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Author Topic: Bitcoin dominance hits 43%, alts surging ahead  (Read 6991 times)
Vishnu.Reang
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June 25, 2019, 04:03:02 PM
Last edit: May 10, 2021, 02:22:18 PM by Vishnu.Reang
Merited by mindrust (2), OgNasty (1), CryptoGamblingSites (1)
 #1

According to the Coinmarketcap website, Bitcoin dominance has breached the 71% level and is now reported at 71.2%. Including the forked coins (BCH, BSV, BTG.etc), the total market cap for BTC+forks comes to slightly above 74%, while the altcoin market share has dipped below the 24% mark.

I am sure that a lot of users may be unhappy about this, but I am delighted as more than 90% of my crypto assets are in the form of BTC. I had sold most of my alt holdings in 2018.

I am not very sure about the reasons behind the rising BTC dominance. But I suspect that the users have become more matured now, and a lot of them have realized that investing in shitcoins is simply not worth all the risk.

Here is my outlook for the major cryptocurrencies:

1. BTC: The prices will continue to increase and a new ATH may be reached by the end of 2019 or by 2020. The dominance will continue to increase and may reach 80% by the end of this year. But one concern I have is regarding the transaction fee. It has risen by more than 10x since the start of the year. Another 10x increase would be catastrophic.

2. ETH: The exchange rates are still lagging behind the ATH. The poor health of the ICO market is probably pulling ETH down. The Cryptopia hack also played its part.

3. XRP: I would say that this one is the most worthless and unreliable altcoins among the top 10. Therefore I am not surprised by its falling market share.

4. BCH: Holding well as of now. In case the BTC transaction fee spikes again (like what we had during 2017 Dec), then this coin can rocket upwards.

5. LTC: One of the best performing alts. However I won't be surprised if a correction occurs post block reward halving.

6. EOS: I don't know much about this coin.

7. BNB: I would consider this coin as overpriced. A correction is due.

8. BSV: A lot will depend on the future actions of CSW. Very unpredictable coin.

9. USDT: Everything was going well for Tether until the scandal at Bitfinex was revealed to the public. Now a lot of the users don't consider this coin as a reliable stablecoin. In the near future it will be facing a lot of competition from the other stablecoins.

10. TRX: An overpriced shitcoin. I don't have anything good to say about this one.

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June 25, 2019, 04:08:10 PM
 #2

Eth and BTC are really all that deserve any attention, Bitcoin is golden and eth has its smart contracts and willingness to adapt. Bsv,bch are bullshit propped up to try and stay relevant. Ripple is dead especially when Libra eats in centralized lunch.
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June 25, 2019, 04:40:03 PM
 #3

This year is probably same for cycle for Bitcoin but it might be a different game for alcoins, who knows? Maybe its not an alcoins season yet. I think Bitcoin is likely to break ATH again before this year ends due to its solid momentum.
I don't know about that, that's a pretty bullish amount. I mean we're definitely growing steady but before year's end seems like we would need to go even more parabolic.
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June 25, 2019, 04:43:27 PM
 #4

60% is nothing. Prior to 2017 70%+ dominance for bitcoin was the norm. Things are correcting to the way they were prior to the 2017 pump.
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June 25, 2019, 04:48:55 PM
 #5

I wonder if current Bitcoin dominance has to do with newcomers in general finally catching up with what a shitshow the majority of the alt coin market is. Back when the 2017 bullrun was in full swing it was like everybody and their dog had found out what the next Bitcoin would be and poured their money into whatever alt coin was the flavour of the day. Maybe this has changed by now.

But... I'm not fully convinced of this. I guess most people that are currently buying coins and trading are the ones that have followed the market since the last bullrun and thus by now know the treacherous reality of the alt coin market (ie. the newcomers of 2017 are the veterans of today).

I don't think the general public is yet aware of cryptos reawakening.

