Why is Bitcoin market dominance rising fast?

[DaWidyaaa]

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?

In my opinion if the price is going to be that way, altcoins like Ethereum, Ripple, and Litecoin, will lose interest and leave altcoin, this is a strong warning for investors to always keep a portion of one's crypto investment to stay healthy only in Bitcoin.

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[Malamok101]

because bitcoin sells more money than other coins so its price moves faster because they can be certain that when they invest in it now and sell when its price rises they will earn a lot of money.

[swiftbits]

It can also be caused by the increase of projects on crypto space, the diversity it gives attracts people on different demographic, knowing an alternative coins or tokens either for investment or entertainment will encounter the word "Bitcoin" in so many ways, Bitcoin is popular and the main coin in this platform, people will trade in to get some benefits.

[Abiky]

This is the main reason why no one should be having so much faith with their altcoin holdings especially if this coins does not prove something yet. Putting a very huge amount is just a complete wasted gamble.

Bitcoin market is I think the only crypto that dominates the market.Why? cause bitcoin don't die it multiplies (eg, .01 that has a value of $102 from one user and was sent to 3 users then were divided into 4, now we have four users that has .0025/each but since the market is still dominating the price might still remain at $102 for each of the 4 users.)

If we compare other altcoins against Bitcoin, we'll notice that the latter has much wider acceptance within the mainstream world. The reasons for this are obvious as Bitcoin is the world's largest cryptocurrency by market cap. Being the first original cryptocurrency in existence, it has managed to obtain a recognized branding that anyone trusts worldwide. Despite other altcoins being superior than Bitcoin in terms of transaction capacity with some additional functionalities, they're lacking the trust necessary to move on within the mainstream world. With lesser liquidity than Bitcoin and a lower degree of development, many people prefer to deal with the original cryptocurrency than anything else.

I believe that the current market situation is related to investors selling off their altcoins in exchange for Bitcoin. This brings up a greater level of demand for the pioneer cryptocurrency, allowing market dominance to rise like never before. Right now, dominance is rising faster than usual as people are losing interest into many altcoins being traded on the market today. Within a couple of years from now, Bitcoin would've obtained a market dominance of over 90% while altcoins become the minority. Even so, altcoins will continue to exist because they provide other features that are not available within the Bitcoin blockchain itself. With this diversity, people can choose from one crypto to another with ease. However, Bitcoin will be always be the reserve crypto of the market no matter what.

Nonetheless, Bitcoin's ever-rising market dominance shows us how powerful the cryptocurrency is within the mainstream world. Most altcoins will be seen as a gamble or a speculative instrument, while Bitcoin will be recognized by many as "digital gold". Which means that, Bitcoin will remain in its top position in market cap for a very long time. Just my thoughts

[fiulpro]

In the market there are certain factors which contribute to the popularity of Bitcoins such as :-

 * Bitcoins is already so famous
 * It was the first crypto
 * It is more trusted
 * People know it's not a scam , that you cannot say about any new coin
 * Government is trying to ban it and media is covering that issue too intensely thus government is indirectly providing free advertising
  Etc...

[bitcoinposts]

bitcoin market dominance is growing fast because the main reason is market is taking new parabolic path for gbrowth with this new cycle we will see new price growth new alltime high

[Finestream]

bitcoin market dominance is growing fast because the main reason is market is taking new parabolic path for gbrowth with this new cycle we will see new price growth new alltime high

I wish it will easily happen, we all want BTC to rise and have a new ATH, but I not likely to happen this year, I mean the chances are low although it still possible to reach a new high in the last quarter like what happen in 2017.

The concerning part for me in the growth of the market is the altcoins market, without good movement this year and bitcoin continues to recover, this might result to more increase of dominant rate for BTC to 80% or more and this ins't attractive to look at all on the overall market status.

[michellee]

Yes, i always saw that all others major cryptocurrency always follow bitcoin rising or downing, but other altcoins are mostly independently moving their activitie, also bitcoin definitely dominant cryptocurrency yet as others for it’s popularity and market value!   

Although bitcoin dominant rising fast, the price is not following to increase, and it tends to stable at a price now. Maybe the price still waits for the right moment to increase the rate so the dominant will rise more than now. Every possibility can happen later, and we could only predict, wait, and see, while we can use this time to buy more bitcoin. Meanwhile, the price itself can increase in anytime without we know the reason behind that, but I am sure that many people wait for the price to reach the highest rate again.

