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Author Topic: Thoughts on Bitcoin's Increasing Market Dominance  (Read 401 times)
lobat999
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September 02, 2019, 02:26:15 PM
 #1

As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?

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September 02, 2019, 02:59:25 PM
 #2

People are finally realizing that 99% of the altcoins they're investing in still doesn't do anything; basically mostly hype. As with 'repercussions'(for the altcoin holders at least), I think in the next bull market, though yes altcoins will also rise, just not as much as people are expecting to. There's so much anticipation for the "aLt SeAsOn" that I don't think it's going to happen at all(though it's still very very possible). Or if we actually get an "alt season", it most likely will be very underwhelming.

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September 02, 2019, 07:21:12 PM
 #3

People are finally realizing that 99% of the altcoins they're investing in still doesn't do anything; basically mostly hype.
Pretty much this.

Look at the top 10 coins. You could make an argument for Ethereum having a use case, but at the moment that use is pretty much to host scam ICOs. Monero is the only other coin on there that actually has a real world use. XRP is a centralized bankers' coin. Litecoin is pointless. Tether and EOS are literal scams. Binance coin reduces trading fees on Binance, but is pointless as a coin (Why not just charge lower trading fees? Why do they need their own coin to do so? Purely for profit.) BCH and BSV are so hilariously awful that they are barely even worth mentioning. And that's just the top 10. Quality rapidly drops off as you move down the list, and it isn't exactly high to begin with.

During the bull run at the end of 2017, it was pretty difficult not to make money in crypto. You could "invest" in literally any piece of trash, and see gains of 20% overnight. Go and have a look at some of the heavily shilled coins at the time. Here are some I can remember off the top of my head:
https://coinmarketcap.com/currencies/bounty0x/
https://coinmarketcap.com/currencies/dragonchain/
https://coinmarketcap.com/currencies/poet/
https://coinmarketcap.com/currencies/waltonchain/
https://coinmarketcap.com/currencies/deepbrain-chain/

They could pretty much all have the same graph. Huge spike at the end of 2017/start of 2018, followed by a rapid fall to nothing. I have no doubt that during the next big bitcoin bullrun, there will be a bunch of newbies entering the space who will once again throw their money away on trash projects, but for the time being, the majority of people who have been involved for a while are starting to realize that altcoins are largely trash.

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September 02, 2019, 07:35:53 PM
 #4

Binance coin reduces trading fees on Binance, but is pointless as a coin (Why not just charge lower trading fees? Why do they need their own coin to do so? Purely for profit.)

it's pretty brilliant actually. they burn BNB supply based on quarterly profits, so it acts just like a stock. they are essentially paying out dividends in the form of deflation. they've been trying hard to build an "ecosystem" around BNB (like using it as gas for their "DEX") to cast it as a utility token, but the SEC probably sees right through the whole scheme.

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September 02, 2019, 07:58:07 PM
 #5

As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?

this was expected to happen when you see altcoins like these:

Jesus Coin:

https://coinmarketcap.com/currencies/jesus-coin

what is the purpose of this altcoin? what the hell did this altcoin serve in the real world? would it really be possible for all churches in the world to use this altcoin? And how would this use of this altcoin?

Why would someone take money to deposit in the bank and then buy this altcoin? Knowing that to buy this altcoin, one would first have to buy bitcoin using their bank card (would pay fees) and then would have to look for some exchange to buy this altcoin.

This altcoin is not meant to be used in the churches, ie it is a meaningless project. this is the problem of many altcoins, they are meaningless projects

That's why so many people are selling their altcoin to buy bitcoin

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September 02, 2019, 08:09:20 PM
 #6

As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?

Bitcoin's increasing dominance is a good news! Because 99.99% of the cryptocurrencies doesn't have to exist at the first place. We don't really need one cryptos to book movie tickets and another cryptos for recharging our mobile phones! All these can be done using only one single cryptos and that's it! It's better for us if majority of the altcoins shut down their operations because the market is just getting more and more crowded every single day and the investments are getting divided for no good reason!

It is always better to have 3-4 strong cryptos in the market instead of having thousands of weak cryptos with no/limited use case!

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September 02, 2019, 08:17:37 PM
 #7

I agree that most alts are complete garbage, but I think as the price of bitcoin rises, new people come in, and start buying some of the higher market cap alts (even some of the useless ones) that are available on big exchanges. I still mine ETH and XMR, but that's the extent that I'm even remotely interested in any alt coin these days.

It's honestly comical when you look at some of the alts that people were going crazy about two years ago.

