Why is Bitcoin market dominance rising fast?

[BUK2016]

It could be as a result of people converting there altcoins to that of bitcoin which don't really think is a good decision simply because that will not earn the more money since bitcoin value is a bit high. For one to make profit from such convention one need to wait till bitcoin value is going down against altcoins then you will need to convert all altcoins to get more bitcoin units and wait until bitcoin value start appreciating then you will be in profit.

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[Reid]

Do remember please that the number of bitcoin is stagnant while the number of people supporting it will multiply everyday.

Yes, let us say it had been a crawling year for addition of supporters. But those are still a good sign that we are pulling more people in the bitcoin technology.
That total of number of bitcoin by now is getting shared little by little until we are holding just numbers of satoshis just so we could all share it.
At first I didnt thought about that.
When I watched rare things being discovered and other stuffs. That is when I realized bitcoin is a rare thing. Billions of people against 21 million coins.

[Hypnosis00]

Bitcoin is dominated by the development of cryptocurrency and blockchain technology in general.  I believe that a certain level in this area has not yet been reached.  Bitcoin will not stop its domination.

Bitcoin never losses it potentiality, is what people see's it and the really appreciate it...Bitcoin started with low reputation but the community realize its importance in the current generation which it lead into huge market adoption and as well as the trust from the community.
People never sees's it to have a bad effect, therefore they give support into this and keeping it in the high demand than of altcoins.

[vintages]

Simply, numerous altcoins popping the market everyday, have made Bitcoin remains the dominance.
None, of them are being different but just been a repetition of themselves.
Without Bitcoin, non of these coins would have exist and to make matter worst, the influence of most developers is not helping either.

[Anonylz]

From my own point of view, btc keeps dominating the market as a result of the crypto community, people are genuinely more inclined towards btc than any other alts out there,
the interest is more on btc than alts, even the none crypto peeps knows only btc as cryptocurrency, btc is widely use and accepted than alts, we have thousands of alts in the market but only few are recognize, but there is only one btc, almost everybody knows it and almost everybody have it or wants to have.

[putukin]

I am sure that everything lies in trust. When Bitcoin began to grow and develop, other altcoins only appeared, but people continued to believe in Bitcoin because of the lack of a governing body. Bitcoin is independent, and its creator is unknown, perhaps the success of the coin lies in this

[atjiat]

For me, Bitcoin is a phenomenon that is very difficult to explain.  Of course, it can initially be assumed that Bitcoin was conceived as a means of payment, but they will never use Bitcoin for this, because even the transaction speed is not too favorable for this and there are quite a few other problems on the way to implementing these plans.  In my opinion, there are many cryptocurrencies that in terms of characteristics can be better than Bitcoin, such as Ethereum, but nevertheless, Bitcoin still holds a leading position, primarily at the expense of investors.

[Mpamaegbu]

Honestly, the dominance of Bitcoin is alarming at almost 70% of the general market. But I think it's because investors are yet to show confidence in altcoins after suffering great and colossus losses in 2018. I wish we csn revisit the 2017 era where so much confidence was reposed on altcoins and the general market cap soared to over $800b. At that time Bitcoin dominance plummeted to below 40% and the market saw an unparrelled growth like no other.  With this current dominance, it will be very difficult for the crypto industry to record any major growth.

[iMark]

Bitcoin market dominance for fast rising because of  it's popularity and value. Whlie time had past,many people engage in crypto and they will attract with bitcoins value and they saw that many people using and patronizing it that's why demand in bitcoin keep on increasing and also some of people and investors are selling their altcoins for bitcoin. Which is the good sign for bitcoin to keep on rising.

Crypto is increasingly popular, especially bitcoin as a pioneer of crypto of course people will be more inclined to bitcoin for their main investment. bitcoin dominance will certainly be very high compared to the others. besides crypto which is increasingly in demand from many financial systems, payments and so forth. will make bitcoin dominance even more powerful not only in the scope of cryptocurrency but also in all currencies.

