Bitcoin dominance

[thecodebear]

Bitcoin dominance has been dropped to 39.2% from 45%, market cap is $382 billion now, are we moving towards another bull run like Dec?

Crypto currency such as bitcoin can be used to buy goods without intermediaries, meaning less need of a bank. Although traditional banking systems may charge high transaction costs, bitcoin allows global transactions to take place at a lower cost. that's the reason why bitcoin is getting more dominant.

But if the price of Bitcoin goes up, then the price for transactions will be higher. We already saw this when the price for Bitcoin last year rose to 20,000 dollars.

No that is not how transaction fees work. I see this so much online, people saying the transaction fees go up because price goes up. They are not linked at all. Transaction fees went really high because suddenly everyone was trying to buy bitcoin or send it to exchanges to trade or whatever. The blocks being filled up and people's urgency in getting transactions confirmed is what affects fee price, the price of bitcoin doesn't affect it. Note that recently while Bitcoin has been around $9000 the fees are about the same as they were a year ago when bitcoin was at $1000. Did you notice how fees continued being crazy as Bitcoin was crashing? Because people were selling or moving there bitcoins to exchanges to sell, if it was due to price then the fees would have been dropping when it started crashing. Bitcoin could be $100k and the fees could be 50 cents if there isn't much going on on the network and there is free space in the blocks.

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[wuvdoll]

We can Really see a slight drop, And base on my experience with the Crypto Market and mostly bitcoin Even if bitcoin did not out stretch it's value not like other Altcoin did, It really doesn't mean that bitcoin got left behind, Because it still has a bigger value than the rest of the other coins, We should appreciate bitcoin more than any Altcoin because if not for bitcoin there would be no other Coins that will be created.

It is just always the response of traders to the market most of the time anyway, and it is not like bitcoin is having an issue even when the dominance drops.

As we can see bitcoin is really finding some point to start consolidation and that is when we will get to see the altcoin market really picking up hugely and obviously we can see some movement of money into altcoins for now, which I believe on bitcoin consolidating, we will get to see a lot of them shooting up hugely before btc takes back the dominance once again.

[buwaytress]

Bitcoin dominance has been dropped to 39.2% from 45%, market cap is $382 billion now, are we moving towards another bull run like Dec?

Crypto currency such as bitcoin can be used to buy goods without intermediaries, meaning less need of a bank. Although traditional banking systems may charge high transaction costs, bitcoin allows global transactions to take place at a lower cost. that's the reason why bitcoin is getting more dominant.

But if the price of Bitcoin goes up, then the price for transactions will be higher. We already saw this when the price for Bitcoin last year rose to 20,000 dollars.

No that is not how transaction fees work. I see this so much online, people saying the transaction fees go up because price goes up. They are not linked at all. Transaction fees went really high because suddenly everyone was trying to buy bitcoin or send it to exchanges to trade or whatever. The blocks being filled up and people's urgency in getting transactions confirmed is what affects fee price, the price of bitcoin doesn't affect it. Note that recently while Bitcoin has been around $9000 the fees are about the same as they were a year ago when bitcoin was at $1000. Did you notice how fees continued being crazy as Bitcoin was crashing? Because people were selling or moving there bitcoins to exchanges to sell, if it was due to price then the fees would have been dropping when it started crashing. Bitcoin could be $100k and the fees could be 50 cents if there isn't much going on on the network and there is free space in the blocks.

They're not directly linked, for sure, but there is certainly some correlation. Fees are always going to be in terms of satoshis paid for taking space taken up by data of transaction, that is what is generally fixed and depends on efficiency and network demand. Then Bitcoin price affects what people see as fiat value of that satoshi fee.

Price also affects demand, as you just explaines yourself, both in bull and bear conditions. Demand generally leads to congestion, though with LN upcoming, we may have seen the last days of congestion.

[darewaller]

Bitcoin dominance has been dropped to 39.2% from 45%, market cap is $382 billion now, are we moving towards another bull run like Dec?

Bitcoin is take rest in spring season so it will wake up soon. But this will change the entire market statistics so we should wait for two months automatically Bitcoin is start the race.
This is right time to buy in Bitcoin so who are all waiting for crypto investment make it soon. This is the final alarm in Bitcoin after that it will going to rocket.

