if we talking about the price of bitcoin for long time, but for right now price of bitcoin is fluctuation and the op show the percentage of bitcoin price decreased, in my opinions bitcoin dominance decreasing just for short time but bitcoin is increasing for long time, bitcoin decreasing is good for the traders, they can take chance to buy cheap then sell on top price.
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MoneyIsDebt
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May 11, 2017, 04:52:58 AM |
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Bitcoin will still dominate the market in the next 5 years,unless of course the issue of transactions continue to persist,it is still the merchant prefered currency and 100% of all exchanges has bitcoin on it and I don't know of any people who are into currency that do not have bitcoin in their portfolio.
bitcoin is global now and i don't think anyone who has knowledge of it didn't have it or not willing to have it in their portfolio. the way it has increasing its price day by day and we have seen its grown in 5 years. it is worth watching and yes it is dominating over all currencies rather they are crypto or fait.
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kalodu
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May 11, 2017, 05:06:25 AM |
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So many conflicting views here, I will take the safe bet and hold both btc and some alts in case the final result is one dominating over the other I will be diversified.
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pooya87
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May 11, 2017, 05:10:22 AM |
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So many conflicting views here, I will take the safe bet and hold both btc and some alts in case the final result is one dominating over the other I will be diversified.
with all the conflicts of the views, i don't think there is anybody who is denying the fact that there is a risk in investing in both bitcoin and altcoins. the conflict is about "how big" the risk is. which is why you better invest what you can afford. and always try to use your own knowledge to measure the amount of risk and think of exit strategies.
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dinofelis
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May 11, 2017, 05:58:46 AM |
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Bitcoin is still dominating the cryptocurrency market I mean look at its competition they are way behind Bitcoin.
Individual coins, yes. Overall, bitcoin is about half of crypto. It is a bit more when looking at market cap, it is a bit less when you look at volume. Right now: Bitcoin market cap: $28,817,708,481 ; bitcoin volume $930,818,000 Crypto total market cap: $52,069,216,063 ; crypto total volume: $1,912,681,567 your arguments become funnier each time ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) do you even know how easy it is to start a new altcoin? for those others who don't know, it is as easy as clicking a button! you click fork and there you have it another altcoin, now multiply the billion or million coins they create with a small price 1 satoshi to 50,000 satoshi (normal price for shitcoins) and there you have it again: bitcoin's market cap dominance decreased again. Yes, so ? Does that make the volume go up too on the exchanges ? Clearly MOST of the volume and market cap in alt coins is not in the last 500 coins, but in the first 30 or so. As I pointed out, market cap can be faked, especially with ultra low volume (create a new coin, premine 1 billion of them, sell one to yourself on an exchange for $10, and you have 10 billion market cap for a second). But when volume and market cap are more or less in agreement concerning relative ratio's, this is real. Especially that now, there are no significant exchanges contributing to high volumes without fees.
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CraigWrightBTC
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May 12, 2017, 02:15:20 AM |
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So many conflicting views here, I will take the safe bet and hold both btc and some alts in case the final result is one dominating over the other I will be diversified.
I don't think it is conflicting here, it bad to be hearded we are discussing about bitcoin depend on the analysis every users bitcoin dominance decreasing or increasing are normal in every instrument of investments, we are just need the calculate about every risk must be taken because of investing and we are one comunity of bitcoin.
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