In other words, the n00bs are yet to come and the alts are yet to be pumped. I guess when BTC breaks USD 30k,- the latest (if it breaks USD 30k,- any time soon) we'll have a new influx of newbies that will fall for whatever alt looks the shiniest and drive Bitcoin dominance down again.

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June 25, 2019, 04:51:01 PM
 #6

I wonder if current Bitcoin dominance has to do with newcomers in general finally catching up with what a shitshow the majority of the alt coin market is. Back when the 2017 bullrun was in full swing it was like everybody and their dog had found out what the next Bitcoin would be and poured their money into whatever alt coin was the flavour of the day. Maybe this has changed by now.

But... I'm not fully convinced of this. I guess most people that are currently buying coins and trading are the ones that have followed the market since the last bullrun and thus by now know the treacherous reality of the alt coin market (ie. the newcomers of 2017 are the veterans of today).

I don't think the general public is yet aware of cryptos reawakening.

In other words, the n00bs are yet to come and the alts are yet to be pumped. I guess when BTC breaks USD 30k,- the latest (if it breaks USD 30k,- any time soon) we'll have a new influx of newbies that will fall for whatever alt looks the shiniest and drive Bitcoin dominance down again.
Yup there were even radio advertisements promising the next Bitcoin here, although it's probably more due to institutional money vs average Joe who will always fall victim to ico/altcoin shit show.
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June 25, 2019, 04:52:39 PM
 #7

The reason for the alt explosion which started ETH's journey from $10 to over $1000 was the first denial of the Winklevoss ETF. It was a relief rally that Bitcoin wasn't going to be legitimised over and above alts and it set off pretty much the exact second the decision was announced. Obviously it spiralled out of control from there.

What we're going to see this time around is Bitcoin's proper separation from alts. There are many fancy arse plans and very, very few of them have any place for alts in them.

I've no doubt alts will pump because they're 'cheaper' but perhaps the days of true alt madness aren't going to come back in the same proportions. Big willy money will pump BTC. That leaves peons to play with alts. The gains will be impressive no doubt but may not match previous expectations.

There's no ICO hook this time around either. Am curious to see how it plays out.
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June 25, 2019, 04:58:43 PM
 #8

im stucked at alts as well, i lost %60 of my protfolio. but this is not a good time to leave now.im telling that because if someone think about it, its not a wise choice.i dont think alts going down more. my opinion at least.

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June 25, 2019, 05:04:07 PM
 #9

According to the Coinmarketcap website, Bitcoin dominance has breached the 60% level and is now reported at 60.1%. Including the forked coins (BCH, BSV, BTG.etc), the total market cap for BTC+forks comes to slightly above 64%, while the altcoin market share has dipped below the 36% mark.

I am sure that a lot of users may be unhappy about this, but I am delighted as more than 90% of my crypto assets are in the form of BTC. I had sold most of my alt holdings in 2018.

I am not very sure about the reasons behind the rising BTC dominance. But I suspect that the users have become more matured now, and a lot of them have realized that investing in shitcoins is simply not worth all the risk.

Here is my outlook for the major cryptocurrencies:

1. BTC: The prices will continue to increase and a new ATH may be reached by the end of 2019 or by 2020. The dominance will continue to increase and may reach 70% by the end of this year. But one concern I have is regarding the transaction fee. It has risen by more than 10x since the start of the year. Another 10x increase would be catastrophic.

2. ETH: The exchange rates are still lagging behind the ATH. The poor health of the ICO market is probably pulling ETH down. The Cryptopia hack also played its part.

3. XRP: I would say that this one is the most worthless and unreliable altcoins among the top 10. Therefore I am not surprised by its falling market share.

4. BCH: Holding well as of now. In case the BTC transaction fee spikes again (like what we had during 2017 Dec), then this coin can rocket upwards.

