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Author Topic: Bitcoin dominance record  (Read 236 times)
r32godzilla
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September 12, 2018, 02:06:34 PM
 #1

Bitcoin was once dominant in the crypto market being pioneer of crypto currencies.Then it started to lose its dominance gradually due to the entrance of hundreds of new coins.

Bitcoin's dominance was at its lowest at 36.1 percent.

But now, once again bitcoin's market share has reached high  to 57.09 percent which shows that people have lost faith in most of the shit coins and find only bitcoin to be the safe haven.

https://www.reddit.com/r/Bitcoin/comments/9f0bed/new_btc_dominance_record_since_13_dec_2017/


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vfrcbv911
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September 12, 2018, 02:09:03 PM
 #2

This is the good news we need right now! I think this may indicate a return of confidence in bitcoin and one can hope for a price increase.

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September 12, 2018, 02:16:09 PM
 #3

You are right but question is that it dominance is low when bitcoin price is at its peak and it's dominance is increasing when it's price goes down to 1/3rd of its peak price.
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September 12, 2018, 02:18:18 PM
 #4

This is the good news we need right now! I think this may indicate a return of confidence in bitcoin and one can hope for a price increase.
This is naturally good news, but it should be mentioned that this dominance is achieved by selling many altcoins, which in turn is a bad sign, because people do not believe in them, and therefore in cryptocurrencies....

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September 12, 2018, 02:22:25 PM
 #5

Altcoins are getting completely ruined now, there's definitely no immediate hope for altcoins against Bitcoin right now. ICOs are struggling HARD in this market and finding it difficult to raise even tiny soft caps. I don't think Bitcoin will retain this dominance for the long term, but for now it's clearly the safest card in the deck.
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September 12, 2018, 03:52:24 PM
 #6

This is naturally good news, but it should be mentioned that this dominance is achieved by selling many altcoins, which in turn is a bad sign, because people do not believe in them, and therefore in cryptocurrencies....

This is a false dichotomy. I completely believe in Bitcoin's ability to change the global monetary system, and I also completely believe that 99.9% of altcoins are complete trash. People are starting to wake up to the fact that most altcoins are just empty promises, with no working product and no future.


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September 12, 2018, 05:06:12 PM
Merited by eternalgloom (1)
 #7

The record is 100%. Lol.

Now, the last time Bitcoin started to increase its dominance, we had that spectacular appreciation of altcoins. Unfortunately, we are in a bear market. It happening again I think it's unlikely. But if some currencies have a 50% appreciation and the BTC delays responding with no more than 3%, we can re-enter a Bull Market with the FOMO of some specific projects.


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fairyvibes
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September 12, 2018, 05:10:01 PM
 #8

It seems like bitcoin's dominance tends to pick up during the bear market but when its a bull market the alts start to lose dominance.  I also think once we see more alt-fiat gateways btc's dominance may fall further.

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September 12, 2018, 09:04:08 PM
 #9

Bitcoin was once dominant in the crypto market being pioneer of crypto currencies.Then it started to lose its dominance gradually due to the entrance of hundreds of new coins.

Bitcoin's dominance was at its lowest at 36.1 percent.

But now, once again bitcoin's market share has reached high  to 57.09 percent which shows that people have lost faith in most of the shit coins and find only bitcoin to be the safe haven.

https://www.reddit.com/r/Bitcoin/comments/9f0bed/new_btc_dominance_record_since_13_dec_2017/
Dominance doesn't matter. Its just a useless stat. Just as useless as diet water:



This is a false dichotomy. I completely believe in Bitcoin's ability to change the global monetary system, and I also completely believe that 99.9% of altcoins are complete trash. People are starting to wake up to the fact that most altcoins are just empty promises, with no working product and no future.
People are still stupid. Don't worry,once they see ICOs offering 300% annual returns, they'll be back on track.


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xbiv2
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September 12, 2018, 09:39:02 PM
 #10

Quote
dominance
Pajeet make 100,000,000,000 coins.
Pajeet sell 1 coin for $1 to hes brother Pansun.
Now we have $100,000,000,000 capitalisation.
WOW!!!

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September 12, 2018, 10:42:07 PM
 #11

...
Bitcoin's dominance was at its lowest at 36.1 percent.
...

Small correction, it was bit lower, at 32.39% on 13 Jan 2018, as per CMC

Pajeet make 100,000,000,000 coins.
Pajeet sell 1 coin for $1 to hes brother Pansun.
Now we have $100,000,000,000 capitalisation.
WOW!!!

No one in the right mind would include such coin into any stats or ranking. But I agree that both, market-cap and dominance can be skewed and inaccurate.

Personally I would pay more attention to the distance between Bitcoin and 2-nd place coin than to total dominance %.

