Thoughts on Bitcoin's Increasing Market Dominance

[gentlemand]

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?

The 2013 alt bubble, all 40-50 of them, was 'hey, if Bitcoin is doing it, why not this?'

2017 had ICOs which dragged up literally everything.

The next one won't have ICOs. It might have 'why not this?' but if there is a next time Bitcoin will be doing it on the strength of professional money and infrastructure that no alt will have. That'll make them a lot less convincing than the past.

No doubt something'll happen. Attempting to predict what is impossible.

[Herry Toms]

This is because those fake volumes of other altcoins are exposing off here when it comes to dominance. I think the more the BTC dominance will increase the alts will keep on going down.

[hd49728]

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.

Hate to say this, but I don't like what anyone called crypto currencies as virtual currencies. Which currencies are real? Which currencies are virtual? If there is no real currency, there is no virtual currency. It sounds the most stupid term, virtual currency, that originally used by governments that don't want their local citizens know about crypto currencies. Because basically when people read or heard about anything virtual, they will stay away from it. That is exactly what governments want.

[imstillthebest]

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.

Hate to say this, but I don't like what anyone called crypto currencies as virtual currencies. Which currencies are real? Which currencies are virtual? If there is no real currency, there is no virtual currency. It sounds the most stupid term, virtual currency, that originally used by governments that don't want their local citizens know about crypto currencies. Because basically when people read or heard about anything virtual, they will stay away from it. That is exactly what governments want.

why not ? virtual means online and cryptos are online so its okay to be alternatively call them virtual  . us dollar and other fiats currencies that a country has is not a virtual currencies because they are real   .  anyway , my thoughts on the btc increasing market dominance is good because this is a sign that btc is becoming more popular and many people are still adopting it  .  if btc is dominating , btc hodlers can earn more income which is good  .

[tranthidung]

The 2013 alt bubble, all 40-50 of them, was 'hey, if Bitcoin is doing it, why not this?'

2017 had ICOs which dragged up literally everything.

The next one won't have ICOs. It might have 'why not this?' but if there is a next time Bitcoin will be doing it on the strength of professional money and infrastructure that no alt will have. That'll make them a lot less convincing than the past.

No doubt something'll happen. Attempting to predict what is impossible.

They will do have their third bubble year, but it will be kind of very different one than 2017 bubble. In addition, their bubble will also depends upon bitcoin growth in 2020 and 2021. You are right that right now, it is too early to predict anything in next one or two years. Simply enjoy altcoin bottoms, and accumulate good and cheap altcoins. Because of the market selection has become harsher last two years, I only try to screen, investigate and choose best altcoins (from my own criteria) for next two years. There is no reason and no benefit to make bets in shit altcoins.

[Bitcoin Seller]

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.

Dominance shows its popularity in relation to other cryptocurrencies. Theoretically, this could mean a flight to quality, as investors are scared of market risk and switch from tokens with less capital to a “safer” asset. Or it may be of growing interest in the sector as a whole, along with the belief that Bitcoin has the strongest foundations. In any case, this emphasizes that BTC is the most attractive crypto for investors.

[putukin]

In my opinion, Bitcoin dominance will kill any sense to release new altcoins, so the market will be ruled by the top 20 cryptocurrencies led by Bitcoin.

[Slow death]

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

years ago I look the comments of the people from yobit chat, they said things like "putin coin will reach 30,000 satoshi" they were very excited about this shitcoin... I wonder how the guys who supported this shitcoin must have been when price began to fall a lot

https://yobit.net/en/trade/PUTIN/BTC

100 satoshi

[RealMalatesta]

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?

What other implication would it have other than creating more awareness for people because right from when bitcoin was created, as it never disappointed anyone, it could have its own issues but the issue is not compared to the issue that altcoins gives, bitcoin issue could still be dealt with which are usually technical and with time it would be worked on.

