Why is Bitcoin market dominance rising fast?

[Abiky]

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.

Those could be the reasons why Bitcoin's market dominance has been rising at an exponential rate. Since it's the first cryptocurrency that came into existence, it has managed to gather a lot of attention within the mainstream world. All the eyes are within Bitcoin's latest developments as it could affect or benefit other cryptocurrencies in the space. Compared with other altcoins, Bitcoin has the most level of adoption among merchants, businesses, and individuals alike. Not to mention, its development and innovation is far superior than most well-known altcoins in existence today.

With the Lightning Network, several privacy solutions, and smart contracts (with Rootstock), Bitcoin is the true leader within the crypto space. That's why it's being largely used as crypto's reserve currency on the market. As Bitcoin's market dominance grows over time, altcoin's prominence within the crypto space will be greatly diminished. Even so, there will be a few altcoins that will survive in the future because of their dedicated communities and development teams (like Ethereum, for example).

Nonetheless, time will tell us whenever Bitcoin's market dominance will stay that way, or it'll be reduced as altcoins start to rise once more. Knowing that Bitcoin has always been the leader of the crypto space, should give us more confidence to buy and hodl it for a very long time. Just my opinion

[Bitcoin Seller]

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.

I guess, people saw that Bitcoin can recover fast after the critical fall. If you compare even its price for today with the price during the bloodbath, you will see it clearly. It cannot be said about many altcoins - most of them did not gain a lot after the fall. Thus, people are excited to buy BTC, they are inspired by the fact of his fast growth. They invest mostly in it, and it is dominating.

[Kakmakr]

It is all about the network affect, because Bitcoin has been around a lot longer than most of these Alt coins. They have an advantage of being the first coin on the market and the coin that are the most widely used by customers and merchants.

A new Alt coin has to solve a problem or have a unique use case for them to take over from Bitcoin. Coins like Monero and Dash is used more by criminals, because it is more anonymous than Bitcoin for instance. 

Bitcoin is doing what it needs to do and it is doing it well, so until another coin start doing the same thing a lot better, it would retain market dominance. 

[TheCoinGrabber]

We can only speculate why. There seemed to be a manipulation to get it back bullish but I ain't complaining. More people know about bitcoin these days so even those that don't currently have any money in it and missed the last ath might be observing and noticing it picking up pace, decided to buy in.

As for alts going down, it's possible that people have started selling them for btc when they saw the prices rising again.

[coin-investor]

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?

The Lightning Network will streamline altcoins that will stay and go, developers are creating new coins in the market in the hope of being an alternative for Bitcoin, in terms of fee and transactions speed, and some developers are creating new coins for their product, in the hope that people will be interested in their coin because of their products, one example is Binance Coin, which is performing pretty good in the market.

Bitcoin dominance is growing because of the full trust of the community, investors think that for the cryptocurrency to gain recognition, Bitcoin should be recognized first and foremost as the leading Cryptocurrency.

[SquallLeonhart]

I think there is also where we need to look at and see how the birth of too many of shit projects are really killing the altcoins market, and we can also see the effect on this Ethereum coin because Ethereum may never rise if the people on the crypto community does not focus on few coins in the market, which problem so we really have in this world that over 2000 cryptocurrency wants to get solution too, that is why we have been having more of failed projects and then scam projects.

There is really need for the market to have few numbers of altcoins because they could be confusing really on which one to invest in, and this may actually be the greatest reason why many people now decided to just have their attention on bitcoin, and you know one thing with we humans is that we reason alike most times.

[darewaller]

Bitcoin is still the major coin that we have, and only payment coin that people would ever use, we have had some coins that has come out to show  and claim they are better, but people never pay much attention to them which they don’t know, the reason why they get those community that they have is because they are just using them for now, and what they are using them for is strictly investment, which is why they are getting dumped already as they no longer yield that investment profit for the again, so they are turning back to bitcoin being the core coin that has ever been established. Henceforth, bitcoin will really be gaining so much dominance than it has ever gained in the past.

[K21000]

Because the market is correcting. If you go back and look at the BTC dominance pre-2016 you will see ~80% dominance for BTC used to be the norm. Now that alt coin pump is dying down things are going back to the way they were pre-2016.

