Bitcoin is losing its dominance over the crypto market

[bbc.reporter]

In all honesty I am less worried about bitcoin losing its market dominance and more worried about what the market participants themselves are doing. More specifically on what cryptocoin will they make no.1.

None of those altcoins are technically better than bitcoin. If then something like Ethereum becomes no.1, what does that say about us as a community?

We will be nothing but a group of fools driven by greed and much willing to hold the subservient solution as a higher standard because it makes the most money.



2017 was an incredible year for bitcoin.

In addition to appreciating by more than 1,500% since the start of the year, it also now has two futures markets, which have lured a number of traditional Wall Street players in to the nascent digital coin space.

Still, in one respect the coin is far worse off now than it was at the start of 2017.

At the beginning of the year bitcoin commanded nearly 90% of the cryptocurrency market, according to data from CoinMarketCap.com. That number fell off a cliff in March, after which it shortly rebounded as bitcoin soared to eye-popping new highs.

That number started to decline again in early December, reaching a low of 42% on Monday.

It's a similar story for Ethereum. For some time it looked as if it could take over bitcoin's number one spot. Since June its share of the market has fell from about 32% to near 13% on Wednesday.

Read the full article http://www.businessinsider.com/bitcoin-price-losing-its-dominance-over-the-crypto-market-2017-12

[BrewMaster]

Bitcoin is losing its dominance over the crypto market

let's see.
volume
about 15 to 20 billion dollar is going in and out of bitcoin every 24 hours.
- the top 10 altcoins combined have half that volume!
- if you get out of top 10, the top 500 don't even come close to that!
- according to coinmarketcap.com there are currently 1360 altcoins and their combined trading volume is nearly equal to bitcoin's trading volume in 24 hours

i don't know about everyone else but this looks like Tug of War where bitcoin is on one side of the rope and 1360 others are on the other side and they are all barely pulling bitcoin!

[player514]

Bitcoin is losing its dominance over the crypto market

let's see.
volume
about 15 to 20 billion dollar is going in and out of bitcoin every 24 hours.
- the top 10 altcoins combined have half that volume!
- if you get out of top 10, the top 500 don't even come close to that!
- according to coinmarketcap.com there are currently 1360 altcoins and their combined trading volume is nearly equal to bitcoin's trading volume in 24 hours

i don't know about everyone else but this looks like Tug of War where bitcoin is on one side of the rope and 1360 others are on the other side and they are all barely pulling bitcoin!

I see this as well. I feel like every time bitcoin falls a little bit (or a lot for that matter), people forget how prominent it is in the entire crypto market. That market cap is insane in comparison to the other altcoins. They, at the moment, don't even come close to matching bitcoin. I guess it's possible that bitcoins faults cause it to drop in the far future, but for now, I don't see the altcoins taking over. If you look at the graph that op posted, there was a point where the altcoins worth and bitcoin's were much closer than they are today. As of now, it only looks like bitcoin is pulling away further.

[davis196]

Yes,you are right.We are all a bunch of fools,driven by greed.
Can you mention another motivation,other than greed,that drives millions of people to invest in bitcoins?
I can`t figure out any ther motivation.99% of those people don`t care about the blockchain,scaling solutions,mining and mass adoption.They care about the profits.If some altcoin can bring them more profits than btc,they will leave bitcoin almost instantly.

[tora]

At the moment no other coin comes near bitcoin but as far as price increase is concerned litecoin out performed bitcoin last year.

[richardsNY]

Bitcoin isn't losing anything. People for once should understand that a well diversified crypto market is an amazing thing to have, and not a threat to Bitcoin's market dominance -- market dominance is a noob statistic. It's an insane achievement that Bitcoin in a market with more than thousand altcoins maintains the major share of this market, and that won't change. It's basically 1 coin vs +1000 coins, where each individual coin has its own community/supporters behind it. One thing that hasn't changed, is the fact that Bitcoin by far is the most used and trusted crypto currency in this market -- actual usage and the financial backing behind it are the most important things.

[pawel7777]

let's see.
volume
about 15 to 20 billion dollar is going in and out of bitcoin every 24 hours.
- the top 10 altcoins combined have half that volume!
- if you get out of top 10, the top 500 don't even come close to that!
- according to coinmarketcap.com there are currently 1360 altcoins and their combined trading volume is nearly equal to bitcoin's trading volume in 24 hours

i don't know about everyone else but this looks like Tug of War where bitcoin is on one side of the rope and 1360 others are on the other side and they are all barely pulling bitcoin!

Well, if you accept volume as a good metric, then you'd have to admit that bitcoin was surpassed at some points by ETH and BCH (both briefly exceeded BTC's volume iirc).