5. LTC: One of the best performing alts. However I won't be surprised if a correction occurs post block reward halving.

6. EOS: I don't know much about this coin.

7. BNB: I would consider this coin as overpriced. A correction is due.

8. BSV: A lot will depend on the future actions of CSW. Very unpredictable coin.

9. USDT: Everything was going well for Tether until the scandal at Bitfinex was revealed to the public. Now a lot of the users don't consider this coin as a reliable stablecoin. In the near future it will be facing a lot of competition from the other stablecoins.

10. TRX: An overpriced shitcoin. I don't have anything good to say about this one.

I don't think that altcoins are overpriced as you said.
Bitcoin dominance at this rate is not a healthy indicator for the market. It would be healthy to my eyes if I see a respective increase in altoins' prices instead f just bitcoin's.
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June 25, 2019, 05:06:16 PM
 #10

I don't think that altcoins are overpriced as you said.
Bitcoin dominance at this rate is not a healthy indicator for the market. It would be healthy to my eyes if I see a respective increase in altoins' prices instead f just bitcoin's.

Why?

Almost all of them have achieved precisely fuck all since their peak a year and a half ago. No adoption, no use, nothing new. That's mainly down to the bear market of course but that still gives time to build and develop and not many have made use of that time.

An ever increasing amount of big money is sniffing around Bitcoin with more financial instruments arriving as well.

I could just about understand why people got excited about a few alts in the heat of 2017. In the cold light of 2019 why would you make the same bet again for most of them?
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June 25, 2019, 06:31:34 PM
 #11

BTC always dominate the CC market, it's not something new. If BTC goes up ALT coins go up and vice versa. See price of Eth, for instance, it has gone up to to 300 USD from 83$, the reason is only BTC high price.

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June 25, 2019, 06:34:49 PM
 #12

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Bitcoin dominance at this rate is not a healthy indicator for the market. It would be healthy to my eyes if I see a respective increase in altoins' prices instead f just bitcoin's.

Even if altcoin prices do go up there is a limit due to the amount of money going into alts drying up now. IPO/ICO projects launched in 2017 have begun to lose investor interest and we are starting to see that in stats with bitcoin beginning to regain its former greater dominance over the crypto ecosystem. In the next 12 months i would not be surprised to see bitcoin back at ~75% of total crypto market cap.

Just my take on things.
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June 25, 2019, 06:37:58 PM
 #13

According to the Coinmarketcap website, Bitcoin dominance has breached the 60% level and is now reported at 60.1%. Including the forked coins (BCH, BSV, BTG.etc), the total market cap for BTC+forks comes to slightly above 64%, while the altcoin market share has dipped below the 36% mark.

I am sure that a lot of users may be unhappy about this, but I am delighted as more than 90% of my crypto assets are in the form of BTC. I had sold most of my alt holdings in 2018.

I am not very sure about the reasons behind the rising BTC dominance. But I suspect that the users have become more matured now, and a lot of them have realized that investing in shitcoins is simply not worth all the risk.

Here is my outlook for the major cryptocurrencies:

1. BTC: The prices will continue to increase and a new ATH may be reached by the end of 2019 or by 2020. The dominance will continue to increase and may reach 70% by the end of this year. But one concern I have is regarding the transaction fee. It has risen by more than 10x since the start of the year. Another 10x increase would be catastrophic.

2. ETH: The exchange rates are still lagging behind the ATH. The poor health of the ICO market is probably pulling ETH down. The Cryptopia hack also played its part.

3. XRP: I would say that this one is the most worthless and unreliable altcoins among the top 10. Therefore I am not surprised by its falling market share.

4. BCH: Holding well as of now. In case the BTC transaction fee spikes again (like what we had during 2017 Dec), then this coin can rocket upwards.

5. LTC: One of the best performing alts. However I won't be surprised if a correction occurs post block reward halving.

6. EOS: I don't know much about this coin.

7. BNB: I would consider this coin as overpriced. A correction is due.

8. BSV: A lot will depend on the future actions of CSW. Very unpredictable coin.

9. USDT: Everything was going well for Tether until the scandal at Bitfinex was revealed to the public. Now a lot of the users don't consider this coin as a reliable stablecoin. In the near future it will be facing a lot of competition from the other stablecoins.