[BrewMaster]

Because the market is correcting. If you go back and look at the BTC dominance pre-2016 you will see ~80% dominance for BTC used to be the norm. Now that alt coin pump is dying down things are going back to the way they were pre-2016.

that is true but it was not all because of the altcoin pumps but also a big percentage of it was because of the high rate of new coin creations. i remember back in 2017 there were days that we saw multiple new tokens appear out of nowhere and each had unbelievably huge supplies! they were practically creating millions of market cap out of thin air and in a matter of seconds.
so obviously as they are dying they are taking that fake market cap out with their death too.

[Prateek_sharma]

There are several reasons that bitcoin dominance is rising fast. one is it is the first crypto in the market and second one is it is decentralized.

[adaseb]

The bitcoin dominance at around April or so started to advance but not as fast as a couple of weeks ago. Back in April, people were mostly selling their alts for Bitcoin and hence the given rise of BTC price and lower alt prices, especially the ratio.

However at the beginning of Aug, it had a steep rise and I am to believe it was mostly people who were trying to catch the falling knives back in June/July 2019 there were getting burnt and stopped out. Especially with Bitfinex, Bitmex, Binance offering margin trading and most likely its why the drops were so severe due to liquidations.

[CBANX Ltd.]

After the recent Bitcoin Bullrun Bitcoin market is shining again and the level of acceptance has increased which is somewhere responsible to increase Bitcoin market dominance as compared to the other altcoins available in the market.

[tiedcoin]

Bitcoin has grown more than 990% since January 2019. The crypto is following a bullish market and is anticipated to hit $20,000 by the end of 2019 or the beginning of 2020.
It is only natural for some Altcoins to die off because of the number of them that are present on the market right now. Bitcoin has always dominated the market flow, and it currently holds almost 70% of the market cap.
Being the biggest blockchain and the biggest mover of money in the crypto world, Bitcoin seems to maintain its position for the future to come.

[Darker45]

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 the overall reason why Bitcoin's dominance is rising is its bullish sentiment all over the market. The long anticipation of another strong bull run has contributed a lot to the bullish sentiment. 2018 was almost an unbelievable year, with Bitcoin losing significant value. People were selling at a loss, many due to panic. And I think most of the weak hands have been purged already within that year. 2019 is therefore full of optimism. Perhaps many believe that the right time for Bitcoin to finally rise again and be able to shatter its previous ATH is within 2019.

As regards Lightning Network, I guess it is also contributory to the overall bullish sentiment, together with a few more things such as the upcoming reward halving. All of these could certainly push Bitcoin toward a new ATH within the year.

Most of the altcoins are expected to suffer within the year. Many will also die for sure. And I am looking at it as a good way to wipe off the shitty ones. But I hope the solid ones such as ETH or LTC will remain in top shape and will somehow benefit from the bullish Bitcoin. 

[buwaytress]

Those could be the reasons why Bitcoin's market dominance has been rising at an exponential rate. Since it's the first cryptocurrency that came into existence, it has managed to gather a lot of attention within the mainstream world. All the eyes are within Bitcoin's latest developments as it could affect or benefit other cryptocurrencies in the space. Compared with other altcoins, Bitcoin has the most level of adoption among merchants, businesses, and individuals alike. Not to mention, its development and innovation is far superior than most well-known altcoins in existence today.

I wouldn't exactly say exponential though. If anything, these 2019 highs are probably a build up to a maximum of 75% or 80%, but we'll never see more than that, and never for too long. Even a maximalist has to agree that a culling of say 90% of altcoins might take Bitcoin dominance up a lot, but that kind of crypto fallout would also affect Bitcoin price, diminishing its dominance.

This is the scenario for the next few years anyway. I do believe at some point, Bitcoin will be one of very few to survive and strengthen, and "cryptocurrency" will again be synonymous only with the few that find actual use among everyday people. All other tokens will be negligible in the ocean of Bitcoin.