With crippled on-chain usage, the only 'utility' that keeps bitcoin above the rest is being the 'reserve' currency, traders still use BTC to trade other currencies, as most popular pairs are BTC-alts pairs. But don't take that for granted.

[chefbauer]

I am worried too.. the dominance is less than 42% at the moment, that is VERY preocupant, it is nothing compared to what it was last week (66%) I really hope to see  it recovering soon.

[pawel7777]

I am worried too.. the dominance is less than 42% at the moment, that is VERY preocupant, it is nothing compared to what it was last week (66%) I really hope to see  it recovering soon.

In my book, BTC's share of total crypto market cap doesn't really matter that much. What matters much more is the advantage of number 2 coin (aka the risk of 'flippening').

Especially when you consider that low volume cryptos can be easily inflated to ridiculous size at relatively small cost.

[buwaytress]

To be fair (is there such a thing?), technically, there are invariable ways almost any other altcoin can be looked at on paper as better than Bitcoin. But technology isn't quite measured in terms of good and better, progress is the marker to see if tech is developing or not. And I tell you what, not more than a very scarce few are using these alts because of better tech.

Simplistic views could lead you to make the same mistake as Eth flippeningers or Bitcoin Cashers, thinking that transaction fee and speed alone will make their alt the dominant one.

I like that elephant analogy. Might be good to remind that a lot of that elephant is also actually using Bitcoin, whereas everyone on the other end of the rope almost is merely trading, exchanging their alt.

[aso118]

I would lump all Bitcoin derivatives - Bitcoin, Bitcoin Cash, Bitcoin Gold, etc into one basket and compare it with the rest of the crypto market. Even in this case, Bitcoin's dominance is decreasing. The reasons are not tough to fathom - people's greed and the base effect. There may be some ideological differences with respect to blocksize and transaction cost, but that should only result in people migrating to Bitcoin Cash, not other altcoins.

[Don Pedro Dinero]

It was losing dominance first vs Ethereum, some months after it lost dominance vs Bitcoin Cash, and more recently vs others like Ripple. So, it’s been losing dominance but a flippening seems far, and as soon as we see some good news, we’ll see it regaining dominance again.

In my book, BTC's share of total crypto market cap doesn't really matter that much. What matters much more is the advantage of number 2 coin (aka the risk of 'flippening').

I’m not worried either and also think it is more important the distance vs the second. If I see a crypto reaching btc market cap I’ll start exchanging some btc for the other.

[GPU5970]

The dominance is pretty low at the moment, but you need to remember that a year ago the dominance was more than 80% of the total marketcap. so i am not worried about it.

[CryptoCurr]

Bitcoin dominance is dropping because many big whales are moving to altcoins because of the bitcoin very high transaction fees and slow transaction speed.   

[joinfree]

Yes.. and a lot of people are complaining because the dominance is at 43 percent at the moment..

The dominance is pretty low at the moment, but you need to remember that a year ago the dominance was more than 80% of the total marketcap. so i am not worried about it.

I dont know if you all are dumb, but you need to know that the dominance is something irrelevant when you talk about an entire market who has more than 600 billion dollars.
Maybe you do not understand this, but when bitcoin had 80% of dominance, the market did not even had 200 billion dollars (a thirty percent of what it has now)
So stop complaining, and try to understand what the heck you are saying before spreading fake words.
It is not preocupant now, it would be preocupant if the marketcap remains being the same and it goes below 30 - 20 percent.

[jtipt]

Bitcoin is losing its dominance over the crypto market

i don't know about everyone else but this looks like Tug of War where bitcoin is on one side of the rope and 1360 others are on the other side and they are all barely pulling bitcoin!

Exactly. BTC far more superior than any of those coins, the whole comparison is wrong as its 1 vs 1360 how is that even fair, but still BTC winning by great margin. The main reason why the btc dominance is dropping is because the crypto market is growing, new cryptos and existing cryptos are getting popularity, but no 'one' crypto is even close to BTC's dominance.

[ClaraLuV]

In my book, BTC's share of total crypto market cap doesn't really matter that much. What matters much more is the advantage of number 2 coin (aka the risk of 'flippening').

Especially when you consider that low volume cryptos can be easily inflated to ridiculous size at relatively small cost.

These sort of inflation is taking place on a daily basis ,but up to how much time these bubbles last,some of the low volume crypto coins gain momentum and then dump everything and keeps silent,i think yobit has more coins which are not heard anywhere else which are used for these sort of pump groups .As some user noted out,this is a real tug of war between bitcoin and the rest of the coins in the market.