Who thinks too that Bitcoin is going to be one of the alcoins soon - Raise your hand!
For this post I will use only screenshots from coinmarketcap.
These days we have got corrections after a long bull-run which exploded in market cap. We have seen cryptocurrencies increase in volume many times their price, we have seen other fall, or others explode. But in all this time, what did Bitcoin do, compared to the rest of the altcoins?
We can see that in time, the huge dominance of the Bitcoin over the altcoins tends to get smaller and smaller. If we try to extrapolate the charts, we will conclude that soon Bitcoin will be mixed or even replaced by some other altcoins. This is happening because many other altcoins enter the market which makes Bitcoin loose position. Even though these coins are small by market cap, they are pretty many, and the wish of the people to get rich by buying coins that seem promising and very cheap, makes them increase in value.
It is true on the other side that Bitcoin, being an old coin has its disadvantages over new coins in areas like transaction speed, fees and scalability. Only by taking a look at blocktivity anybody can understand what advantages have other coins over Bitcoin, and who would have though, Steem is number one at the processed transactions again:
I know I broke my rule sharing the screenshot of blocktivity, but I couldn't resist seeing Steem heading the list :)
By taking a look at the dominance of Bitcoin over the year we can see the down-tread much powerful:
There was a time in the half of June this year when the market cap of Ethereum came so close to the market cap of bitcoin that the two coins were separated by 7% of the market cap dominance.
In the late autumn we have seen an increase of the Bitcoin's price when it got through 2 major hard-forks, one that gave people some free Bitcoin Gold, and a last spike in dominance when Bitcoin futures started to trade, but even so its dominance was much smaller than at the beginning of the year.
The current decrease in the Bitcoin's dominance is so strong that in a half of year or maybe until the next year, Bitcoin could be one of the altcoins, and the word altcoin will lose its sense. Imagine seeing Bitcoin on the 5'th place in the top crypto by the market cap. This is not impossible, but it is actually very likely to happen unless something major happens with the price of Bitcoin.
This decrease does not mean that the price of Bitcoin will go down, there are few chances of this to happen on the long run, but this means that altcoins are growing much faster.
Please share your thoughts in the comments below and if you liked the article, I really appreciate your upvote. Also if you are concerned of the health of Steem, you can have a look at my previous article and tell me what you think.
We are living interesting times, let's see what's next!
Wish I could raise my hands, but I'm cripple, I only type with my thumb...Yes... I do see BTC loosing, in the long run, because other altcoints will be with more purpose, better, faster, and cheaper transactions... BTC was, still is just the Fire starter...
I really hope you are joking when you say you are cripple...
Wish I was... I can raise my hands, but no power, I can't punch...
Much as I agree that btc is rapidly losing ground to the altcoins, it would never be an altcoin since technically altcoin refers to coins that are not btc.
Yes, technically it will never be an altcoin but since people won't be able to say Look there is Bitcoin, the biggest coin, and there are the altcoins. The difference of market cap between Bitcoin and altcoins is the most important and right now it becomes smaller and smaller.
That is an important distinction and I'm still waiting for the day when bitcoin becomes just another big fish in the ocean.
Same here :))
I also believe that although bitcoin has the market now, its quickly diversifying and the altcoins will no longer be alt but key players in the field in the short/medium term. In the few short weeks since we invested we have seen both massive growth and crashes only for it to bounce back within a few hours/days. 2018 is going to be interesting!
This is true, I can't wait to see what will be the market evolution. Only if we could now in advance so we can make the right choices, that would be great!
A crystal ball that works would be great or maybe the Delorean from back to the future?
Yep, that would be cool :)
There is a chance that Bitcoin will never be more than 50% of the market cap again. It's about 43% now. Just a couple weeks ago, it was over 60% of the market cap.
Indeed, a few weeks ago Bitcoin gained over 60% of the market cap, but that was happening as a result of futures tradings which is that kind of event that boosts the price of Bitcoin for short term. Now we are back to normal and I guess its dominance will continue decreasing for a while :)
Bitcoin's biggest advantages to the alt-coins is the fact that it was the first. Really, it is the first digital currency and the first international currency. It has an edge because most people in the mainstream has heard of it. Alt-coins are what Bitcoin was 5 years ago. The market cap will be heading into the trillions, but who knows when - next month, next year, but I don't think more than 2 years before we hit the $1T milestone.
Hard to say for-sure as if it can get more segwit support LTC could launch Lightning Network and Bitcoin would then follow suite shortly after. If this does not take place next year then yes at least 1 coin other then bitcoin will almost certainly overtake the #1 market cap spot.
Yep, you are right, it is almost impossible to tell for sure what will be, but analyzing the trends this is where Bitcoin will go. Lightning Network I guess goes to the category unless something major happens. Thank you for sharing your thoughts!
@originalworks
originalorks ? Are these some orks that are original? :))
Sry Sir...
there is no problem, thank you a lot for your support!
TyU2... ur Upvote has more punch, but I'll get there, 1 day..
For sure you will, It took me over three months of hard work, but I have seen people rising much faster, you have many chances. Most of the times it is only about luck.
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