10. TRX: An overpriced shitcoin. I don't have anything good to say about this one.


think alot of alts wont rise this time , alot of money from alts going into btc now thanks to it rising 3x in some months, which is insane for the biggest crypto in the market to have those gains, so i understand why alts moving to btc , btc feels like a safer investment overall and it has good gains.
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June 25, 2019, 06:55:23 PM
 #14

Still lower than 80%, i would like it to be up there again.. Smiley
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June 25, 2019, 07:03:35 PM
 #15

Quote
Bitcoin dominance at this rate is not a healthy indicator for the market. It would be healthy to my eyes if I see a respective increase in altoins' prices instead f just bitcoin's.

Even if altcoin prices do go up there is a limit due to the amount of money going into alts drying up now. IPO/ICO projects launched in 2017 have begun to lose investor interest and we are starting to see that in stats with bitcoin beginning to regain its former greater dominance over the crypto ecosystem. In the next 12 months i would not be surprised to see bitcoin back at ~75% of total crypto market cap.

Just my take on things.

For me this is not a surprise. To be honest I never beleived in altcoins although I think it's good to have variety in the market. It was obvious that many investors that were enthusiasts about altcoin at the begininig will end up disappointed and turn back to Bitcoin again. Too many totaly missed ICO projects don't give confidence. So I strongly beleive that very soon Bitcoin will catch 75-80% market cap again.

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June 25, 2019, 07:07:09 PM
 #16

The dominance of bitcoin is always greater than other altcoins, because every day there will be new users.
Whether it's just for investment or trading purposes.  New users if they hear the word cryptocurrency must be the first in their minds is BITCOIN.
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June 25, 2019, 07:30:03 PM
 #17

I do think Ethereum will start to rapidly grow vs BTC considering it is the dominant altcoin with very high trading volume.  I'm starting to think XRP will die out and Bitcoin Cash will reach the #3 spot.  LTC will most likely dump again since it has no real future.
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June 25, 2019, 08:50:02 PM
 #18

Everyone shifted their attention to bitcoin since it's the most profitable coin out there in the current times. Altcoins, on the other hand, are nothing but pure money grab opportunities made by devs. Honestly, ETH is the only alt that has gained a lot of improvement since its inception, and the rest are basically just the same with a few tweaks on the system but nothing new offered on the table. Anyway, bitcoin dominance will always be a metric used to compare and see whether people are still interested in it or not. As the market shifts its interest towards other prospects, sure enough bitcoin dominance % will shift too, and I think that's just normal and does not need to be a metric of its own.

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June 25, 2019, 09:06:16 PM
 #19

60% is nothing. Prior to 2017 70%+ dominance for bitcoin was the norm. Things are correcting to the way they were prior to the 2017 pump.
Basically i will agree with you because back in 2017 the cryptocurrency was on good momentum but seeing what 2019 has brought to the world of cryptocurrency, one could say there is more to swear the days goes bye. We might see another ATH in bitcoin dorminance before the year runs out. According to some speculatives, there might be a surge before which will hit the world unimaginable base on the price of Bitcoin. Bitcoin all the way.
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June 25, 2019, 10:12:50 PM
 #20

I do think Ethereum will start to rapidly grow vs BTC considering it is the dominant altcoin with very high trading volume.  I'm starting to think XRP will die out and Bitcoin Cash will reach the #3 spot.  LTC will most likely dump again since it has no real future.

But LTC has its block halving coming up, so they could stay relevant for some time.

I can't remember when was the last time we had this dominance but I'm sure it will be around 50-55% when alts started to rally.

ETH has a lot of leg room to work, it is still a far cry from its last ATH but definitely could catch up when altcoins starts to move together with BTC.

As far as the rest, probably another pump-and-dump will happen and that is it.

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