[Velkro]

Why is Bitcoin market dominance rising fast?

People started realise that its actually one invention and all others are worse copies
You can't beat bitcoin, it have international developers, revolutionary code and it would need another technological revolution to beat bitcoin. Maybe in 100 years

[akeda]

After experiencing a very sharp decline, the crypto market has a hard time back up. And investors realize that in order to make the market back successfully, they must raise the price of Bitcoin. So Bitcoin now dominates the market and often big pumps happen. It is slowly the price of Altcoin is also up, but to see the Altcoin back successfully, we have to be patient.

[deisik]

Why is Bitcoin market dominance rising fast?

People started realise that its actually one invention and all others are worse copies
You can't beat bitcoin, it have international developers, revolutionary code and it would need another technological revolution to beat bitcoin. Maybe in 100 years

I think there is not much of a difference among cryptocurrencies

At least, not in, say, the first dozen of them (regarding the source of their value) as their value comes through speculation anyway, so it just happens that Bitcoin is pumped now while altcoins have been dumped (rather, it was pumped and now it is about to stagnate). And technically, OP is not quite correct as altcoins had been surging for a couple of months or so in the first half of this year by far outperforming Bitcoin, which was lagging behind (even though this growth was evidently fueled by Bitcoin itself). I refer to such coins as Litecoin, Bitcoin Cash, EOS, maybe Ethereum, to a degree (the latter performed more like a lame horse on juice until it finally crashed)

[FIFA worldcup]

Does it really surprise anyone? Before the ICO bull run started, the Bitcoin dominance was above 80%. The ICOs and the emergence of new coins took the dominance below the 40% level. Now since most of the ICOs turned out to be scams, the dominance is going back to the previous levels (i.e 80%). Right now we are at 69%, but I think 80% will be attained by the end of this year.

The big question is what will happen after bitcoin has attained 80% dominance level ? Will it fall from there and the money will again move into altcoins which may turn out to be altcoin bull run ?

[scambust]

First of all, Bitcoin is the reserve currency of the crypto world like what USD is for the rest of fiat. Because of its first mover advantage, it has the most liquidity and it is the most recognized cryptocurrency. Hence, people interested in crypto flock first to Bitcoin, the reserve currency.

That's why when the 2018 bear market happen, altcoins crashed more than Bitcoin. And Bitcoin crashed 84% from its all-time-high.

Now that people are getting back in, the first purchase will always be Bitcoin before they discover there are other types of blockchains.

[virasog]

First of all, Bitcoin is the reserve currency of the crypto world like what USD is for the rest of fiat. Because of its first mover advantage, it has the most liquidity and it is the most recognized cryptocurrency. Hence, people interested in crypto flock first to Bitcoin, the reserve currency.

That's why when the 2018 bear market happen, altcoins crashed more than Bitcoin. And Bitcoin crashed 84% from its all-time-high.

Now that people are getting back in, the first purchase will always be Bitcoin before they discover there are other types of blockchains.

This is a four year cycle and it will repeat itself. These days altcoins have crashed to the maximum and we can soon see a bounce back in them. This is a game of patience. Those who showed patience when bitcoin was around 3000$ were rewarded as bitcoin is now worth more than 10,000$. Same thing will happen with altcoins but before the altcoins bull run they will rule out the weak hands.

[BUK2016]

It could be that many people are sellingor converting there altcoins to bitcoin which is one of the factors that do lead to the dominance of bitcoin and decline in the value of altcoins.

[hahahafr]

I think the reason why Bitcoin seems to be gaining dominance over the crypto space is because of the interest in investing into bitcoin and the huge returns that it gives. Also, with news of bitcoin halving just around that corner, many investors want to get into this bull run of bitcoin that would come shortly.

[setialovers]

Over the past months, Bitcoin has been rising in market dominance at a fast pace. Altcoins have been on a constant decline in price ever since the bear market began back in 2018. They've been the ones which suffered the most, while Bitcoin has obtained greater prominence within the crypto market.

