Why is Bitcoin market dominance rising fast?

[Abiky]

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?

[Artemis3]

There are too many altcoins, so its normal for some to die. Doubt they will all die, that is also unlikely.

Bitcoin has always been dominant, it has always moved the most money, and its also the most busy blockchain (and the largest).

Perhaps some people are discovering, perhaps some people finally found out it wasn't a joke.

Lightning Network is seeking to fill the niche case of the little transaction that needs to go thru instantly, the infamous coffee buy. this is still yet to be seen in actual widespread practice, but ignoring this niche, for everything else Bitcoin is doing a superb job replacing wire transfers and all non instant forms of payment.

If you can wait a day, you can pay the minimum fee of 1 sat/B, and i can't wait until they let us do 0.1 which is supposedly coming.

Paying more than 1 dollar is silly, don't let the stupid wallets decide for you what your transaction is worth. If you can wait a day don't bother with anything above 1 sat/B, those often go thru in like 1 hour. If you need it in tens of minutes probably 2 sat/B will do it. Anything else is the wallets mis-guessing things, and feedback looping themselves.

[chaoscoinz]

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?

I think there is alot more awareness of cryptocurrencies today than there's ever been before. People are slowly starting to catch on and it couldn't be at a more perfect time.
   Bitcoin is still in it's infancy stages, I mean, hell, we haven't even recieved any official guidance besides from the IRS, and even they are being obscure about a few things, because it is a recently new sector within finance.
  I don't think that altcoins will become independent from Bitcoins until there is more regulatory guidance issued.
People are kind of playing it safe. Bitcoin is the foundation  of today's modern cryptocurrencies, so if it rises or falls, others coins will follow concordantly. At least that's how it has been up to now.
  In given time, hopefully all other coins will become Stabley independent. I see it as an advantage for now. It depends on how you look at the situation, whereas others may see discord, some will see an opportunity.
 Word to the wise!  

[South Park]

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?

There are several possible explanations about why this is happening, one is if there is an increase in the number of cryptocurrency users around the world most likely the first crypto they will ever buy will be bitcoin, this happened to me and I am sure that I am not an exception, but as they learn more about the market they will decide to diversify their holdings and will buy altcoins making the market dominance of bitcoin to go down.

Another explanation is simply that many of the altcoins in the market were not worth their price in bitcoin and that is why they have been suffering a long decline, and finally it is also possible that many investors seeing that bitcoin showed signs of a bull run decided to sell their altcoin holdings and this caused the general uptrend in the market dominance of bitcoin.

[Alert31]

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.

[timerland]

It's been very weird since the recent bull market that rose BTC to 10,000 USD. Usually, in previously bull markets, we've seen growth throughout the markets when BTC rose, but this time BTC dominance has been stronger than ever and other coins barely rose or remained normal.

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?

The lightning network has been great for growth, it's really helped lower costs and make microtransactions on the network much more affordable. I personally used to use ETH for smaller transactions, but I've swapped over to using BTC for everything again.

I'd like to see what happens in the future. Will, there be even more BTC dominance, or will altcoins catch up?

[dimastegar]

I give a little explanation to explain why Bitcoin dominates the crypto market.
Everytime Bitcoin prices go up, altcoin will go down. Because it takes time to adjust to the value of Bitcoin. And some traders also sell their Altcoins to take advantage of the price of Bitcoin, and set aside some of their altcoins just in case. The biggest factor why Bitcoin dominates the market is because more pairs of Altcoin to Bitcoin than other pairs to Altcoin.

[Finestream]

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.

Since bitcoin is the most expensive crypto coin nowadays,investors would surely crave for it that's why they always find ways to buy bitcoin whenever its price gets dumped.And even some of here are selling their altcoins just to buy bitcoins to hodl for a longer time.So bitcoin market will keeps on dominating while altcoins are slowly losing their value.

[jaocoincrypto18]

For this year performance, i believe that more Altcoin holders are now moving to Bitcoin that is why the dominance of Bitcoin reach of up to 70% for this year. Bitcoin is the most trusted crypto therefore no wonder of why this is happening now.

[Saltius]

Due to insufficient liquidity, most alts' marketcaps are just illusions.
It is not Bitcoin's dominance rising fast but alts' fake marketcaps being debunked.

Besides: I don't think Bitcoin's own liquidity is sufficient right now compared to other assets around the world.

[suzanne5223]

The reason why bitcoin dominance is rising fast is simple.
1) The news of Pompliano investing 50% of his wealth into bitcoin.
2) The altcoin market is highly manipulated and bitcoin is the most used and safe haven cryptocurrency.
3) The effect of the upcoming bitcoin halving woos a lot of new investors and experienced investors.

[philipma1957]

The reason why bitcoin dominance is rising fast is simple.
1) The news of Pompliano investing 50% of his wealth into bitcoin.
2) The altcoin market is highly manipulated and bitcoin is the most used and safe haven cryptocurrency.
3) The effect of the upcoming bitcoin halving woos a lot of new investors and experienced investors.

Close..

 the major alt coins with the exception of Xmr all betrayed their promise of Asic resistant al-gore-rythms.

So when asic builders attacked with asics  gpu miners were hurt big time.

[antisocial77]

Its time for bitcoin.after a long bear market, that was going to happen.other reason is there are no alts for invest i guess.xrp, monero etc are all stable and nobody want to take a risk until there is a light to bull.bnb is trying to hold its positon with ieo and it works and gain serious volume.