Yeah, I would actually call it a rest as well. Bitcoin has been known not to always have some quick movement and so is every other market. We will get to see some relaxation period for bitcoin before any serious move in the market which is the time we will get to see some of these altcoins doing pretty great and hitting new ATH.

Dominance is decreasing because the alt market is already looking bullish and expects traders to want to tap from that. I guess in near future if we will have more number of reputed altcoins like litecoin and ethereum then definitely bitcoin will keep losing its dominance in coming years in terms of market share.

[St4yInTh3D4rk]

There are lots of new coins has been released into the market everyday,so the chance if dominance may slightly get decreased over the years,bit it is also a good thing to have a balanced economy.But the dominance was around 36% few months back so it increased little bit now,but still the bitcoin is expensive coin so don't think bitcoin will be replaced by some other coin.

[okala]

Bitcoin dominance has been dropped to 39.2% from 45%, market cap is $382 billion now, are we moving towards another bull run like Dec?

Bitcoin dominant is actually reducing by day and we should be happy that other coins are getting more ground in crypto world. We are not going to see the kind of bull run we have in December now but I think everything about the market  is showing recovering.

[thecodebear]

Bitcoin dominance has been dropped to 39.2% from 45%, market cap is $382 billion now, are we moving towards another bull run like Dec?

Crypto currency such as bitcoin can be used to buy goods without intermediaries, meaning less need of a bank. Although traditional banking systems may charge high transaction costs, bitcoin allows global transactions to take place at a lower cost. that's the reason why bitcoin is getting more dominant.

But if the price of Bitcoin goes up, then the price for transactions will be higher. We already saw this when the price for Bitcoin last year rose to 20,000 dollars.

No that is not how transaction fees work. I see this so much online, people saying the transaction fees go up because price goes up. They are not linked at all. Transaction fees went really high because suddenly everyone was trying to buy bitcoin or send it to exchanges to trade or whatever. The blocks being filled up and people's urgency in getting transactions confirmed is what affects fee price, the price of bitcoin doesn't affect it. Note that recently while Bitcoin has been around $9000 the fees are about the same as they were a year ago when bitcoin was at $1000. Did you notice how fees continued being crazy as Bitcoin was crashing? Because people were selling or moving there bitcoins to exchanges to sell, if it was due to price then the fees would have been dropping when it started crashing. Bitcoin could be $100k and the fees could be 50 cents if there isn't much going on on the network and there is free space in the blocks.

They're not directly linked, for sure, but there is certainly some correlation. Fees are always going to be in terms of satoshis paid for taking space taken up by data of transaction, that is what is generally fixed and depends on efficiency and network demand. Then Bitcoin price affects what people see as fiat value of that satoshi fee.

Price also affects demand, as you just explaines yourself, both in bull and bear conditions. Demand generally leads to congestion, though with LN upcoming, we may have seen the last days of congestion.

agreed for the most part. just saying demand for bitcoin is not the same as current usage. High usage could be because bitcoin price is going crazy and people are moving bitcoin to exchanges - crashing which would mean higher fees despite lower price, booming would mean price and fee go up together. Could also be without bitcoin price moving much at all and people start spending their bitcoin more even though no new money is coming in. I would say there is a very loose correlation, though certainly their is a bottom limit which would be 1sat/byte which depends entirely on the current price of bitcoin. Though yes obviously as adoption rises price will go up which should lead to more usage which makes fees go up. So they have the same cause but fees and price aren't themselves linked in any way, and that cause can lead to strong correlation, no correlation, negative correlation all depending on market sentiment at the time.

[TTITA]

Dropped from 45% to 39.2% isn't big deal, could be just some kind of correction that to balancing supply in the market. Bitcoin price will get recovery soon surely, there is no hesitations. We don't need to discuss any decline that is happening now to be worried as December last time, we must be optimistic that the crypto market has a good trend in the 2nd and 3rd Q.

[chistiy]

Dominance is not really a problem in my eyes, even if the other coins have a certain amount of dominance that doesn't mean they're going to overtake bitcoin at all. Bitcoin will continue to dominate the crypto market. Because interest in Bitcoin always goes up every year. And the second position of dominance is still occupied by Ethereum.