Which is why, it wonder me wonder why Bitcoin's market dominance have been rising so fast? What could be the cause of this? Will altcoins die soon, as a result of Bitcoin dominating the whole market? Or will they still survive?

So far, Bitcoin has gained the attention of people within the mainstream world, especially since it's one of the most limited cryptocurrencies in supply with an outstanding development team. The Lightning Network is its most interesting feature yet, leaving many wondering if it will render altcoins obsolete. If this indeed happens, then Bitcoin would effectively centralize the whole crypto market. What are your thoughts about this?

Perhaps because of the large number of altcoins whose projects cannot produce products so investors have diverted their investment to bitcoin. In addition, in my opinion investors have begun to realize that bitcoin is a long-term asset so that they now prefer to sell their altcoin and buy bitcoin

[bryant.coleman]

Does it really surprise anyone? Before the ICO bull run started, the Bitcoin dominance was above 80%. The ICOs and the emergence of new coins took the dominance below the 40% level. Now since most of the ICOs turned out to be scams, the dominance is going back to the previous levels (i.e 80%). Right now we are at 69%, but I think 80% will be attained by the end of this year.

The big question is what will happen after bitcoin has attained 80% dominance level ? Will it fall from there and the money will again move into altcoins which may turn out to be altcoin bull run ?

If Bitcoin achieves 80% market dominance, then I am afraid that a lot many of the altcoins will simply die out. I don't think that so many coins can survive on so little market share. Also, in my opinion there is not going to be any altcoin bull run in the future. Bitcoin will simply surge ahead and may reach 90% or 95% eventually with the remaining market share held by Bitcoin forks (such as Bitcoin Cash, Bitcoin SV, Bitcoin Gold and Bitcoin Diamond) and the stablecoins (such as Tether, USDC, Pax, TUSD.etc). If the ICO/IEO market goes down permanently, then I don't think ETH will be left with much of a use. That coin will also inch its way towards a slow death.

[Abiky]

For me, Bitcoin is a phenomenon that is very difficult to explain.  Of course, it can initially be assumed that Bitcoin was conceived as a means of payment, but they will never use Bitcoin for this, because even the transaction speed is not too favorable for this and there are quite a few other problems on the way to implementing these plans.  In my opinion, there are many cryptocurrencies that in terms of characteristics can be better than Bitcoin, such as Ethereum, but nevertheless, Bitcoin still holds a leading position, primarily at the expense of investors.

It has become evident than Bitcoin will always be the leading cryptocurrency of the world because of its unparalleled development and innovation. People tend to trust it more than any other altcoin because of this. Of course, the value or price is largely determined by the investors themselves. Considering that Bitcoin is the first cryptocurrency ever created with an innovative technology (Blockchain) that promises to change our economy for the better, it's no wonder why it has so many followers behind.

Personally, I wouldn't mind if Bitcoin gets a market dominance of 90% while other altcoins sink both in price and user adoption. It would greatly show us how strong Bitcoin is relative to other "copies" with no future or real uses cases at all. Despite this, there are only a select few altcoins like Ethereum and Cardano which are quite unique among the rest of the pack. As Bitcoin continues to rise in price and user adoption, we'll get to see other altcoins abandoned by the people in favor of the original cryptocurrency. Still though, crypto behaves strangely (unlike the real stock market) where no one can predict what the outcomes will be within the future.

While there's no doubt that Bitcoin transaction speeds are low, and fees are high, there's already a solution in the works that's bound to make Bitcoin bigger, better, and stronger than ever. This solution called "The Lightning Network", could take Bitcoin towards new heights in market dominance if successful. Perhaps, that's why many people say that most altcoins will be rendered obsolete or useless in the future.

Nonetheless, I believe that we're heading back to the events of 2013 where Bitcoin's market dominance was around 95%. As soon as the next bull market takes effect, Bitcoin will be the cryptocurrency with the most gains making this a reality. In the end, it's up to us as early adopters of the cryptocurrency to hodl for the long term no matter what. Just my thoughts