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September 02, 2019, 09:08:37 PM
 #8

this was expected to happen when you see altcoins like these:

Jesus Coin:

https://coinmarketcap.com/currencies/jesus-coin
If you think that is bad take a look at the following gem
https://coinmarketcap.com/currencies/putincoin/
https://putincoin.org/about.html

A coin that was created to pay tribute to the president of Russia!
I am not kidding, read this: https://putincoin.org/about.html

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September 02, 2019, 09:55:28 PM
 #9

As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?
Although I have a lot of altcoins in my portfolios I still consider this as good news, this means that Bitcoin has a huge trust coming from investors new and old investors, which should always be the case.
Let's admit it Bitcoin represents what all the Cryptocurrencies are bringing to the world if we want massive adoption Bitcoin should come first and first learn to make it their main portfolio.



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September 02, 2019, 11:38:45 PM
 #10

As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?

Bitcoin domination does not make a big impact on altcoins. We can all see that Altcoin doesn't give a big surprise. That Bitcoin seems to have declined and the Altcoins also declined.

This is what makes a lot of people confused and lost. Confused because the market looks very difficult to predict. In a few weeks, it seems stable Bitcoin price, but when the price drops and Altcoin also dropped.

Maybe the next Bull Run Altcoin can give you surprises and I am sure this will happen at the end of the year 2019.

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September 02, 2019, 11:54:56 PM
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In my opinion what causes Bitcoin to always dominate the market is the number of communities in the crypto circle is increasing, many merchants and online stores already accept bitcoin as a means of payment. Because it is obtained by mining, there are some people who refer to bitcoin as hidden digital gold. They believe in the future, bitcoin will give a higher value than now. What result?

Some people want to buy the miner's bitcoin at a higher price. Although only a few people, but the number continues to grow.

More and more people are interested in becoming a miner along with the increase in the price of bitcoin which continues to soar until reaching its peak in 2017. Coupled with the maximum number of bitcoins in circulation is 21 million pieces, then everyone does not want to miss hunting digital gold. Either by mining or buying at the exchanger.
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September 03, 2019, 01:29:53 AM
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September 03, 2019, 01:38:50 AM
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Bitcoin's increasing dominance is a good news! Because 99.99% of the cryptocurrencies doesn't have to exist at the first place. We don't really need one cryptos to book movie tickets and another cryptos for recharging our mobile phones! All these can be done using only one single cryptos and that's it! It's better for us if majority of the altcoins shut down their operations because the market is just getting more and more crowded every single day and the investments are getting divided for no good reason!

It is always better to have 3-4 strong cryptos in the market instead of having thousands of weak cryptos with no/limited use case!

But what about other possible use cases and some proposed innovative projects in the pipeline? Will this have an impact on crypto innovation if the industry only see a handful of other coins including BTC as viable and disregard others which might even offer superior features and innovation?


Bitcoin domination does not make a big impact on altcoins. We can all see that Altcoin doesn't give a big surprise. That Bitcoin seems to have declined and the Altcoins also declined.

This is what makes a lot of people confused and lost. Confused because the market looks very difficult to predict. In a few weeks, it seems stable Bitcoin price, but when the price drops and Altcoin also dropped.

Maybe the next Bull Run Altcoin can give you surprises and I am sure this will happen at the end of the year 2019.

Indeed! But I was also thinking if this market dominance is correlated in terms of its adoption rate? If it is, then we might be experiencing a significant milestone on Bitcoin's history!

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September 03, 2019, 01:53:42 AM
 #14

The market dominance stays strong above 70% and altcoins keeps rolling down. How far this trend gonna continue is unpredictable, and if this continues then there is no chance for altcoins to head up. As the dominance increases more altcoins gets moved into bitcoin. This keeps the dominance level keep counting.

With this month there is the Bakkt which also predicted to make a huge impact over the market of bitcoin will surely make some positive gains which will once again affect the altcoins growth. It is getting proved bitcoin is the core, even when there are more than 2000 cryptocurrencies available.




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September 03, 2019, 02:37:08 AM
 #15

Bitcoin domination does not make a big impact on altcoins.
Then it looks like you need to watch the markets more.

That Bitcoin seems to have declined and the Altcoins also declined.
Harder. Declined harder. There. Fixed it for you. Yes, most of the time altcoins still follows the price of bitcoin, but I think you need to check out altcoins prices in the past few months when bitcoin dropped in price. Then you'll know.

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September 03, 2019, 02:42:58 AM
Merited by lobat999 (1)
 #16

the reason why this question keeps coming up for different users every day is that the thing they call "market dominance" has nothing to do with actual "dominance". if we define what that number means, i believe a big part of the question is answered.
in short what CMC is calling "dominance" is simply division of bitcoin's market cap (with its ~18 mil supply) by the total market cap of 2000-3000 altcoins (with their total supply of hundreds of trillions).
so obviously when bitcoin goes up $1 its market cap goes up $18 million but if those coins go up $1 their market cap goes up hundreds of trillions. so in order to go up the same amount in market cap as bitcoin they just have to increase in price a very tiny fraction of a $1 which is why that percentage which falsely referred to as "dominance" shrank in first place and that is also why it is rising back up again.