[Ozero]

Perhaps the simplest reason why the Bitcoin market dominance rising fast is because bitcoin is  first and original cryptocurrency in the world's. But in my opinion maybe because all altcoins use bitcoin as the price value. so, when the price of bitcoin rises, this automatically encourages altcoin holders to exchange the altcoin they have for bitcoin which has a greater value and this situation makes bitcoin market always dominance in every market. But its just only my opinion, maybe the fact is not like that

The main reason why the dominance of bitcoin has grown so much now is that now everyone expects a rise in the price of bitcoin and therefore they are transferring their funds to bitcoin. Because of this, altcoins practically do not grow in price. I advise you to keep good altcoins, the situation will definitely change over time.

[LUCKMCFLY]

<..>

From a technical point of view and at the negotiation level, Bitcoin can come from a somewhat extensive accumulation stage, which means that the Altcoins have suffered great falls due to their dependence, there is currently a lot of prominence in the world, for economic problems in nations that have boosted the demand for Bitcoin.

Many analysts have confirmed the change in tendency, to bullish, although some still think that the bears will arrive, when observing the Bitcoin chart, according to Wyckoff's theory we are starting the bullish trend phase, and before that some falls and corrections occur, It is normal, the fight between bulls and bears, but given the time that Bitcoin movements have taken place, the increase in price is expected.

People worldwide are beginning to enter the Bitcoin market, they find it much more attractive to understand Bitcoin and its technology because it is the currency with more value and the most coveted than the Altcoins, some alarms that have been given so much in Argentina, Brasil, Like other countries, when accepting the negotiations with Bitcoin, it has aroused the interest of acquiring to hold, because they should know that its maximum value was for the $ 20k and that according to the news many high prices are predicted, which brings as a benefit that the demand increases .

[Herbert2020]

Many analysts have confirmed the change in tendency, to bullish, although some still think that the bears will arrive, when observing the Bitcoin chart, according to Wyckoff's theory we are starting the bullish trend phase, and before that some falls and corrections occur, It is normal, the fight between bulls and bears, but given the time that Bitcoin movements have taken place, the increase in price is expected.

there are always going to be a lot of people who are waiting for a crash to happen in any market and then call that a "correction" that doesn't mean bears will be back or even if the crash they expect is going to happen.
the problem with these people is that they have unreasonable expectations from the market. for example right now in bitcoin, the correction has already happened when price reached $13k and came back down to $9k. and that in a very long and sufficient time to not just be an excited market state, it was a proper correction and everything.

[longtkhd]

Bitcoin’s (BTC) parabolic advance over $12,000 has taken its market dominance above 60% for the first time since April 2017, data from CoinMarketCap

Following its rapid appreciation in recent days, the bitcoin price reached levels not seen since immediately after the end of its 2017 bull run.

The successes have come at the expense of altcoins, which have so far failed to produce similar performance. As a result, BTC dominance of the overall cryptocurrency market cap is now 62% - more than at any time in the past two years.

Bitcoin’s market cap now stands at $226 billion out of a total crypto cap of $365 billion.

Bitcoin commentators rejoiced at the latest dominance figures, with the Twitter account known as Armin van Bitcoin adding he distrusted CoinMarketCap and that the actual number was closer to 95%.

Practical evidence proves the power and stability of Bitcoin.

[bitcoinposts]

Bitcoin market dominance is rising fast because bitcoin market is support by positive news and financial institutions from wall street so btc is pumping towards positive domanince and market capitalization

[Andrews193]

In the market there are certain factors which contribute to the popularity of Bitcoins such as :-

 * Bitcoins is already so famous
 * It was the first crypto
 * It is more trusted
 * People know it's not a scam , that you cannot say about any new coin
 * Government is trying to ban it and media is covering that issue too intensely thus government is indirectly providing free advertising
  Etc...

Well, first of all, as you say, the evolution and popularity of bitcoin has been built stronger than ever through information and forums, that makes a lot of new investors enter the market, focusing on accumulating quite a lot of bitcoin, trends in the crowd appeared, Bitcoin continued to dominate stronger. Besides, we can see the strong impact from facebook, more precisely, it's called libra coin, a crypto platform, everyone knew more than crypto through the event, especially knowing that bitcoin was the best, all of which helped bitcoin go up to an absolute dominance.

