Impact of Bitcoin growing Dominance on the Crypto space

[Mrsparks]

Bitcoin being the pioneer cryptocurrency has always had a big gulf between it and other cryptocurrencies in the market mostly in term of valuation. Although this is expected, the growing dominance BTC is having on the entire crypto market does not speak good for the crypto space...
As at the time of this publication, btc dominance in the crypto market account for 68.4 percent, with this being the highest since April 2017. The question is what does this growth in dominance imply?those it suggest an immiment pump? since the bull run started not long after such high dominance was recorded  or those it imply further dump for altcoins and increase it btc valuation...
Please share your opinions.

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[maxreish]

Whenever there is a bitcoin dominance increase, it will perform bull run but expect some altcoins as a whole lose btc value. And vice versa. These implicates that the dominance in the crypto market can be uptrend or downtrend. To make it in a simplier view. Bitcoin dominance is a metric for investors to  get a quick sign on how to get Bitcoin's value. It may benefit the investors as well.

[pooya87]

bitcoin dominance is not growing. it has always been high and above 95%
what is growing is the ratio that bitcoin's market cap has compared to the sum of 3000+ altcoins and tokens market capitalization. and there simply are two reasons for it: death of about 1000 of those altcoins and hard dump of  the rest.

the only impact this has is that it wakes up a lot of newbies who thought just because an altcoin has a huge market capitalization it must be a good investment. but the 90% loss over a year is making them face the reality now.

[Baofeng]

As at the time of this publication, btc dominance in the crypto market account for 68.4 percent, with this being the highest since April 2017. The question is what does this growth in dominance imply?those it suggest an immiment pump? since the bull run started not long after such high dominance was recorded  or those it imply further dump for altcoins and increase it btc valuation...
Please share your opinions.

I don't see any bitcoin pump, it's not the market recovered, as compare to altcoins who are still in crypto winter. Perhaps there are a lot of newbie investors who put their money on bitcoin this year and they've understand that altcoins is just for for pump-and-dump scheme. And that so called x10-x50 returns will not happen this year. ICO business model is already dead at this point, investors are just maturing and would rather invest their money in a safe coin like bitcoin.

[Kakmakr]

Well, a few years ago there were only a hand full of Alt coins out there and then there was Bitcoin.    People were not spoiled for choice, when it came to Alt coins, so these Alt coins did very well back then. We think about coins like Dogecoin and LiteCoin and NameCoin etc..

Now, people are spoiled for choice with over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) that have been created since 2009. So you have 1000's of Alt coins having to compete for a limited amount of the total market share of investors that are willing to invest in Crypto currencies. 

[Mrsparks]

Well, a few years ago there were only a hand full of Alt coins out there and then there was Bitcoin.    People were not spoiled for choice, when it came to Alt coins, so these Alt coins did very well back then. We think about coins like Dogecoin and LiteCoin and NameCoin etc..

Now, people are spoiled for choice with over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) that have been created since 2009. So you have 1000's of Alt coins having to compete for a limited amount of the total market share of investors that are willing to invest in Crypto currencies. 

You are definitely spot on but lately all attention has switched back to btc. It has become highly volatile and dominant in the market...I wonder if this wouldnt have  a negative impart on the crypto space

[pakhitheboss]

My understanding of Bitcoin growing dominance in the market-

1.The higher the dominance the higher chance of a Bull run.
2.The higher the dominance the more Alts bleed.

This is what I have understood. Dominance also means investors/traders are more inclined towards Bitcoin. This can also become a Bull trap, as you never know what might happen next in the crypto universe.

[Haunebu]

Now, people are spoiled for choice with over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) that have been created since 2009. So you have 1000's of Alt coins having to compete for a limited amount of the total market share of investors that are willing to invest in Crypto currencies. 

You can't blame them since there were possibilities of becoming millionaires by investing in certain altcoins during certain insane pumps like the ones back in 2017. I personally know several people who earned a ton of money through the altcoin boom.

It has become highly volatile and dominant in the market...I wonder if this wouldnt have  a negative impart on the crypto space

What are you talking about? If anything, BTC value has been far more stable these days and the volatility factor continues to drop which is a good sign for the future of crypto. 

[lixer]

You are already seeing the result of the dominance now, the price of bitcoin is pumping gradually while the alts are dumping gradually also as bitcoin keeps dominating but that does not mean that the altcoins will be dead, fine bitcoin will dominate and almost bleed altcoins out of market, but before then, we would have already have bitcoin relax on its dominance and then go sideways.

The moment that bitcoin starts to go sideways is the moment that altcoins will gain their own dominance also, and you know how the dominance of altcoins too could be, it grows so high and sometimes do affect that of bitcoin, so there is a time for both of them, altcoins will regain their own dominance also before the end of the year, while bitcoin pause and continue with his as from next year.

[nicecrypto]

Btc dominance has overshadowed all other alts without a doubt, and from the look of things it seems this will continue for sometime, it seems as if the demand for btc keeps increasing as new investors put in money in the market, people trust their investment on btc than other alts hence the continue dominance.

