Buying Bitcoin = Selling Alts ? Bitcoin Dominance Increases !
As the saying goes - "Everything new is well-forgotten old". In Top 10 only Bitcoin and Litecoin are in the green, everything else is lower. This is a phenomenon that happened often in the past - people were dumping alts in order to buy Bitcoin. As you might have noticed, since the big rally in crypto's everything moves with accordance to Bitcoin - If BTC makes a correction of 70% , they all sell-off at least 50%.
www.coinmarketcap.com
Bitcoin Dominance
Although very far off from the 96% Bitcoin dominance during the end of 2013, the crypto-king is making a little recovery from the dip of 33% dominance - currently sitting at 39.5%.
www.coinmarketcap.com
Possible reason for this might be that people are once again betting on the time-proven, reliable and largest coin. I am not saying that Bitcoin is the best coin, I am saying that it is the most popular coin and most people prefer holding Bitcoin to other cryptocurrencies.
Another thing is that there are a lot less speculators in the crypto markets. The 100x gain-seekers are most likely busto or don't want to speculate at the moment. (When things normalize, we will see them again and most likely even more of them) I think that most of the money pouring in crypto right now are "smarter money" than before - people invest in solid projects with good fundamentals.
Bitcoin has futures - this might be yet another reason for this. Although futures account for a relatively small percentage of the volume traded.
I personally am very curious if this will continue or we will go back to "normal" and everything will just move as if all projects are the same.
What do you think ? Let us know in the comments !
Bitcoin really rules crypto space. If I simply analyse Bitcoin, I can get overall picture in any other alt coin. They are following big daddy like puppies. I have the same opinion as you have. For me analyses coin by coin are useless. Sometimes act almost like spam. (@haejin @cryptopassion and other prophets)
Well, for now it is like that, but as BTC's dominance decreases, it's significance for the general will also decrease. Agree for most of the "analysts" they are just here for the $$$$
Yeah, It will be interesting when EOS goes live. Will it take over the Ethereum or not?. Will lightening network bust Bitcoin enough to sustain dominance? and for "analysts" they really have $$ in their eyes, producing miserable content sometimes almost misleading. I put many times more effort in my TA blogs and posting once a day at most. But they, some of them are on the edge of spam.
True ! This will definitely be a very interesting year for crypto, especially for EOS. I think it surely has the potential to be number 1 till 2020 ! My prediction is that it will be :)
I also bet on EOS. I'm programmer and know when you have ability to write smart contracts in c++ this will definitively rocks like hell.
What kind of programmer are you :) ?
My core profession is land surveying, but in spare time I love to program in python also learning haskel (functional programming). Recently I download and install steempy library for python and done some experiments to write scripts in python for interacting with steem blockchain.
I plan to create some posts about that.
I want to know more about EOS on how to build apps on eos, I might start a series of my journey :D I see a lot of demand for EOS programming around. Looking forward to your posts.
I too thinking often like that BTC dominating the whole crypto market, while comparing BTC with Altcoin, approximately 40% of total market cap occupied by BTC. So there is no other coin can overtake the BTC market in future. Can ETH replace the crown of BTC easily? It's market cap ~ 17%. Upvoted and resteemed.
It should be possible. I presonally tihnk that in the long-term BTC will only lose more dominance.
1:BTC supply is finite & limited
2:New altcoins created are infinite
i think he dominance of $ BTC is up, at almost 40%. Many projects without fundamentals are slowly diving into losing their $ BTC ratios.
Most likely we will be seeing this more and more. Stupid projects are going to bancrupt.
Everything does seem to move in accordance with Bitcoin... I think that its the one coin that everyone knows about. I think that this will be the year Ethereum takes the crown from Bitcoin as the highest market cap coin!
yes, I think there is a good probability for that.
You got a 2.90% upvote from @buildawhale courtesy of @ervinneb!
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