[SirLancelot]

I wish it will easily happen, we all want BTC to rise and have a new ATH, but I not likely to happen this year, I mean the chances are low although it still possible to reach a new high in the last quarter like what happen in 2017.

The concerning part for me in the growth of the market is the altcoins market, without good movement this year and bitcoin continues to recover, this might result to more increase of dominant rate for BTC to 80% or more and this ins't attractive to look at all on the overall market status.

That is for sure that nothing like bull run would ever happen this year, most of us are all expectant of next year and I think next year would really be a successful one because there are so many projects that are developing right now that would continue to the growth of bitcoin in value coming year.

And also, the halving of bitcoin is expected same year, so it is very glaring that bitcoin bull run would be toward next year may and as we are having series of corrections this year, we should only be seeing it as an opportunity to accumulate as much as possible for bitcoin and even for altcoins that we see discouraging us today. There is lot that will happen in the marker of altcoin next year also. Facebook coin, amazon coin, Chinese coin are what will make crypto market boom again.

[bitvelk]

Bitcoin has always been a leader, and mostly because it was created first. This is an advantage that no altcoin can overcome. And in fact, I do not know a single coin that would be better than bitcoin. And that's what most people think, as we can see.

[Dondisimo]

~

This is the main reason why no one should be having so much faith with their altcoin holdings especially if this coins does not prove something yet. Putting a very huge amount is just a complete wasted gamble.

Bitcoin market is I think the only crypto that dominates the market.Why? cause bitcoin don't die it multiplies (eg, .01 that has a value of $102 from one user and was sent to 3 users then were divided into 4, now we have four users that has .0025/each but since the market is still dominating the price might still remain at $102 for each of the 4 users.)

That's really an argument. Despite the increasing number of altcoins, bitcoin continues to develop, grow in price and allow us to earn on it. And he will remain a leader for a long time, everything says about it. Though among the altcoins there is a worthy technology.

[1Referee]

The concerning part for me in the growth of the market is the altcoins market, without good movement this year and bitcoin continues to recover, this might result to more increase of dominant rate for BTC to 80% or more and this ins't attractive to look at all on the overall market status.

Why is it concerning that altcoins aren't performing well? I think it's perfectly normal for shitcoins not being worth anything to not perform well. I do however have to point out that in dollar terms altcoins are doing fairly well. It's just their Bitcoin ratio that has dropped hard. That's what you get when you exchange your precious Bitcoins for trash.

What I find more concerning is that the same people who initially said that the dominance metric is useless, are now cheering for the dominance to be going higher and higher.

Crypto is irrational. No matter how worthless altcoins are, we'll be getting some sort of an altcoin pop at some point which will significantly decrease Bitcoin's dominance again. If enough people give up on altcoins in the coming months, the market will catch them by surprise and a massive bull run initiates due to people fomo'ing back in. It ain't done yet. The only questionable aspect is the timing.

[droyal01]

Bitcoin has always been a leader, and mostly because it was created first. This is an advantage that no altcoin can overcome. And in fact, I do not know a single coin that would be better than bitcoin. And that's what most people think, as we can see.

To add to this, bitcoin is a general accepted digital currency and the first-ever to be given such priority over others. The emergent of bitcoin gave rise and paved the way for for other cryptocurrency in the blockchain domain. And as a result of this, it was given the preference over other digital currency where it can be used for exchange of other commodities.

[Oceat]

Bitcoin has always been a leader, and mostly because it was created first. This is an advantage that no altcoin can overcome. And in fact, I do not know a single coin that would be better than bitcoin. And that's what most people think, as we can see.

To add to this, bitcoin is a general accepted digital currency and the first-ever to be given such priority over others. The emergent of bitcoin gave rise and paved the way for for other cryptocurrency in the blockchain domain. And as a result of this, it was given the preference over other digital currency where it can be used for exchange of other commodities.

It is because a lot of people see how Bitcoin is being adapted worldwide while it is also being used as a way to pay for any services/products they sell. This is how the blockchain technology changes the world. No one was expecting to see the price to surge up to $20k in 2017 and with the news of the upcoming halving of Bitcoin, people expect already to see a new ATH next year.