But what about other possible use cases and some proposed innovative projects in the pipeline? Will this have an impact on crypto innovation if the industry only see a handful of other coins including BTC as viable and disregard others which might even offer superior features and innovation?
the only thing that has an impact on "crypto innovation" and has been preventing it in the past couple of years is the developer's greed. all they want is to make a ton of money in a short time. so what we have is a bunch of premined, fundraising garbage coins that have no innovation and are reusing the same things again and again.
if some day some new coin comes along with ACTUAL innovation and superiority, then it wouldn't matter if bitcoin's dominance (or more correctly market cap ratio) were 1% or 99.9999% that new coin would grow automatically and i am not talking about its price but its adoption.

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September 03, 2019, 03:38:44 AM
Merited by lobat999 (1)
 #17

the reason why this question keeps coming up for different users every day is that the thing they call "market dominance" has nothing to do with actual "dominance". if we define what that number means, i believe a big part of the question is answered.
in short what CMC is calling "dominance" is simply division of bitcoin's market cap (with its ~18 mil supply) by the total market cap of 2000-3000 altcoins (with their total supply of hundreds of trillions).
so obviously when bitcoin goes up $1 its market cap goes up $18 million but if those coins go up $1 their market cap goes up hundreds of trillions. so in order to go up the same amount in market cap as bitcoin they just have to increase in price a very tiny fraction of a $1 which is why that percentage which falsely referred to as "dominance" shrank in first place and that is also why it is rising back up again.
Perfect! I have my opinion as people incorrectly pay their attention on dominance, bitcoin or altcoins.
The true indicators for growth of bitcoin or altcoins is total volume. If we keep our minds neutral to see the fact of increases in dailly volume of bitcoin and altcoins since their all time highs in price values more than one year ago. This one, and the fact that most of altcoins has their volume fallen to nearly zero or zero, I do see the growth of altcoins, good ones, I meant.

If 2 years ago, we have 3000 thousands altcoins with all good volume, but now we have only 1000 altcoins that have daily volume, and their total daily volume increased compared to figures of 2 years ago, it is truly a good signal of growth, even their prices temporarily fluctuated in bottom ranges.

Bad altcoins actually comes to their death periods, and I do believe they won't have minor chances to return because investors have matured more significantly since the crashes of bitcoin and altcoins last two years. Even those shit altcoins boosted by their team by whichever shady methods, investors will be very careful to reinvest in those shit altcoins.

The era of shit altcoins have gone, from now on we will see good recoveries of good altcoins.

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September 03, 2019, 05:00:38 AM
 #18

Every day that Bitcoin's dominance rises or at least stays at this high levels shatters the confidence of altcoin holders - I visit /r/cryptocurrency from time to time and they are so depressed at the moment. Some people still try to shill for shitcoins like IOTA or NEO, but they don't get as much support as they did in the past. If a miracle won't occur for altcoins, they might spiral into lower depths. So at least now new money that enter the crypto market will go to Bitcoin, although this could have been always the case, as people had to buy Bitcoin in order to buy alts. So, this whole thing won't affect Bitcoin too much.

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September 03, 2019, 05:05:46 AM
 #19

Every day that Bitcoin's dominance rises or at least stays at this high levels shatters the confidence of altcoin holders - I visit /r/cryptocurrency from time to time and they are so depressed at the moment.
It is time to accumulate more good altcoins. Let's recall what happened with bitcoin and bitcoin enthusiasts in 2018? All or most of them depressed as same as altcoin enthusiasts now. I do think altcoin enthusiasts can learn from the very recent lesson from bitcoin. Unfortunately, if they hold bad altcoins, they should stop dreaming for aforementioned reasons (in my previous post).

They should know when to stop hoping without convincing reasons, and when to cut their painful losses from past wrong investments.

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Andreas G. A.
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September 03, 2019, 05:20:43 AM
 #20

Every day that Bitcoin's dominance rises or at least stays at this high levels shatters the confidence of altcoin holders - I visit /r/cryptocurrency from time to time and they are so depressed at the moment. Some people still try to shill for shitcoins like IOTA or NEO, but they don't get as much support as they did in the past. If a miracle won't occur for altcoins, they might spiral into lower depths. So at least now new money that enter the crypto market will go to Bitcoin, although this could have been always the case, as people had to buy Bitcoin in order to buy alts. So, this whole thing won't affect Bitcoin too much.

The market changed. I would expect that it is unlikely that projects like IOTA and NEO see new ATH's in USD and BTC terms. The hype is gone. New projects that bring real utility to the crypto space will do it in the coming altcoin bull cycle.
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