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Author Topic: Bitcoin regaining dominance.  (Read 2852 times)
Don Pedro Dinero
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October 20, 2017, 08:15:57 PM
 #1

Apart from reaching a new ATH, bitcoin is also regaining dominance vs other alts. It was halved between March and June and bitcoin has been slowly regaining it but lately seems to have received a boost.



Source: (https://coinmarketcap.com/charts/#dominance-percentage)

Any ideas about why this is happening?

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October 20, 2017, 08:43:55 PM
 #2

I think that what is happening is a simple economics. I was taught in economics that once you have either fear or nostalgic feeling in market or product, it either help to push the popularity of the product positively or negatively .

Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.

Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
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October 20, 2017, 08:59:54 PM
 #3

I think a lot of things are happening at the same time, and most of them are favoring bitcoin. Most people don't really like the segwit2x fork, and we are keep getting info on mining pools and exchanges withdrawing their support to NYA, so the fork might not happen at all. Then we have the bgold fork that is completely friendly, and like you said people are expecting some free coins, so they are holding BTC. There are some good news from some banks that showing some interest, governments that regulating and accepting BTC, and more and more rumors from the interest of Wall Street in crypto. This gives confidence to the market and more people buy it. So most are probably holding, and some are buying, so the price can only go up right now.

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October 20, 2017, 09:01:31 PM
 #4

I think that what is happening is a simple economics. I was taught in economics that once you have either fear or nostalgic feeling in market or product, it either help to push the popularity of the product positively or negatively .

Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.

Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
It's mostly because of the upcoming fork and the expectation of free money like during the last one.

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October 20, 2017, 09:12:22 PM
 #5

I think that Bitcoin will alway be above all other cryptocurrencies. Bitcoin is first cryptocurrency and that gives it a lot. It broke the ice and showed people what cryptocurrency could be or become. Also if it was not the best, it wouldn't have the highest price. Maybe in time it will lose to some other or new crypto, but for now its first.

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October 20, 2017, 09:18:25 PM
 #6

It'll be interesting to see how this is going to play out. In 2013, and making the comparison is silly but what the hell, alts had a rally after BTC. However this time around alts have gone bleedin' insane for years on end while Bitcoin has done nothing at all until now.

Alt valuations are now absolutely huge and they still haven't delivered on a shred of their supposed promise. What the fuck has Dash achieved? It could be major flippening back to BTC that could either be permanent or last until there are more alts that are actually more than empty pumping.

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October 20, 2017, 09:20:13 PM
 #7

I think a lot of things are happening at the same time, and most of them are favoring bitcoin. Most people don't really like the segwit2x fork, and we are keep getting info on mining pools and exchanges withdrawing their support to NYA, so the fork might not happen at all. Then we have the bgold fork that is completely friendly, and like you said people are expecting some free coins, so they are holding BTC. There are some good news from some banks that showing some interest, governments that regulating and accepting BTC, and more and more rumors from the interest of Wall Street in crypto. This gives confidence to the market and more people buy it. So most are probably holding, and some are buying, so the price can only go up right now.

at this time a lot of prominent conversations in this forum about segwit2x fork,. but the advantage we can take here is a very rapid rise in the price of bitcoin., which makes the profits that we are now getting bigger,, now there will be bloodshed between bitcoin and altcoin in the moment of bitcoingold ,, and we must be as careful as possible to observe which coins will trap and which can bring benefits..

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October 20, 2017, 09:23:13 PM
 #8

It'll be interesting to see how this is going to play out. In 2013, and making the comparison is silly but what the hell, alts had a rally after BTC. However this time around alts have gone bleedin' insane for years on end while Bitcoin has done nothing at all until now.

Alt valuations are now absolutely huge and they still haven't delivered on a shred of their supposed promise. What the fuck has Dash achieved? It could be major flippening back to BTC that could either be permanent or last until there are more alts that are actually more than empty pumping.
I doubt it will be permanent, but most coins are bound to crash and burn - after all that's what happens in the venture capital scene, where on average 90% of start-ups just outright die. And that's despite very thorough due diligence by venture capitalists.
This means that we should see more altcoins dying than we see venture capital funded start-ups fail.
In that regard we're really seeing the same situation as during the dot com bubble and during penny stocks mania. But even during those times there were success stories, so it's just a matter of being more thorough than the masses in identifying realistic opportunities rather than jumping blindly at "easy money" (which doesn't exist).

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October 20, 2017, 09:52:50 PM
 #9

Well if we compare it to the latest charts of a few years ago we can make a conclusion that the price can really drop a lot right now it if needs to happen.
But we can not compare those charts to ATM charts, because it is insane, right now all the market is manipulated by the whales and all the people who is investing some money on bitcoin, it can only drop if there is a terrorific notice about bitcoin in some country, only if it creates fud over the market.
But it really needs to drop a litttle before the bubble explodes.