[pooya87]

simply because the number you have been looking at has never been "dominance" it was the ratio of bitcoin supply and the sum of supply of 3000+ altcoins. in 2017 alone we saw about 1200-1500 new shitcoins be created each with ridiculously large supplies. over the past 2 years a lot of them died and as they died they took their useless supply out of the market and that meant the ratio that went up in 2017 slowly came back to normal.
there was also altcoins with gigantic supplies that got pumped, there were tons of bitcoin copies that created about 18 million * whatever price they had market cap in an instant and as they all continued getting dumped and/or dying their market caps came back to more realistic prices hence the total market cap normalized and finally that ratio which you call dominance came back to a more realistic level.

[1Referee]

I personally used to use ETH for smaller transactions, but I've swapped over to using BTC for everything again.

Ether isn't even that cheap. Transaction fees jump to $0.30-$0.50 whenever there is a lot going on. People blame Bitcoin for slow transactions, but there have been several instances this year (and a lot back in 2017/2018) where Ether transactions were stuck in the mempool for 10 or so hours due to low fees. Imagine you trying to utilize a dapp where your transaction doesn't get through.... That sucks.

I can utilize RBF and bump the fee of my Bitcoin transaction when there is a sudden increase in transaction volume. There is no such a thing within Ether. You need some technical understanding to double spend in order to not end up waiting hours, which the far majority of the people don't have.

I'm thankful this has never had the space it needed to run on top of Bitcoin. 

[tiedcoin]

The awareness of crypto currencies for the masses has only been possible because of the introduction of Bitcoin in the market. Every new trader that enters the crypto market and wants to invest in Crypto, first looks for or has a preference for Bitcoin.
Also, so many other altcoins have been introduced in the market now that they are cutting each orther’s share. The rise and fall of the Bitcoin has become a regular among the crypto community but it still remains dominant because of the returns in yields for the investor.

[kryptqnick]

I was surprised by this tendency a couple of months ago, since I previously thought that strong Bitcoin dominance was associated with bad times and the drop in its share with the bullish trend. However, as the current situation shows, it's not true. In 2017 people invested in Bitcoin, but they were also excited about all of the opportunities that altcoins seemed to offer. It seemed like so many various use cases were linked to specific coins. And it was also the time when some thought it was too late to invest in Bitcoin to receive big profit, but finding hidden gems in the altcoin market was still an attractive option. Some lost, some won, lots of money was invested in ICOs... And then the FUD killed it all, and alts received the biggest hit.
This time people can see that Bitcoin is still alive and can be a good investment, but altcoins that lost soo much and kind of disappointed since they did not go far with their "use cases" are not attractive anymore. So Bitcoin is growing and alts are slowly dying. I still think that the best ones will survive and maybe even flourish one day, though.

[mindrust]

My theory is, starting in 2016 and continuing with 2017, some Bitcoin whales started to accumulate shitcoins and artificially pumped them.

For nearly 1 year maybe more, people bought and sold those shitcoins from these high prices. They did it for so long, they started to think that was normal. They thought, altcoins have a solid place. They were being shilled that Bitcoin was old, outdated shitcoin. They were dumb enough to believe that shit.

When enough retards entered that trap, they finally pulled the plug.

That's how I see this. It may get bloodier. A lot.

Remember before these happened, BTC dominance was %90+.

[Coyster]

In my opinion, why bitcoin tends to be more popular and dominate the crypto market.  Because crypto is very identical to bitcoin, so people who are new to crypto, must have known about bitcoin.  So more or less, it also influenced the dominance of bitcoin in the crypto market

I do not understand what you mean by crypto is identical to bitcoin, bitcoin is a cryptocurrency and if we're to be unfair to altcoins, it's the one and true cryptocurrency, bitcoin gave rise to the entrance of thousands of altcoins, but majority of them turned out to be shitcoins and they lack any tangible use at the moment.
I wouldn't complain about a total bitcoin dominance and total elimination of altcoins, it will tilt everyone's attention to the bitcoin, and this will enable them to safeguard their funds and put their trust in the bitcoin as altcoins at the moment are more or less shitcoins.

[ribowo76]

In my opinion, why bitcoin tends to be more popular and dominate the crypto market.  Because crypto is very identical to bitcoin, so people who are new to crypto, must have known about bitcoin.  So more or less, it also influenced the dominance of bitcoin in the crypto market

I do not understand what you mean by crypto is identical to bitcoin, bitcoin is a cryptocurrency and if we're to be unfair to altcoins, it's the one and true cryptocurrency, bitcoin gave rise to the entrance of thousands of altcoins, but majority of them turned out to be shitcoins and they lack any tangible use at the moment.
I wouldn't complain about a total bitcoin dominance and total elimination of altcoins, it will tilt everyone's attention to the bitcoin, and this will enable them to safeguard their funds and put their trust in the bitcoin as altcoins at the moment are more or less shitcoins.

There are some of my friends, they are new to crypto currency.  What they know, crypto currency is bitcoin.  When asked about other crypto currencies, they tend not to know.  That's what I mean, and maybe.  That is one factor, why bitcoin tends to be more popular and dominate the crypto market.  And of course, there are still other factors that cause.  Like, what you say