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Author Topic: Bitcoin regaining dominance.  (Read 3035 times)
BTCMILLIONAIRE
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October 23, 2017, 09:16:49 AM
 #81

The dominance will always be there because people trust bitcoin more than alts. It’s not just trust but the value that bitcoin carries since long time. People know that they are holding alts but they are not going to be hiked much more than couple of hundred bucks but in case of bitcoin and with long term period bitcoin can change the reality of investment. The dominance will stay as it is as long whole crypto community doesn’t put their stakes on different coins. And as far as we know the chances of happening this are very less. So enjoy the bitcoin dominance as it is rising day by day.
Nothing is "always" there and it doesn't take very long for a superior coin to build the trust required to topple Bitcoin. It could even happen in the late 2020s, although that's currently very unlikely since Bitcoin is still the entry into the altcoin world.

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October 23, 2017, 10:02:30 AM
 #82

I was shocked when I opened the wallet and it turns out the price of 1 btc = $ 6024, I wonder if that makes the price skyrocket to $ 6024, whereas a week ago the price was only about $ 5200. It looks like the $ 10,000 price will be achieved this year.
Same here. I was also surprised. My main job on Bitcoin is working and getting paid, and I don’t even get chance to check out what the price is or all those stuffs, but today I just checked and it was already at the rate of $6,158.27. Now I am also sure price of bitcoin will definitely will test $10,000 levels before end of this year. Fasten your belts to get ready.

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deisik
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October 23, 2017, 10:12:30 AM
 #83

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?

There can be a few explanations

For example, one of these explanations may be about a concerted effort of some market entities to bring down the Bitcoin domination via altcoins as well as Bitcoin clones which coincided with the controversy heating up in the Bitcoin camp during the months you mentioned. Obviously, this effort has failed (at least, for now), and people started going back to Bitcoin from the altcoins they bought earlier. Whether we will see more such efforts is open to debate (this largely depends on how well Bitcoin goes along), but today Bitcoin has proved its market domination

BTCMILLIONAIRE
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October 23, 2017, 10:52:00 AM
 #84

I was shocked when I opened the wallet and it turns out the price of 1 btc = $ 6024, I wonder if that makes the price skyrocket to $ 6024, whereas a week ago the price was only about $ 5200. It looks like the $ 10,000 price will be achieved this year.
Same here. I was also surprised. My main job on Bitcoin is working and getting paid, and I don’t even get chance to check out what the price is or all those stuffs, but today I just checked and it was already at the rate of $6,158.27. Now I am also sure price of bitcoin will definitely will test $10,000 levels before end of this year. Fasten your belts to get ready.
Yeah, all the ludicrous predictions sound less and less insane. Smiley

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October 23, 2017, 11:20:28 AM
 #85

I think, bitcoin will always be dominant to all other cryptocurrencies, with its price being on top with a miles rate away from the second highest coin, its gonna be hard to surpass that or even to equate it. Knowing that bitcoin has lots of investors and most eyes of people in the cryotoworld are on bitcoin, it adds to the dominance of bitcoin. I think bitcoin is just gonna keep on moving forward, increasing its rate to nobody can tell.

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October 23, 2017, 01:10:32 PM
 #86

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.

--image--

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

Any ideas about why this is happening?

There can be a few explanations

For example, one of these explanations may be about a concerted effort of some market entities to bring down the Bitcoin domination via altcoins as well as Bitcoin clones which coincided with the controversy heating up in the Bitcoin camp during the months you mentioned. Obviously, this effort has failed (at least, for now), and people started going back to Bitcoin from the altcoins they bought earlier. Whether we will see more such efforts is open to debate (this largely depends on how well Bitcoin goes along), but today Bitcoin has proved its market domination

I think this is all just temporary due to the news regarding the upcoming forks, people have been highly incentivized to hold onto their Bitcoin so they can cash out after the forks have taken place.

I would discount altcoins just yet in terms of market dominance, ETH is still a strong contender with almost as much dominance as Bitcoin.


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BTCMILLIONAIRE
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October 23, 2017, 02:01:06 PM
 #87

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.

--image--

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

Any ideas about why this is happening?

There can be a few explanations

For example, one of these explanations may be about a concerted effort of some market entities to bring down the Bitcoin domination via altcoins as well as Bitcoin clones which coincided with the controversy heating up in the Bitcoin camp during the months you mentioned. Obviously, this effort has failed (at least, for now), and people started going back to Bitcoin from the altcoins they bought earlier. Whether we will see more such efforts is open to debate (this largely depends on how well Bitcoin goes along), but today Bitcoin has proved its market domination

I think this is all just temporary due to the news regarding the upcoming forks, people have been highly incentivized to hold onto their Bitcoin so they can cash out after the forks have taken place.

