Bitcoin dominance dropping hard

[Straux]

I think you'll find that this general topic has been discussed into the ground around here. And really, its for good reason. Bitcoin is definitely becoming a lesser-dominant cryptocurrency, especially when so many are being developed and started as we speak. You've got high and slow transaction fees, high competition to Bitcoin and a growing investor interest in these altcoins. I wouldn't worry too much about it now however, with bitcoin still maintaining itself as the cryptocurrency with the largest market cap - with that rising. If we see competition such as Ripple take over - that's when we'll know we'll be in trouble.

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[Rules85]

When bitcoin goes up, so bitcoin is like a vampire, altcoin will fall, but when altcoin starts to rise, there will be money out of it.

[Dava.Dina]

Cryptocurrencies are notorious for the great benefits they can afford than any other investment. That's why more and more people are coming in and more money flows not only in Bitcoin but also Altcoin, this is the reason why Bitcoin's dominance is down, but Bitcoin will still lead.

[Red-Apple]

no matter what you think or what some random number on paper says, the reality is that bitcoin's dominance has been increasing ridiculously big and fast which is nearly unbelievable.
soon bitcoin will be as popular as cash in a couple of years. but at the same time altcoins will still remain the same useless side product of bitcoin which will also always be referred to as 'alternatives'!
while bitcoin has been accepted in shops and by millions of merchants around the world offline and online (despite the current 1 month high fees), other altcoins have still 0 use cases.

[yugyug]

great correction happen every 4 years, if you observe the market for the last 4 years of bitcoin, the same cycle happen. so if you are veteran in this bitcoin investment then there's no need to worry about, it is still the history repeat itself.

[Marma Kalari]

The drop is due to the problem of the high fee of bitcoin in December, and many people panic to either cash out or move to altcoins.
It is really urgent that bitcoin come up with a feasible, usable scaling approach in the next 3-6 months. Otherwise I can see things turn out ugly.

I am confident that the issues will be sorted out in a few months time and hopefully we will be seeing the lightening transaction implemented this year,bitcoin had a big rally this past year and never expect the same kind of growth every year,this year we might see a good rally in some of the major alt coins.

[cue]

Yes, the dominance is dropping hard but still the Bitcoin remains the most dominant among the cryptocurrencies there is.  We cannot predict what will happen in the next few days or months.  People have predicted last November early on that the Bitcoin will have a price of US$ 10,000 at the end of the year 2017, but it was more than that, it even reached the price of US$ 20,000 during the period of December 2017.

[khaled0111]

Bitcoin dominance is decreasing because of the appearance of new coins that users find more profitable.
There is more concurrence between different currencies and I believe it is a good thing since only coins offering better services will survive.
Globally, the market dominance don't have any signification, you can just ignore it.

[BBart]

Funny, it was down to 31% but going up to 36% again. I guess people are changing there sh*tcoins for bitcoins to exchange them for real money.

But don't forget to HODL 

[gigatux]

maybe because of countries banning bitcoin? I heard that 8 or 9 countries banned bitcoin from domestic transaction and I also think many users are also being banned for because of some allegations.

[spiker777]

Bitcoin dominance decreases because there is an increase in altcoins, this does not mean Bitcoin is failing. By saying BTC is failing because its dominance is sub 40% is analogous to saying the US dollar is failing because its value is decreasing against the Chinese yuan. If the total amount of money in a system increases, the contribution of each party as a percentage will usually decrease.

[Jet Cash]

Bitcoin was the first into the market, and it didn't protect the name. As a result of this, many people don't seem to know which coin is the real Bitcoin, and dump everything with Bitcoin in it's name into the same bin. There isn't even agreement about the shortform for Bitcoin. The ticker code is XBT, and this is used by sites like XE. However most of the boards seem to use BTC, and many people seem to think of that as Bitcoin Cash if they have heard of it.

Looking at percentages to assess dominance is a bit misleading. As the herd increases, then the percentage of whatever metric you are using is likely to decrease, even when the real values may be increasing.

Money flowing into alt coins may be new money for the crypto world. It isn't certain that it is a flight from Bitcoin.

[sapnu]

This is hardly discussed in here, if you do not find those threads, then it is your fault.

I wonder why this topic is not discussed more. The bitcoin dominance compared to other coins.For years bitcoin marketcap was around 90% it dropped to 40% in jun 2017 and 60%.But then it dropped to 38% today!

You are not seeing the reality in there, the dominace is dropping, but the whole marketcap is always going up.

When the dominance was over 90% a few years ago, tell me, how much was the marketcap? I bet everything that it was not even five billion dollars.

And now it is 38% but the total marketcap is 600 billion dollars, more than a half of a trillion.

Yes. It feels me not really good because my money is also dropping according to it. So i wish that it will rise up again so that i will never lose more of my money and still have it to buy the things and other stuffs that i want to buy. I wish that the price will come back to its high price or even exceed to that.

[mOgliE]

Hi,

I may be wrong but I think that even if bitcoin becomes worthless, it won't cause the death of other cryptos.

Of course, it depends quite heavily on the reason of the "death".

But still, there are other cryptos that are quite powerful and have large communities. And I guess that they won't disappear all of a sudden.

Truth is, the bitcoin is the crypto that has made history. It is the one most people (and mass media) know about. It is the one bringing about many concept about the economy and currency alternatives. Still, even if I believe in it, I must say it is not everything.  

[stompix]

Hi,

I may be wrong but I think that even if bitcoin becomes worthless, it won't cause the death of other cryptos.

Of course, it depends quite heavily on the reason of the "death".

But still, there are other cryptos that are quite powerful and have large communities. And I guess that they won't disappear all of a sudden.

Truth is, the bitcoin is the crypto that has made history. It is the one most people (and mass media) know about. It is the one bringing about many concept about the economy and currency alternatives. Still, even if I believe in it, I must say it is not everything.  

If they have powerful and large communities why are all the alts dropping even worse than BTC ?
Care to explain this mistery?

Bitcoin is definitely becoming a lesser-dominant cryptocurrency, especially when so many are being developed and started as we speak. You've got high and slow transaction fees, high competition to Bitcoin and a growing investor interest in these altcoins.

Same as the above.
If those new developed alts are so good, why are they falling down like drunk ducks?

[Snail2]

Altcoin prices are still dependent on BTC price. When BTC is on the bull run all alts following, if BTC goes down everything else will go down in the same fashion. So that loss of dominance isn't happened yet. At some point it undoubtedly will happen but not now.

[xanmanluca]

They have bitcoin cash to solve all these problems. I believe bitcoin will be used for large transactions that involve lots of security. for ex. buying a home, car, land, plane, building etc. and bitcoin cash can be used for smaller online purchases and things like that. I do think there needs to be a crypto currency for every day grocery shopping and things like that if we really expect to see the world solely use crypto. just my theory but what do i know

[Kprawn]

I would have been worried, if the move was towards Alt coins, but they are dropping like a bunch of flies too. Something is

happening or are going to happen... but I cannot put my finger on it yet. Most movement are happening on Asian markets,

so I presume it is linked to the clamp down in South Korea.  .....Frogs in a pot?

[spiker777]

Looks like the total market cap of all cryptos is increasing, even though bitcoin dominance is sub 40% it is likely that the advent of new cryptos is diluting the distribution of cash. If bitcoin can maintain a 35% share despite there being over 300 cryptos now, I would say that it's definitely in a massive advantage.

[zitbau]

Yes that's true . It has been falling sharply in the past two days but I think thanks to the bitcoin discount that is creating opportunities for many. Its value is decreasing but it is still the most valuable virtual currency today. I think it will come back sooner and higher than before