[1Referee]

Dominance based on total coin supplies = worthless. People still don't understand that because they as always only focus on that what they want to see.

It's the worst possible and fake ass metric that exists. If everything continues as it has been doing with ICO's and forks, Bitcoin will keep sinking like a rock in that aspect.

And the second position of dominance is still occupied by Ethereum.

Wrong. It's Ripple. You see only what you want to see. Ripple's total coin supply is ~100 billion * $0.74. It has surpassed Bitcoin's market cap several times already, and it didn't/doesn't mean anything. It's an insanely premined shitcoin that people even paid +$3 per coin for not that long ago.

[MiningSensei]

I do not think that this might be a new bull market, but i think that we are on a "stable" market at the moment, and i am happy for that.
We are not seeing huge dumps every day, neither huge pumps.

[richan]

IT is another way to say that traders are losing confidence in bitcoins, because there are other alternative currencies that look lucrative than holding bitcoins which seems uncertain. The dominance of bitcoins will reduce to extent that Ether or ripple will take over.

[Rembedful]

Dominance based on total coin supplies = worthless. People still don't understand that because they as always only focus on that what they want to see.

It's the worst possible and fake ass metric that exists. If everything continues as it has been doing with ICO's and forks, Bitcoin will keep sinking like a rock in that aspect.

And the second position of dominance is still occupied by Ethereum.

Wrong. It's Ripple. You see only what you want to see. Ripple's total coin supply is ~100 billion * $0.74. It has surpassed Bitcoin's market cap several times already, and it didn't/doesn't mean anything. It's an insanely premined shitcoin that people even paid +$3 per coin for not that long ago.

Second is nothing. First is everything. Most of the people look at the first position in the chart and that is hold by bitcoin. If I want to invest in bitcoin I will observe the market cap and the people interest and then will invest in it. Bitcoin is number 1 cryptocurrency of the world and will remain number 1 forever. The price is volatile these days, but overall it is increasing.

[Tyronthegreat]

Bitcoin dominance has been dropped to 39.2% from 45%, market cap is $382 billion now, are we moving towards another bull run like Dec?

Yes for sure. Bitcoin always have its season to perform a bull run, this is the very reason why many investors love to hold btc and very happy when the market is not in a good condition. During this time they love to buy btc because they know that it will moon after the dip. And the good thing about  this, some altcoin goes with the train of btc and looks like they are riding at the back of the whale.

[Pattberry]

Bitcoin dominant is actually reducing by day and we should be happy that other coins are getting more ground in crypto world. We are not going to see the kind of bull run we have in December now but I think everything about the market  is showing recovering.

I really do not want to see the dominance of bitcoin going down, the main reason for that is simply because of the transaction charges and the delay bitcoin had last year pushed people to look at the altcoin market because it was much more convenient to use them and so is the reason we see more market domination by the alts.

[Digital_Lord]

Dominance is not really a problem in my eyes, even if the other coins have a certain amount of dominance that doesn't mean they're going to overtake bitcoin at all. Bitcoin will continue to dominate the crypto market. Because interest in Bitcoin always goes up every year. And the second position of dominance is still occupied by Ethereum.

If we look top 5 growing cryptos in the world according to market cap bitcoin is not in them. It means that now more people are not investing in bitcoin. The market cap of small coins is increasing rapidly. Besides bitcoin is the leading currency of the crypto world and the market cap is still the highest. No doubt that bitcoin will be the mainstream in the future.

[ajqjjj]

Dominance is not really a problem in my eyes, even if the other coins have a certain amount of dominance that doesn't mean they're going to overtake bitcoin at all. Bitcoin will continue to dominate the crypto market. Because interest in Bitcoin always goes up every year. And the second position of dominance is still occupied by Ethereum.

If we look top 5 growing cryptos in the world according to market cap bitcoin is not in them. It means that now more people are not investing in bitcoin. The market cap of small coins is increasing rapidly. Besides bitcoin is the leading currency of the crypto world and the market cap is still the highest. No doubt that bitcoin will be the mainstream in the future.

Still many peoples are buying the Bitcoin because currently it is low price so this is the right time to invest in Bitcoin because all the altcoins are growing slowly so first buy the Bitcoin then invest to some other so continuously Bitcoin marketcap is maintain a same range.