[kryptqnick]

My understanding of Bitcoin growing dominance in the market-

1.The higher the dominance the higher chance of a Bull run.
2.The higher the dominance the more Alts bleed.

This is what I have understood. Dominance also means investors/traders are more inclined towards Bitcoin. This can also become a Bull trap, as you never know what might happen next in the crypto universe.

The second point is more or less fair since if alts are losing market capitalization, it means they are losing investments, and that affects the price. However, I disagree with the first point. Nowadays the dominance is strong, and Bitcoin is bravely holding its $10k position. However, as the op mentioned, this is the strongest dominance since April of 2017, and that was not the best time for Bitcoin. It was worth slightly above $1k, and the biggest bull run was still ahead. And notice what happened to dominance during the bull run of Q4 2017. It had its ups and downs but eventually dropped to 35% on the first of January 2018.

[fiulpro]

I think the impact be measured by the fact that the bitcoins are the most used currencies and they are the one people exchange them against , when we talk about trading pairs , Bitcoin is the one we use the most against other cryptocurrencies.
I think this is something that needs to be noted.
Also whenever even the media decides to talk about cryptocurrencies they always take bitcoins into account.

[rmilly]

I think anything that was the first of something will hold value. People are finally seeing the importance of crypto and we have Bitcoin to thank for that. there might be new coins that could dominate but BTC is vintage and one of a kind.

[Yamifoud]

Isn't new for us to see BTC still on top and sustain its market dominance since before. It gives a huge influence not only in crypto space but it includes into the adaptability of the people towards crypto. Bitcoin name never grow look but keeps looking new to the community. Though people's appreciation and market interest makes changes but not by pulling it down, in fact, it keeps its name into great and getting known to everyone.

[Hamphser]

Bitcoin is always in the top of all cryptocurrency since it was the father of all cryptocurrency that ever existed today. What great impact could it bring is that it is quite useful in any kind of businesses. This is the work of Satoshi that will change the world and everyone else because of it's unstable value.

[Artemis3]

Bitcoin being the pioneer cryptocurrency has always had a big gulf between it and other cryptocurrencies in the market mostly in term of valuation. Although this is expected, the growing dominance BTC is having on the entire crypto market does not speak good for the crypto space...
As at the time of this publication, btc dominance in the crypto market account for 68.4 percent, with this being the highest since April 2017. The question is what does this growth in dominance imply?those it suggest an immiment pump? since the bull run started not long after such high dominance was recorded  or those it imply further dump for altcoins and increase it btc valuation...
Please share your opinions.

Its strange that you say "growing" when you already know it made it first and its the altcoins that have been unable to grow as much. If by "crypto space" you mean the altcoins, yes, it does not speak well for them. None managed to catch the market enough to challenge bitcoin, it remains the king unchallenged.

There is going to be an uptrend tendency towards the halving, and that is long known. No need to be a genius or anything. And after the halved production of bitcoins the price is going to be affected, and some calming will undo any excessive "pump" made during that time, which might take it too low and correct back up again, always seeking its true price which should be going up slowly but steady against everyone else that has infinite supply.

[crzy]

There’s a lot if impact whether its negative or not, it can affect any coins. The dominance of bitcoin is unstoppable and it will go for a lot more money. If there’s a big chance on any coin to beat bitcoin, that’s very an impossible thing. The dominance of bitcoin should bring the cryptomarket to the moon, so be positive.

[hugeblack]

As at the time of this publication, btc dominance in the crypto market account for 68.4 percent,

This ratio means nothing but can be considered as a measure of the willingness of others to engage in the cryptocurrency market and the extent of considering BTC price as a safe price for profit.

The greater the dominance ratio the less the desire for altcoins and this means either BTC price is fair to make profits or that everyone tries to burn his shitcoins.

Overall, I expect the ratio to increase over the years as many altcoins will end over time.

[Theb]

It doesn't imply anything at all, the only advantage I see that Bitcoin is still the market leader is its the one who influences the movement and not the one to be influence with. Most of the time when BTC moves majority of the cryptocurrencies will follow but if other coins moves first expect that Bitcoin won't be influenced in any way. And just in case you don't know Bitcoin's dominance is slowly decreasing day by day, with Altcoins being launch everyday and other cryptos showing that it's better compared to BTC a lot of investors are already exploring out of BTC.

[Coyster]

Bitcoin has always dominated the cryptocurrency market, it's dominance have reduced at times, but not to the extent of an altcoin going higher than it. The proliferation of altcoins in the past years provided a somewhat little competition for the bitcoin, but at this moment, they(altcoins)are more or less valueless in the cryptocurrency market, and this has further increased bitcoins dominance back to the position it was at the "beginning"

Altcoins have lost a large number of its investors to the bitcoin, as altcoin bear market seems to continue, though it improves every now and then based on the direction of bitcoin price.