I would discount altcoins just yet in terms of market dominance, ETH is still a strong contender with almost as much dominance as Bitcoin.
Bitcoin is the entry into crypto trading though, in most places. You can't always buy other coins with fiat first, and even when you can, you usually need to go through Bitcoin to trade most coins. A lot can be traded with Ethereum as well, but Bitcoin gives more access.

neurotypical
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October 23, 2017, 06:11:38 PM
 #88

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?



The altcoin bubble of june 2017 was really ridiculous, mostly driven by the delusional "ethereum flippening" where ETH bagholders thought that they would be able to dethrone bitcoin, but obviously that's just not happening. Most of that dip on the graph was that, maybe some big pumps seen in Monero and Ripple, but it wasn't anything with solid fundamentals, just alt speculation.

Now that wall street money is going in and the altcoin bubble reached it's top we are going to hit more all time highs soon on bitcoin.



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October 23, 2017, 06:30:13 PM
 #89

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.

http://i64.tinypic.com/dh4xx.jpg

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

Any ideas about why this is happening?



The altcoin bubble of june 2017 was really ridiculous, mostly driven by the delusional "ethereum flippening" where ETH bagholders thought that they would be able to dethrone bitcoin, but obviously that's just not happening. Most of that dip on the graph was that, maybe some big pumps seen in Monero and Ripple, but it wasn't anything with solid fundamentals, just alt speculation.

Now that wall street money is going in and the altcoin bubble reached it's top we are going to hit more all time highs soon on bitcoin.
That does show how fragile Bitcoin can be though. Once a coin with better technology and strong marketing behind it shows up Bitcoin could find itself trounced sooner than anybody would expect.

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October 24, 2017, 02:51:50 AM
 #90

I agree that the price correction in bitcoin is taking place now that's why the value keeps appreciating day by day and even the upcoming hard fork does not affect bitcoin price negatively, I think it is fair for bitcoin to gain dominance over other alts besides it is really obvious that the market gap of bitcoin is really far behind those alts.

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October 24, 2017, 03:52:31 AM
 #91

I agree that the price correction in bitcoin is taking place now that's why the value keeps appreciating day by day and even the upcoming hard fork does not affect bitcoin price negatively, I think it is fair for bitcoin to gain dominance over other alts besides it is really obvious that the market gap of bitcoin is really far behind those alts.


Of course recent history always tells us that no matter how low it tumbles bitcoin always rises back up and regain more value and that is exactly what has repeated again and so i'm not surprised it is gaining dominance because that has been its stock in trade.



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Rainbot
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October 24, 2017, 06:19:04 AM
 #92

Yeah, Bitcoin’s market price seems to be rising. Its price has jumped phenomenal amount in the past month. I am willing to wager that the reason for this increase in market dominance is because of the Bitcoin hard fork coming up. I am expecting Bitcoin price to hype like hell for the next week. Everyone would want to gain some free money from Bitcoin gold. Therefore, most people would be converting all their cryptocurrency reserves into Bitcoin for the hard fork. This means an increased demand and our block reward doesn’t produce enough supply to compete with demand. Therefore, Bitcoin’s market dominance increase.

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October 24, 2017, 06:41:04 AM
 #93

I was shocked when I opened the wallet and it turns out the price of 1 btc = $ 6024, I wonder if that makes the price skyrocket to $ 6024, whereas a week ago the price was only about $ 5200. It looks like the $ 10,000 price will be achieved this year.
well, despite the existence of the second fork issue, but prices are sky rocket.
I think most people want to save bitcoin in some time to get the Bitcoin Gold bonus
This is indeed a very good news for all those who are having bitcoins in their wallets and are investing in bitcoin one way or the other. Bitcoin is no doubt the most profitable coin not only in the world of crypto currencies but it is very much beneficial than most of the paper currencies as well. Investing in bitcoin is the smartest decision and it will help you earn avery good amount of profit.


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October 24, 2017, 07:37:56 AM
 #94

I was shocked when I opened the wallet and it turns out the price of 1 btc = $ 6024, I wonder if that makes the price skyrocket to $ 6024, whereas a week ago the price was only about $ 5200. It looks like the $ 10,000 price will be achieved this year.
Same here. I was also surprised. My main job on Bitcoin is working and getting paid, and I don’t even get chance to check out what the price is or all those stuffs, but today I just checked and it was already at the rate of $6,158.27. Now I am also sure price of bitcoin will definitely will test $10,000 levels before end of this year. Fasten your belts to get ready.
Yeah, all the ludicrous predictions sound less and less insane. Smiley
It is just the matter of time which decides most of the things. Bitcoin is no doubt a very profitable thing and the ones who are investing in bitcoin now will surely be able to earn a very good amount of money in the future. Bitcoin is the top ranked crypto currency and decrease in market price for some short period of time doesn’t actually change the worth of something.


