Thoughts on Bitcoin's Increasing Market Dominance

[arpon11]

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!

You said the reality! Why should we have coins in hundreds and all of them are doing the same thing? I don't think the coins we have now are going to exist for long and people has discovered that Bitcoin is the most reliable among them. Just imagine that people were saying in 2018, that ”ethereum is going to replace bitcoin”!
I strongly believe that in 2 to 3 years to come, bitcoin dominant may cross 90%.

[Kakmakr]

Well, we have 2 driving factors that are pushing up the price again and it is 1. ..the continued market tension between the USA and China and investors looking for a Safe haven to hedge against this influence and 2. ...the Bakkt hype surrounding physical bitcoin investments from the institutional investors that might happen after the 6th of September.  

I think the last drop in the price was pure market manipulation from people that are anticipating a large spike in the price and people who pushed the price down to quickly buy more cheap bitcoins before that happens.  

[figmentofmyass]

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.

you might be surprised. lots of coins that bubbled in 2013 and died a couple years later were resurrected in 2017. lots of horseshoe patterns on the long term BTC pairs---not necessarily a new ATH against BTC but lots and lots of old coins will easily break their USD highs on the next go round.

Just imagine that people were saying in 2018, that ”ethereum is going to replace bitcoin”!

we'll get more flippening talk in the next bubble. i'm not sure it'll be ethereum, though it's still more promising than most of the altcoin space.

[stadus]

BTC's dominance rise has been consistent this year and that leads to altcoins now growing anymore.
If the rise continues, that would be bad for altcoins market but at the same time, it shows an opportunity to buy seeing them dump from its current price now. Majority of altcoins have already loss over 50% of its ATH value, and as the increase of dominance happening, it will only make them close to worthless coins. We can't predict what will happen this year, but I'm confident I'll begin picking more altcoins as BTC's dominance grows higher and higher.

[sureshverma]

Bitcoin will continue to dominate because it does not really have a competitor

[o_e_l_e_o]

I visit /r/cryptocurrency from time to time and they are so depressed at the moment.

/r/cryptocurrency is a confused place. Any post about bitcoin gets shit on with half truths and misunderstandings, and anyone pointing out these inaccuracies gets downvoted. But then at the same time, they are quite happy to shill and circle jerk over trash coins with no adoption and use case. They seem to be able to identify some coins are trash - any post about Tron or Verge, for example, gets rightly derided for being a scam - but then they seem to have a blind spot and will upvote other trash like Iota or ICX.

we'll get more flippening talk in the next bubble. i'm not sure it'll be ethereum, though it's still more promising than most of the altcoin space.

Oh god, I'd forgotten all about the flippening chat. Seems hilarious to look back on. I can't see it happening with any current altcoin unless something awful happened to BTC.

[Jating]

I guess everyone really learn their past mistakes, specially in 2017, wherein people are very irrational and would just throw their money in any other shitcoin that is being shill by crypto outlets. Now that investors are getting wiser and smart and realised that indeed, majority of the altcoin are just crowded by shitcoins and still growing at this point.

And now it doesn't make sense to invest on them, just for where the money is, "Bang for the buck" and obviously it is bitcoin.

Yes, who would forgot about the so called Flippening (ETH) and of course Rippening (XRP). It did give bitcoin a scare, but who cares.

[Red-Apple]

Yes, who would forgot about the so called Flippening (ETH) and of course Rippening (XRP). It did give bitcoin a scare, but who cares.

it only gave newbies a scare, as it was meant to do!
every now and then we see a campaign like this funded by centralized shitcoins (since they have a lot of money to spare) that starts a propaganda against bitcoin only to fool the newcomers into giving them their money. as they take their money and pump their shitcoin, they dump it on them and make millions out of it.

everyone else who is not a newbie, have already seen their scams and don't fall for it. now there are more who know as these shitcoins get dumped more!

[mk4]

we'll get more flippening talk in the next bubble. i'm not sure it'll be ethereum, though it's still more promising than most of the altcoin space.

Oh god, I'd forgotten all about the flippening chat. Seems hilarious to look back on. I can't see it happening with any current altcoin unless something awful happened to BTC.

By the way, if you think that the #flippening hype is gone(even though that it's pretty much just a meme now), no it's not. Some people on Reddit r/ethtrader still thinks it's coming after some time. Their hopium is still strong I guess.

[pawanjain]

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.

Totally agree with this stuff. Sometimes I feel that the only reason people invest in any altcoin is because of speculation and to earn profits and not because the coin has a good potential.
I think there will be hardly a few hundred investors who would actually be investing in an altcoin because the coin has actual potential and they believe in it.
Obvious to see the dominance increase.

[BitHodler]

By the way, if you think that the #flippening hype is gone(even though that it's pretty much just a meme now), no it's not. Some people on Reddit r/ethtrader still thinks it's coming after some time. Their hopium is still strong I guess.

The same applies to the XRP army. They still believe that once financial institutions start to use xRapid that the price will soar well above the $100 mark, which is completely retarded given the 100 billion supply.

Then there is a part of the XRP army believing that $589 (which is a very specific number) going to happen one day. That's a clear indication of how delusional people can become when they hold large bags of it at peak bull run prices.

That being said, XRP has actually managed to see its market cap surpass Bitcoin's market cap twice so far, but at a time where people didn't care much about market caps and dominance as they do right now.

[coin-investor]

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?