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October 20, 2017, 09:56:04 PM
 #10

Well if we compare it to the latest charts of a few years ago we can make a conclusion that the price can really drop a lot right now it if needs to happen.
But we can not compare those charts to ATM charts, because it is insane, right now all the market is manipulated by the whales and all the people who is investing some money on bitcoin, it can only drop if there is a terrorific notice about bitcoin in some country, only if it creates fud over the market.
But it really needs to drop a litttle before the bubble explodes.

The markets have changed drastically, so comparing to the past is probably not a great idea. Either way, rather than "manipulation" we're just seeing normal market movements in a very volatile environment with an overall upwards trend.

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October 20, 2017, 09:56:18 PM
 #11

I think Bitcoin never did go down or being surpassed by any other Altcoins. Most of these Altcoins are up for a show that they didn't even last longer while Bitcoin is not doing anything. These random Altcoins are keep on showing but never last longer, they were just like a corrupt politicians that keeps on promising but aren't doing anything after they win. Yet, Bitcoin might go down for a week but no Altcoins would ever gonna surpass its price i guess.

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October 20, 2017, 10:00:42 PM
 #12

I think Bitcoin never did go down or being surpassed by any other Altcoins. Most of these Altcoins are up for a show that they didn't even last longer while Bitcoin is not doing anything. These random Altcoins are keep on showing but never last longer, they were just like a corrupt politicians that keeps on promising but aren't doing anything after they win. Yet, Bitcoin might go down for a week but no Altcoins would ever gonna surpass its price i guess.
I can almost guarantee you that there will be altcoins that will surpass Bitcoin in the coming decades. Bitcoin isn't that special, it's just the first of its kind. Market rationale alone is enough to propose that Bitcoin will be trounced one day.

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October 20, 2017, 10:02:44 PM
 #13

I think the question needs to be asked the other way round -- why did BTC lose dominance in the first place?

1) Lost of trust in BTC due to scaling issues, stagnation and the ever intensifying scaling drama

2) People assuming that subsequently some other alt will rise, become the next big thing and dethrone BTC

3) Tons of other alts getting pumped in the wake of the more serious ones

4) New money pouring into alts, due to nubs being more susceptible to 2) and 3)

5) ICOs ICOs ICOs


What changed?

1) Regained trust in BTC due to surviving the BCH fork and showing progress

2) Alts falling short on expectations, both technological and in terms of valuations

3) ICO bans bans bans


Add to that the shift of perception of hardforks from "DOOM" to "FREE MONEY" and all of a sudden BTC's upcoming hardforks turn from bug to feature, making BTC even more attractive.

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October 20, 2017, 10:58:15 PM
 #14

I think the question needs to be asked the other way round -- why did BTC lose dominance in the first place?

1) Lost of trust in BTC due to scaling issues, stagnation and the ever intensifying scaling drama

2) People assuming that subsequently some other alt will rise, become the next big thing and dethrone BTC

3) Tons of other alts getting pumped in the wake of the more serious ones

4) New money pouring into alts, due to nubs being more susceptible to 2) and 3)

5) ICOs ICOs ICOs


What changed?

1) Regained trust in BTC due to surviving the BCH fork and showing progress

2) Alts falling short on expectations, both technological and in terms of valuations

3) ICO bans bans bans


Add to that the shift of perception of hardforks from "DOOM" to "FREE MONEY" and all of a sudden BTC's upcoming hardforks turn from bug to feature, making BTC even more attractive.

Very valid and well written reply. I believe the bitcoin was initially loosing the dominance due to some organized attacks from China and the The evil CEO of JPM bank. When the community came to know that ICO is banned in China, they immediately though that bitcoin will also be banned in China. However, that didn't happen. China just banned ICO because they are not regulated by any governing authority and not licensed by anyone to raise funds from the market. But China didn't ban bitcoin or any other crypto currency. Recently I heard that China is going to provide a framework to the exchanges running from their soil.

Secondly JMP CEO Jamie suddenly though it is the best time to bring down bitcoin and made a false statement about bitcoin being scam. However, it gave the investors an immense opportunity to buy bitcoin at very cheap price which will never come again. People laughed at Jamie and kept buying bitcoin at lower price resulting a 99 billion USD strong market cap.

In the meantime, Japan provided license to a crypto related exchange called "coincheck" which added to the buying spree. A small county called "Vanuatu" started accepting bitcoin as a fee for visa. These factors impacted positively in bitcoin's price and hence bitcoin is gaining dominance again.




 
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Potato Chips
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Re: ⚡⚡⚡ Jolyy Signature Campaign ⚡[OPEN] ⚡ [UP TO 0.00095 PER POST]⚡⚡⚡
Today at 07:50:50 AM
Reply with quote  #2
The Long Wait is over lol.

Bitcoin Talk Name: Potato Chips
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player514
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October 20, 2017, 11:53:47 PM
 #15

I think that what is happening is a simple economics. I was taught in economics that once you have either fear or nostalgic feeling in market or product, it either help to push the popularity of the product positively or negatively .

Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.

Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
It's mostly because of the upcoming fork and the expectation of free money like during the last one.

I agree that this is the reason why bitcoin is very popular right now. People heard about the Bitcoin cash fork, maybe missed out on it, and now want to make sure they don't fall behind on the trend.

Along with that, however, Bitcoin has had the strongest growth so far. That has to be an aspect of the interest as well.

BTCMILLIONAIRE
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October 21, 2017, 12:13:24 AM
 #16

I think that what is happening is a simple economics. I was taught in economics that once you have either fear or nostalgic feeling in market or product, it either help to push the popularity of the product positively or negatively .

Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.

Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
It's mostly because of the upcoming fork and the expectation of free money like during the last one.

I agree that this is the reason why bitcoin is very popular right now. People heard about the Bitcoin cash fork, maybe missed out on it, and now want to make sure they don't fall behind on the trend.

Along with that, however, Bitcoin has had the strongest growth so far. That has to be an aspect of the interest as well.
Obviously interest in Bitcoin is rising. But the fact that pretty much all altcoins are going down is mostly attributed to the fork. Pretty sure Bitcoin will go down a little and then keep doing its thing after the fork, while altcoins will start rising again once Bitcoin Gold has been dumped into oblivion.

nightrider
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October 21, 2017, 12:19:05 AM
 #17

I think that what is happening is a simple economics. I was taught in economics that once you have either fear or nostalgic feeling in market or product, it either help to push the popularity of the product positively or negatively .

Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.

Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
It's mostly because of the upcoming fork and the expectation of free money like during the last one.

I agree that this is the reason why bitcoin is very popular right now. People heard about the Bitcoin cash fork, maybe missed out on it, and now want to make sure they don't fall behind on the trend.

Along with that, however, Bitcoin has had the strongest growth so far. That has to be an aspect of the interest as well.
Obviously interest in Bitcoin is rising. But the fact that pretty much all altcoins are going down is mostly attributed to the fork. Pretty sure Bitcoin will go down a little and then keep doing its thing after the fork, while altcoins will start rising again once Bitcoin Gold has been dumped into oblivion.

No, bitcoin will never be abandoned and forgotten. It is always taken care of and will be forever. With the constant amount of bitcoin currency, the increased demand for its value keeps increasing, I do not see any impact that can affect the value of bitcoin at the moment.

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Worldcore
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BTCMILLIONAIRE
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October 21, 2017, 12:40:26 AM
 #18

I think that what is happening is a simple economics. I was taught in economics that once you have either fear or nostalgic feeling in market or product, it either help to push the popularity of the product positively or negatively .

Thus, in this light, whatever is happening is supporting bitcoin to continue the bullish movement and we know or have speculated (maybe rightly) that the incoming fork is responsible for this. This is causing holders to hold tightly and not to release nor sell because they expect some bonus in their wallet.

Again, because people are not selling, it then means few that are willing to sell will do that at a higher rate, meaning many users chasing few bitcoin available.
This theory is however anchored on one of the economics theories - 'the higher the demand, the higher the price'.
It's mostly because of the upcoming fork and the expectation of free money like during the last one.

I agree that this is the reason why bitcoin is very popular right now. People heard about the Bitcoin cash fork, maybe missed out on it, and now want to make sure they don't fall behind on the trend.

Along with that, however, Bitcoin has had the strongest growth so far. That has to be an aspect of the interest as well.
Obviously interest in Bitcoin is rising. But the fact that pretty much all altcoins are going down is mostly attributed to the fork. Pretty sure Bitcoin will go down a little and then keep doing its thing after the fork, while altcoins will start rising again once Bitcoin Gold has been dumped into oblivion.

No, bitcoin will never be abandoned and forgotten. It is always taken care of and will be forever. With the constant amount of bitcoin currency, the increased demand for its value keeps increasing, I do not see any impact that can affect the value of bitcoin at the moment.
I meant Bitcoin Gold will be dumped into oblivion. Not Bitcoin. Bitcoin itself will be safe for quite a while, but definitely not forever. It just happens to be the first of its kind, but it's going to have a hard time keeping up progress forever due to how strongly centralized it is by large mining operations.

freebutcaged
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October 21, 2017, 12:54:29 AM
 #19

Bitcoin never lost the market dominance mate, too many shitcoins from some private companies with fake market share, too many ICOs with fake

Market share, if you remove them from the equation you'll see that Bitcoin never lost the market dominance. you shouldn't take them as cryptocurrency.

Btc, Eth, Dash, Zcash, Monero. if you take them as cryptocurrencies you will understand.

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gexcrypto
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Almat
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October 21, 2017, 12:58:38 AM
 #20

People are moving their alts to bitcoins because of the fork. I expect them to move back to alts after.

But yeah, Bitcoin never really lost dominance. It just regained some lost ground is all.
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