Bitcoin is Dropping, and Experts Can't Agree Why

[pooya87]

But if you look at bitcoin's dominance in the cryptospace, it is clearly continuing to go down.

[i m g]https://preview.ibb.co/nBptiH/chart.png[/img]

That chart signifies that some altcoins are slowly gaining some value versus bitcoin and that trend will not stop any time soon, I reckon.

Also, if ever there was a flippening, what altcoin could you see replacing bitcoin as no. 1?

well the thing you forget is that market cap is not market dominance. and what that chart shows is just market caps. and here is what happened:
when bitcoin price goes up $1 its market cap goes up $16,884,775, lets call that $17 million
but when an altcoin like ETH goes up $1 its market cap goes up $97,827,538 and lets call that $98 million

now lets take a look at XRP. $1 is the whole value of it and its market cap is $$37,059,370,411 which is $37,000 million. normal fluctuations or the tiniest pump to increase its price by $0.001 (0.1 cent) will pump its market cap $39,094,802 or $39 million

... and this is what you are referring to as "dominance"!

[bbc.reporter]

@pooya87. Maybe, but in a way the falling market cap might be the first sign that bitcoin's dominance is also falling.

Remember, the market cap is also a rough indicator of the investor's general preference. Wherever the money goes, all the people follow regardless if something is better than the rest of the coins. It might be something akin to VHS vs Betamax.

[Kemarit]

Ok. Looks like we can finally put to rest as to why bitcoin keeps on dropping for the last several months now. Who would have thought that the ghost of Mt. Gox is still haunting us till today. Mr. Kobayashi, the most hated man in the cryptoverse, is the culprit and him offloading huge amount of bitcoin is one of the major factors, besides FUD. Everyone, including the so called "expert" can't really pinpoint as what's causing the drop. But at least we all agree that we have found the suspect. So all arguments can be put to rest now, at least till September.

[arpon11]

I think we are having a repeat of what happened in 2014 and we just need to apply what was applied then to bring the market and bitcoin out of the current bearish conditions.  The experts could not have the same view because many things has changed and some of them has established they own projects. I do believe that the current state is not going to last for long and we just need to have few positive report in other to come out of this current problem.

[Deeyoh]

Yeah that dominance number means absolutely nothing.. thousands of shitcoins added per year and people are constantly losing money on them.  Of course, some of that is bag holders still holding for some miracle in the future when their shitcoin is worth more than what they paid for it.   Most of the shitcoins with 1 bil market cap can be sold and dumped for a few million dollars.  100's of millions of dollars being dumped on Bitcoin and it's soaking it up like a sponge.


Right now.. huge Fud campaign, painted bear charts, weak hands galore panicking.  Unlimited source (fiat) into a finite resource..Bitcoin.  We all know who will win that battle.

[onebtcforlife]

I think we are having a repeat of what happened in 2014 and we just need to apply what was applied then to bring the market and bitcoin out of the current bearish conditions.  The experts could not have the same view because many things has changed and some of them has established they own projects. I do believe that the current state is not going to last for long and we just need to have few positive report in other to come out of this current problem.

Most of the people are afraid about this Bearish market, see every time it is not possible to make the profit with the market and we have to give it some time to recover because there are countries targeting Bitcoin in order to decrease its price. This makes more people are panic about the Bitcoin and kept selling them in the market.

[raven7886]

Ok. Looks like we can finally put to rest as to why bitcoin keeps on dropping for the last several months now. Who would have thought that the ghost of Mt. Gox is still haunting us till today. Mr. Kobayashi, the most hated man in the cryptoverse, is the culprit and him offloading huge amount of bitcoin is one of the major factors, besides FUD. Everyone, including the so called "expert" can't really pinpoint as what's causing the drop. But at least we all agree that we have found the suspect. So all arguments can be put to rest now, at least till September.

So, I guess it is countdown to September 2018 now, the day when we may start seeing some reds again as a result of Kobayashi's dump if he ends up not doing it over the counter. It is really funny the way you put it with the ghost of MtGox still haunting us till date and I guess we would not stop seeing that until when MtGox is totally out of the system completely. I really hope we can at least have some good moment in coming months anyway even if we just end up consolidating.

[anntlevel]

I think we are having a repeat of what happened in 2014 and we just need to apply what was applied then to bring the market and bitcoin out of the current bearish conditions.  The experts could not have the same view because many things has changed and some of them has established they own projects. I do believe that the current state is not going to last for long and we just need to have few positive report in other to come out of this current problem.

It obviously would not last very long as it is just a phase and every phase would pass eventually. We know that time like this is normal to see in the market and if for any reason, the fact that despite all odds, we are still fine and doing not bad is still something to be thankful for. At least, we can just see this period as moment for us to accumulate more with the knowledge that once the downtrend lasts, recovery should be glorious.