[Abiky]

Bitcoin is still the major coin that we have, and only payment coin that people would ever use, we have had some coins that has come out to show  and claim they are better, but people never pay much attention to them which they don’t know, the reason why they get those community that they have is because they are just using them for now, and what they are using them for is strictly investment, which is why they are getting dumped already as they no longer yield that investment profit for the again, so they are turning back to bitcoin being the core coin that has ever been established. Henceforth, bitcoin will really be gaining so much dominance than it has ever gained in the past.

Agree. Bitcoin has always been the most prominent cryptocurrency to date. It's been battle-tested over time, proving to be the most secure cryptocurrency available on the market. Despite being resilient and extremely popular, it still limited in transaction capacity and privacy. There are other altcoins which prove to be better than Bitcoin in terms of features and technology. One of those altcoins is Ethereum which has faster confirmation times, cheaper fees, and most of all, smart contracts functionality. Being actively developed over the years, it has shown to be quite stable and reliable like Bitcoin is right now. It's no wonder why it's the second-largest cryptocurrency by market cap.

Still, people seem to prefer Bitcoin on top of other cryptocurrencies because it's the one with the most merchant acceptance worldwide. All the eyes are on Bitcoin as it expands towards new heights within the mainstream world. With many improvements on the way such as the Lightning Network, Schnorr Signatures, and even atomic swaps, it's only a matter of time before Bitcoin's market dominance continues to rise towards new ATHs.

Nonetheless, Bitcoin's fast upsurge in market dominance shouldn't be a reason to worry, as it's the most trusted cryptocurrency in the world. It's always been the leader of crypto, delivering outstanding development and innovation. The more Bitcoin's dominance is, the worse it'll be for altcoins as their value will become lesser over time. In the bright side, this should allow Bitcoin hodlers to obtain more altcoins at a cheaper price. Just my opinion

[HELLOFF]

In any case, first of all, we should not talk about the value of the cryptocurrency itself, but about what opportunities it provides to users.  At least for today, a very big problem cryptocurrency faces in the image of scalability.  It is the most rated cryptocurrencies such as Bitcoin and Ethereum that cannot attract big businesses to their use because of their low scalability, and many authoritative people have repeatedly stated this, including Vitaliy Buterin.

[Vishnu.Reang]

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.

[odeskpawan]

Bitcoin has more than tripled in 2019, and it seems like a bullish market. Also, BTC is expected to hit $20,000 by the end of this year. This could be because BTC is gaining popularity day by day, and its users are increasing in number globally.
Even now, if you ask some of the people which cryptocurrency to invest in, they’d say Bitcoin without any second thought.
With this rising dominance, it is expected for altcoins to die soon as there is very less amount of altcoins available in the market right now. Bitcoin has always dominated the market flow, and it currently holds almost 70% of the market cap.
And, I think BTC will maintain this position for the future to come.

[Abiky]

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.

That's certainly true, mate. The rise of the altcoin market was largely attributed to the ICO craze back in 2017. There were many investors which contributed towards the demand of various altcoins, especially Ethereum. Once the hype was over, we've seen a substantial decline in interest among cryptocurrencies on the market. Bitcoin being the world's first cryptocurrency, has managed to retain its value over time (despite being extremely volatile in prices). Considering that many people still trust Bitcoin on top of other altcoins, it's no wonder why market dominance it rising at full speed.

I believe that the more Bitcoin's market dominance is, the better it'll be as most useless altcoins will experience a loss of interest among investors and traders worldwide. Only then, useful altcoins with real use cases for the mainstream world will remain in the scene (like Ethereum and Monero). It's only a matter of time before this happens, since we're already experiencing a massive decline in most altcoin's prices across the market. Whereas Bitcoin is rising in price, other altcoins continue to decline at a fast pace. This is an odd behavior of the crypto market, considering that most altcoins tend to rise in price in the same way as Bitcoin.

Nonetheless, there's a possibility that Bitcoin's market dominance will rise even further within the not-so-distant future as the Lightning Network gains massive adoption across the mainstream world. This would enable instant micropayments at extremely low costs, proving to be quite attractive towards everyday people and investors alike. As a result, demand for BTC will rise, while it's market dominance will continue to grow at a unprecedented rate. Which is why, early adopters of BTC would greatly benefit in the long term. Just my thoughts