The bitcoin dominance level is getting much closer to 50%. What does it mean?

[BrewMaster]

To simply put the increased dominance of Bitcoin, people are backing it up and putting their trust on it. Which is why bitcoin dominance is increasing. However, Market capitalization calculation can be easily manipulated so it doesn't significantly helps us to come to decision. I just expressed what I realize from such numbers and figures.

maybe you need to check the "numbers and figures" again because you are quite wrong. people had "trust" in bitcoin already and were backing it up already, nothing has changed in that regard. and bitcoin price has not changed at all either. it is still fluctuating as always.

what has changed however is that altcoins are getting dumped. and as their prices go down hard, they lose market cap so the total also goes down and this  "dominance" being bitcoin MC/total MC is now increasing.

[1714821049]

1714821049

[gabmen]

While the price reached the ath value the dominance level of bitcoin was close around 55%, now bitcoin is close to 50% after a long. With the decline of ethereum and other expected cryptocurrency the dominance keeps increasing. Is there any possibilities for a price pumping with bitcoin as well other major altcoins with regards to the dominance level of respective cryptocurrency.

Highly possible. People are probabaly preparing for a bitcoin run more than any alt right now and i wouldn't worry about eth also since even with btc's dominance rising, eth and all other alts will have supporters pouring back when the market starts a real recovery.

[Akmaral ( Akee)]

According the recent data of coinmarketcap, Bitcoin holds 50. 77 % of dominance in the cryptocurrency market capitalisation. I think this news will lead to a rise in price of Bitcoin. Bitcoin was always the dominant coin in the market and it still holds the topmost position among all other cryptocurrencies.

[anrian062]

With the level of dominance almost half of market capitalization then the possible scenario is the decline price of altcoin, reason is most of traders and investors make their way most into bitcoin and rarely take a risk into some altcoin. Dominance is a some signal that CMC make and sometimes doesnt mean anything.

[MilfordGannon]

The BTC by increasing dominance level will be pumped by the enthusiasts if the recent hypes work out. If all go in the usual manner, BTC price will be nearly doubled by the pumping factor, I guess.

[ABMARK]

Altcoins losing their sustainable place. Many altcoin are overprice and suddenly it lose it lose it’s price steadily. Altcoin ccan be pump their market value.

[Searing]

The price of BTC last year at this date of 8/14/17 was $4,145.44 on https://www.worldcoinindex.com/coin/bitcoin listing.

Just an example of just how complete a 'bubble' the price was and a caution of what it still might go down to (bottom) before any recovery.

So, it may be more than just Altcoins that we may have to worry about, if as they say, a bubble sometimes goes back to the price it started from, before a rebound.

(On the other hand August of any year, always seems to suck)

brad

[Menced1937]

Right now, traders are converting their Alts to Bitcoins as ALTs market has crashed very badly and Bitcoin market though facing a bearish trend but still going strong as it has reached a stable price of around 6,000$- 6,400$. So, the dominance just shows the trust being put on Bitcoin by it's users right now. Nothing else.

[talkbitcoin]

The price of BTC last year at this date of 8/14/17 was $4,145.44 on
Just an example of just how complete a 'bubble' the price was and a caution of what it still might go down to (bottom) before any recovery.

i don't understand how you come to this conclusion!
yes, price was something lower than this at some point and now it is higher but none of it says anything about any bubble!

and no, just because price was $4,145.44 a year ago it doesn't mean it still might go down to (bottom) before recovery.
it might drop for many other reasons but this is not one of them.

interesting thing is the fact that price was 4000 last year and now it is 6000 which is only about 40% higher shows that we are extremely underpriced because as a rule of thumb price usually goes up at least 100% per year.

[AbduRRozzaqAbduLLah]

Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.

 On August 11, bitcoin dominance clinching the total percent of cryptocurrency market capitalization  reached 50 percent for the first time since December 19th, 2017.

Bitcoin’s market capitalization now records $105,785,552,545, which is about $901 million more than the market capitalization of every other cryptocurrency combination.

[havok1998]

It just means that due to highly volatile and sensitive condition of the market currently, people are shifting to much secure investment that is BTC. Once the market gains stability and moves towards bullish trend, altcoins will again gain dominance in the market. Although according to predictions of many people, 75% of the altcoins will fail. So its wise to only invest in well established coins that hold real world applications. BTW BTC has already reached 53.4% mark in terms dominance.

[blacknight789]

It means that bitcoin is the most popular cryptocurrency in the market. People choose bitcoin over altcoins because of its high value and security. This popularity will increase every year.

[BattleHippo]

Bitcoin has the same dominance last year. I think it is good for cryptomarket. Because worthless coins will be out from the market because of the price drop. So it is not bad from my view.

[AngryPanther]

It looks good to me. And it has possibilities to have more dominance in the market. I think it will go to 70% in upcoming days. It looks like it will decrease the numbers of altcoins in the market.

[kr105]

Increasing market share of Bitcoin means investors in the market have turned their investments into Bitcoin. In this case, the price of altcoins is falling. In the market altcoins cleaning can be done.

[CanyonsBull]

It is cycle which is quite similar like 2017. The market is fully dominated by Bitcoin. Bitcoin is leading all the coins. And it's dominance is good for the cryptomarket.

[suzanne5223]

It is cycle which is quite similar like 2017. The market is fully dominated by Bitcoin. Bitcoin is leading all the coins. And it's dominance is good for the cryptomarket.

I disageed with you buddy cause the current market is not similar to that of the year 2017 because the market was moving side ways not on bitcoin only. Although, bitcoin net dominance was about 73% i could remember correctly from year when bitcoin was created till last year.

[r32godzilla]

While the price reached the ath value the dominance level of bitcoin was close around 55%, now bitcoin is close to 50% after a long. With the decline of ethereum and other expected cryptocurrency the dominance keeps increasing. Is there any possibilities for a price pumping with bitcoin as well other major altcoins with regards to the dominance level of respective cryptocurrency.

This means either more altcoin holders were shifting their investment to bitcoin or else more new investors were choosing bitcoin as their first choice.I f the bitcoin ETF had been approved,then this dominance level would have gone much higher.

[Rozita]

It's so simple. Many people are selling their cryptocurrencies for Fiat. As people have to sell their altcoins for bitcoin first, altcoins are falling more than bitcoin. So bitcoin dominance is rising.

[Bezobraznike]

   Cause I was interested in this topic I made a little research about it. I came across this article:
-Why The Bitcoin Dominance Index Is Deceiving! Link to article:  https://medium.com/@jimmysong/why-the-bitcoin-dominance-index-is-deceiving-80ae324ee2ac
   Very nice article from Jimmy Song. I think he deserves his name to be mentioned, he should take a lot of credits for his article.
With many arguments and his skill to explain something complicated in a simple way this is one of the articles that many people should read.
I will copy/paste couple lines from his article and I hope I will make some people interested in reading this. I will start with what Bitcoin dominance is:

-"The Bitcoin Dominance Index was put together a few years ago to show exactly how much of the entire cryptocurrency economy is dominated by Bitcoin"

-"The market caps on a lot of these altcoins are hugely manipulated. Consider one of the original manipulated altcoins: Ripple. They premined all the coins! That is,
they created all Ripples beforehand and only released them to the public a bit at a time."

-"Like with most things, Bitcoin Dominance is a very crude metric and one that’s unfortunately very easy to manipulate. "