Most altcoins has so much discouraged many people who are finding it quite difficult to really trust the now, and it was their fault that they gave bitcoin this chance to dominate this high, if they were all working according to their whitepaper plan, I am sure that by now, most altcoins will seriously be competing with bitcoin, and their community will be growing, but how can community grow when they usually have nothing much to offer, though we still have few of them.

[trickyriky]

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.

Hate to say this, but I don't like what anyone called crypto currencies as virtual currencies. Which currencies are real? Which currencies are virtual? If there is no real currency, there is no virtual currency. It sounds the most stupid term, virtual currency, that originally used by governments that don't want their local citizens know about crypto currencies. Because basically when people read or heard about anything virtual, they will stay away from it. That is exactly what governments want.

Yes, I understand you. However, virtuality is explained as something when an object does not really exist but can occur under certain conditions. As for BTC, it is called virtual money because it does n the form of a paper bill or a coin of any metal. In fact, this is an encrypted electronic record and nothing more. This money is not secured by real assets, such as gold, but is limited in terms of issue.

[hd49728]

Yes, I understand you. However, virtuality is explained as something when an object does not really exist but can occur under certain conditions. As for BTC, it is called virtual money because it does n the form of a paper bill or a coin of any metal. In fact, this is an encrypted electronic record and nothing more. This money is not secured by real assets, such as gold, but is limited in terms of issue.

Even in some nations, fiats are virtual too, because they are not backed by any real assests. What we saw in Venezuela is a key lesson about that. I don't agree with the term, virtual currency to call bitcoin or crypto in general. Bitcoin has actually backed by so many resources, mining equipments, electricity costs, and other things. And, if there are virtual currencies, we should have real currencies. Please tell me, which currencies are real ones, globally?

[figmentofmyass]

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.

interesting narrative but there's no evidence for it besides the coincidental timing of the winklevoss ETF rejection. i don't think the ETF rejection was the cause of anything. it was just a catalyst for bitcoin to correct downwards after passing its previous ATH. passing the 2013 ATH sent the market into bubble mode, which meant money started flowing from the fiat markets into the altcoin markets.

the same exact thing happened in 2013. i don't see any need to try to explain it away as if it's never gonna happen again. of course it will happen again. it'll just be a different set of catalysts this time.

it's funny to watch bitcoiners making the same exact arguments about altcoins that nocoiners make about bitcoin. "it'll never happen again, no way! the bubble already popped! it's total useless garbage!" ........see y'all in the next altcoin bubble.

[shooleh]

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?

Every day when looking at Coinmarketcap the Altcoin price continues to decline. This is because Bitcoin domination continues to occur. So that the Altcoin holders slowly sell their assets, to move to Bitcoin.

Although Bitcoin is still high in price, it does not guarantee that a rising Altcoin price can occur. The current market is very difficult in predictions and I have suffered losses. I now also decided to move to Bitcoin.

[stadus]

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?

Every day when looking at Coinmarketcap the Altcoin price continues to decline. This is because Bitcoin domination continues to occur. So that the Altcoin holders slowly sell their assets, to move to Bitcoin.

Although Bitcoin is still high in price, it does not guarantee that a rising Altcoin price can occur. The current market is very difficult in predictions and I have suffered losses. I now also decided to move to Bitcoin.

I'm always against with selling because that shows they panic on the increasing dominant rate of BTC.
This is not new, BTC has already been very dominant in the past even higher than 70% in early 2017 and beyond, but look at the good altcoins in the 2nd half of 2017, they started to gain dominance and even enjoy a big jump during the last bull run.

This shows how patience is necessary, we don't panic in times like this, as long as BTC is doing great, everything will follow at the right time.

[gentlemand]

interesting narrative but there's no evidence for it besides the coincidental timing of the winklevoss ETF rejection.

Check the charts for March 10th 2017, the day of the rejection.

ETH kicked off not too far off the second the verdict came through. Within less than a week ETH's price had doubled to level it had never been anywhere near before.

They were holding their breath. If it had passed ETH and others would've shat themselves to pieces and BTC would've exploded for a short while at least.

Now ETF news is pure meh. At that moment there was nothing more awaited.