It could only mean that people are very much into Bitcoin than new altcoins in the market. And the majority of investors in the market preferred to invest in the top coins in the market, with Bitcoin as the number one coin they preferred to keep in their portfolio.

In the last two years, there are not many new coins in the market that has usability in the community, the majority of them are just copy of the existing project or concept, one example is these new exchanges based coin that just comes out of ICO.

[Finestream]

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?

It could only mean that people are very much into Bitcoin than new altcoins in the market. And the majority of investors in the market preferred to invest in the top coins in the market, with Bitcoin as the number one coin they preferred to keep in their portfolio.

In the last two years, there are not many new coins in the market that has usability in the community, the majority of them are just copy of the existing project or concept, one example is these new exchanges based coin that just comes out of ICO.

Yes. It's good to know that bitcoin is still dominating the whole market so that people should all come to realize that there should be a larger portion of bitcoin in their portfolio than filling them with altcoins that are only making very slow progress in the market. If this continues to happen, mass adoption for bitcoin will be very possible soon knowing it's been very uselful in the market and has been very profitable as an investment.

[Kasabus]

Looking at how the people are confidently used Bitcoin for investment making a way to help in dominating the market. Like no other coin could do like that. People choose the thing that could give betterness of their life, not just for being profitable but in the way that it could them to simplied their workloads in the use of Bitcoin. And glad to see that many establishments came to accept crypto especially for bitcoin.

[bellaayu]

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?

Market domination that has increased the price of Bitcoin, has made altcoins increasingly declining. And this is what happened this year and had to increase the price of Bitcoin, could have a positive impact on altcoins.

It might be my idea that the Altcoin season should come soon, so market domination should also increase the Altcoin. The Altcoin holders are huge, so it is important for altcoins to be like the year 2017.

[pooya87]

we'll get more flippening talk in the next bubble. i'm not sure it'll be ethereum, though it's still more promising than most of the altcoin space.

Oh god, I'd forgotten all about the flippening chat. Seems hilarious to look back on. I can't see it happening with any current altcoin unless something awful happened to BTC.

it seemed hilarious back when it was happening too because they were saying shitcoins that first inherit all the bitcoin flaws and second add more flaws of their own could replace bitcoin! it was hilarious because it didn't make any sense. it is like saying one of those shitty Chinese copies of iPhone is going to replace Apple.

[lobat999]

Yes. It's good to know that bitcoin is still dominating the whole market so that people should all come to realize that there should be a larger portion of bitcoin in their portfolio than filling them with altcoins that are only making very slow progress in the market. If this continues to happen, mass adoption for bitcoin will be very possible soon knowing it's been very uselful in the market and has been very profitable as an investment.

I was thinking that BTC's market dominance is not correlated to actual adoption share over other cryptocurrencies and the notion that BTC is gaining momentum on mass adoption rate would be misleading. In fact, if my memory serves me well, BTC's dominance at the height of 2017 bull run was less than 30 percent and this also coincides along with altcoins having their ATH's.

It might be my idea that the Altcoin season should come soon, so market domination should also increase the Altcoin. The Altcoin holders are huge, so it is important for altcoins to be like the year 2017.

Indeed! Market dominance of all consolidated altcoins was more than 70 percent on January 2017 and most of the crypto-community are expecting a rebound like this but I think it will happen only to altcoins who have shown resiliency during the bear market of 2018. Imho.

[gentlemand]

We need a legitimately muscular and sustained move from BTC before we know what alts will get up to this time.

I seriously doubt the amount of stupidity and greed has waned, it's just waiting for an excuse to emerge again. I couldn't believe the insulting shit that was happening in 2017. I fully expect to be flabbergasted again.

I don't think it'll ever be as manic again but things will move despite almost all of them being empty junk that has achieved absolutely nothing. 

The 2017 alt bubble kicked off when the Winklevoss ETF was denied. That was alts' signal that Bitcoin wouldn't be fully legitimised over them. This time around Bitcoin really is being legitimised in a way they never will be but it's happening in slow motion instead.

[tranthidung]

I seriously doubt the amount of stupidity and greed has waned, it's just waiting for an excuse to emerge again. I couldn't believe the insulting shit that was happening in 2017. I fully expect to be flabbergasted again.

I don't think it'll ever be as manic again but things will move despite almost all of them being empty junk that has achieved absolutely nothing. 

The 2017 alt bubble kicked off when the Winklevoss ETF was denied. That was alts' signal that Bitcoin wouldn't be fully legitimised over them. This time around Bitcoin really is being legitimised in a way they never will be but it's happening in slow motion instead.

There are always new investors, whom will be trapped into manic market, and even old investors whom have not yet really learned any lessons from their past failed investments, will do fall into their past steps and mistakes again.

What happened with altcoins in 2017 is not their first time, right? In that year, old altcoins woke up and moved to their past all time highs or set their new ATHs. I meant they repeated their price movements in 2017. So if bitcoin actually repeats its history, why not altcoins repeat theirs, for the third time?

I agree that it is hard for them to set new all time highs in alt/btc pairs, and if such amazing things happen it will occur only for very good altcoins (good developers, good usecases, and strong communities - that will boost their price when active flags come.

[Jet Cash]

Bitcoin has a long way to go before it achieves dominance in the world of virtual currencies, and I don't believe that it will ever be allowed to achieve dominance. Virtual currencies such as the US dollar, the Euro, and Sterling are still in a different league. These government sponsored virtual currencies cannot be sustained, but they will be replaced by other trading assets that retain a semblance of government control in my opinion.