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September 12, 2018, 11:28:36 PM
 #12

Bitcoin was once dominant in the crypto market being pioneer of crypto currencies.Then it started to lose its dominance gradually due to the entrance of hundreds of new coins.

Bitcoin's dominance was at its lowest at 36.1 percent.

But now, once again bitcoin's market share has reached high  to 57.09 percent which shows that people have lost faith in most of the shit coins and find only bitcoin to be the safe haven.

https://www.reddit.com/r/Bitcoin/comments/9f0bed/new_btc_dominance_record_since_13_dec_2017/

Already this is a great rate
But I see that naturally in the current market situation
Bitcoin remains the last resort
I hope the situation will improve and the market will rise.

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September 12, 2018, 11:44:44 PM
 #13

This is the good news we need right now! I think this may indicate a return of confidence in bitcoin and one can hope for a price increase.
This is naturally good news, but it should be mentioned that this dominance is achieved by selling many altcoins, which in turn is a bad sign, because people do not believe in them, and therefore in cryptocurrencies....

I agree, overall the ecosystem needs more usecases than just payments, and even if you are a bitcoin maximalist you will agree that the blockchain technology opens many new areas of innovation outside the financial world. The decline of altcoins seems to benefit bitcoin but this is a narrow view. I don’t see bitcoin and altcoins in so much competition, both offer different applications for the blockchain technology...if people loose interest in blockchain technologies it will eventually also hurt bitcoin, no matter the gains in dominance. Real world applications are going to take this to the next level.

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September 13, 2018, 01:14:42 AM
 #14

of course the greatest level of trust is in bitcoin, rather than on other coins, and this is very important that trust is chosen in order to boost the price of bitcoin back up as it did before.

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September 13, 2018, 01:34:24 AM
 #15

Bitcoin's dominance will never fall out, at least not in a very very long time. It already got the customer's preference first.

The fact that it drops sometimes is only temporary and it won't be the last time it will happen i believe, depending on if something extremely different that we can't see coming happens.

From my point of view Bitcoin will always be the best Cryptocurrency ever created.

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September 13, 2018, 02:20:04 AM
Merited by franky1 (1)
 #16

your mistake is that you are using market cap ratio and calling it dominance. it is like picking up an apple and calling it an orange! just because coinmarketcap.com is dumb enough to use the word "dominance" it doesn't mean it is correct. in fact dominance in a market has nothing to do with market cap specially when it comes to cryptocurrencies where 1 coin can create billions of tokens out of thin air and have billions of dollars worth of market cap and have a bigger "ratio". and none of that billions of tokens even have to enter circulation for it to have that market cap.

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September 13, 2018, 02:44:32 AM
 #17

Although market cap is a poor metric for dominance, its likely that bitcoin will reign supreme for a very long time but by no means is it assured to stay dominant indefinitely.

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September 13, 2018, 08:34:31 AM
Merited by eternalgloom (2)
 #18

market-cap and dominance can be skewed and inaccurate.
Complety fake

What does that even mean? You measure market cap by multiplying amount of available coins by their market price - which of these 2 elements is fake and for which coin(s)?

Market cap is what it is, the fact that many put way too much weight to it, or interpret it in a wrong way, doesn't make it useless or fake. If adjusted for low or fake volume - it's pretty good metric imo.

your mistake is that you are using market cap ratio and calling it dominance. it is like picking up an apple and calling it an orange! just because coinmarketcap.com is dumb enough to use the word "dominance" it doesn't mean it is correct. in fact dominance in a market has nothing to do with market cap specially when it comes to cryptocurrencies where 1 coin can create billions of tokens out of thin air and have billions of dollars worth of market cap and have a bigger "ratio". and none of that billions of tokens even have to enter circulation for it to have that market cap.

I see your point, but you're talking about 'market dominance' in a classic meaning, related to measuring companies' market dominance - such is simply not applicable to cryptos (as there's no revenue involved). "Dominance" is also a word on its own and can be freely used. It's pretty obvious and clear to everyone that CMC's version relates to market cap dominance only. I see no problem here.


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September 13, 2018, 08:46:07 AM
 #19

this is one of the most common occurrences in the history of cryptocurrencies and things have always been like this. what that link you posted shows is only a tiny fraction of all this.

throughout history (which is about 9 years long) there has always been periods of time when altcoins were pumped massively and that meant huge rises of their prices and since market cap is price*supply they grew a lot more and bitcoin's "dominance" shrank down until the altcoins started getting dumped.
2017 was the extreme example of this process but the principle has been the same.














 

 

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September 13, 2018, 08:57:23 AM
 #20

Yeah, I really love this news. Bitcoin have to refresh it and Crypto market have to remove shitcoin so that Blockchain technology could be applied in the future.
Shitcoin constrain Cryptocurrency develop to be a good new industry Smiley
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