[figmentofmyass]

interesting narrative but there's no evidence for it besides the coincidental timing of the winklevoss ETF rejection. i don't think the ETF rejection was the cause of anything. it was just a catalyst for bitcoin to correct downwards after passing its previous ATH. passing the 2013 ATH sent the market into bubble mode, which meant money started flowing from the fiat markets into the altcoin markets.

Check the charts for March 10th 2017, the day of the rejection.

exactly. the BTC/USD chart. on that day, the ATH was momentarily broken and then the market crashed.

altcoins are completely correlated to BTC. ETH was just reacting to the first BTC correction in a bubble.

They were holding their breath. If it had passed ETH and others would've shat themselves to pieces and BTC would've exploded for a short while at least. 

if the 2017 altcoin bubble happened because of the winklevoss ETF rejection, why did the 2013 altcoin bubble happen?

at the end of the day, news is an afterthought compared to mass market psychology and actual supply/demand. that's why technical traders can completely ignore news and remain profitable. news changes the timing of price moves by acting as a trigger, but it rarely causes anything.

[jostorres]

Hodling since 2017 and it doesn't surprise me anymore. Not in the way that it doesn't give me motivation or any sorts of bad things in mind. It's just that it is Bitcoin. What more can you say more than its capability in dominating the whole crypto market anyways?

I vividly understand what you have said, many of us have become so used to bitcoin that its volatility is no longer a strange thing to us, and we can expect anything from bitcoin at any time. The reason why I chose to so much rely on bitcoin despite its volatility for now is because bitcoin has gained a solid ground and there is nothing that would ever shake bitcoin to take it off the face of the earth again.

Bitcoin would continue to gain this dominance because of the way people has relied on it so much and because of the way that many countries are now beginning to accept the use of it for several reasons such as generating money, making payments and many others. I only hope that some altcoins would still get the chance to live with this dominance.

[meanwords]

It just means that people are getting smarter to invest in Bitcoin rather than spend their money in other useless project. If it were to continue, we might see some increase in BTC price in the next months. The only one I deem worthy is ETH and Monero as an alternative to Bitcoin.

If Bitcoin where to increase more in Volume, more and more altcoins gets shut down.

[Jocuserious]

Let's party good day time increase bitcoin volume and I'm very excited about this moment because almost one year over i take holding bitcoin. Although i leave any altcoins since year 2018 because some project broken my money at this year.

[pooya87]

interesting narrative but there's no evidence for it besides the coincidental timing of the winklevoss ETF rejection.

Check the charts for March 10th 2017, the day of the rejection.

ETH kicked off not too far off the second the verdict came through. Within less than a week ETH's price had doubled to level it had never been anywhere near before.

They were holding their breath. If it had passed ETH and others would've shat themselves to pieces and BTC would've exploded for a short while at least.

Now ETF news is pure meh. At that moment there was nothing more awaited.

it was so much more complicated than you think!
for starters the bitcoin situation:
it was the first time we reached the ATH (the 2013 one) again and price (much like today) was stable at above $1k. the only thing ETF rejection did was a temporary panic sell that lasted less than a day. price was already struggling to break the previous ATH which was a strong resistance back then which is why bitcoin wasn't going up for 2 month until April.

as for ETH, it had nothing to do with bitcoin, ETF or anything like that. at that particular time (March 2017) the ethereum foundation was spending millions of dollars in advertising the shit out of their shitcoin that is why it got pumped hard during that month. the two biggest thing they did apart from ICO scam booming was creation fake news claiming big name such as Microsoft are adopting Ethereum which in reality they had just created a member-driven organization and the only involvement that comanies like Microsoft have with ethereum is a App Development Kit for Azure so that you could use their cloud computing platform!
the other thing was Vitaliks attempts at advertising his shitcoin so that he could dump his premine coins. the biggest thing he did was to meet with Putin.
the result was that market went crazy and thought ETH is a good investment so it got pumped hard.

in other words ETF rejection news was so small that the only effect it had was that half a day drop in bitcoin price!