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October 24, 2017, 09:49:47 AM
 #95

I was shocked when I opened the wallet and it turns out the price of 1 btc = $ 6024, I wonder if that makes the price skyrocket to $ 6024, whereas a week ago the price was only about $ 5200. It looks like the $ 10,000 price will be achieved this year.
Same here. I was also surprised. My main job on Bitcoin is working and getting paid, and I don’t even get chance to check out what the price is or all those stuffs, but today I just checked and it was already at the rate of $6,158.27. Now I am also sure price of bitcoin will definitely will test $10,000 levels before end of this year. Fasten your belts to get ready.
Yeah, all the ludicrous predictions sound less and less insane. Smiley
It is just the matter of time which decides most of the things. Bitcoin is no doubt a very profitable thing and the ones who are investing in bitcoin now will surely be able to earn a very good amount of money in the future. Bitcoin is the top ranked crypto currency and decrease in market price for some short period of time doesn’t actually change the worth of something.


I wonder how many people are actually investing though. Most people who I know either know nothing about crypto or don't invest in it. I know only three people who have bought Bitcoin and only two of them bought some other cryptos as well. Everyone else doesn't seem to really care. Their loss I guess.

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October 24, 2017, 04:44:19 PM
 #96

I think, bitcoin will always be dominant to all other cryptocurrencies, with its price being on top with a miles rate away from the second highest coin, its gonna be hard to surpass that or even to equate it. Knowing that bitcoin has lots of investors and most eyes of people in the cryotoworld are on bitcoin, it adds to the dominance of bitcoin. I think bitcoin is just gonna keep on moving forward, increasing its rate to nobody can tell.
Umm yeah the dominance of the bitcoin is increasing and the price and the importance of the bitcoin will keep on increasing day by day because now a lot of the people are having the high amount of the bitcoin and they are spending the money in bitcoin to increase the popularity of the bitcoin, bitcoin market value and the price is now very high and the value will keep on increasing.



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October 24, 2017, 05:47:14 PM
 #97

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.

Agree with what you have said. With the upcoming fork, for sure most of the users of digital currencies will be holding bitcoins more rather than altcoins. The faith in bitcoin never disappear. Altcoins are just used for more and faster profits. But when it comes to superiority, bitcoin is indeed trusted by many.

Lol plus the hopes of getting free bitcoin gold. A lot of people earned easy money with bitcoin cash the last hardfork and who wouldn't want free money right? If there's even going to be a drop in price, it won't be that drastic to cause concern
Yes it is good to use the bitcoin if you want to make the high income in very short time, people are using the bitcoin and they are having the high income from the bitcoin, I hope one day I will be able. I hold the bitcoin and I am hoping for the good income with my bitcoin. I love the easy and the smart income of the bitcoin, I like to buy the bitcoin and I hope soon you will be able to buy bitcoin for the saving purpose.

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October 24, 2017, 05:53:15 PM
 #98

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?


Bitcoin's dominance is a function of every other coin's collective market cap, so primarily what was causing the fall was the surge in ETH. When ETH was surging, it was more profitable to hop on that train for awhile, and new money coming in to the market was choosing that over BTC in the hopes of fast cash. The trend seems to be reversing now, as ETH is losing ground and new money is once again choosing BTC over the rest of the alts. This type of action is momentum-based and a sort of self-fulfilling prophecy. Everyone wants to own the fastest growing coin, and by chasing momentum, they help to create and maintain it. I would expect the pendulum to start to swing back at a point, unless the altcoins were just a fad that are on the way out. My opinion is everyone trading crypto is too addicted to this form of gambling, and they won't let altcoins die. Too much money to be made trading them, which is why I expect to see BTC dominance start to wane again at some point rather than increase or maintain its present level indefinitely.


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October 24, 2017, 10:15:43 PM
 #99

I agree that the price correction in bitcoin is taking place now that's why the value keeps appreciating day by day and even the upcoming hard fork does not affect bitcoin price negatively, I think it is fair for bitcoin to gain dominance over other alts besides it is really obvious that the market gap of bitcoin is really far behind those alts.

Yes that is right that there is no negative effect of upcoming fork on the price of bitcoin. In fact bitcoin gained a high value in last few days, therefore it is now expected that the price of bitcoin will take a little correction, therefore we can see a little dump in the price of bitcoin, but i am sure that it will not be for a long time and very soon the price of bitcoin will recover its position. Because bitcoin still have good potential to increase its price.



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October 24, 2017, 10:31:51 PM
 #100

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?


This is because bitcoin is continue gaining popularity that inspite of many challenges that bitcoin have experience, that instead of fall down the result become opposite in which the value become more stable and strong. Most of the People witness those challenges and some of them monitored it well so after the positive outcome people are more convinced that bitcoin is a promising investment resulting to more investments are now pouring in.

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