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Bitcoin Gaining On Market Dominance 1-Year High

in bitcoin •  14 days ago

Bitcoin reaching 60 percent dominance while alt coins such as Ethereum are quickly losing out


Image source: pixabay - nosheep

Market capitalization of cryptocurrencies seem to tank out for Bitcoin, but alt coins are experiencing large drops. In the past 24 hours according to coinmarketcap sees major loses for Ethereum, Bitcoin Cash, Litecoin, Cardano, Monero, Dash. In fact, the large majority of Top 100 coins have been dropping off.

It is unclear at this point whether the tanking of BTC represents Bitcoin's "stable price". It is likely that Bitcoin prices will remain volatile until the end of 2018 to see a major turn around.


Image source: coinmarketcap - Market Dominance

Bitcoin's dominance has reached 57 percent, almost back to its 63 percent dominance peak in December 2017. At that point nine months ago, the total market for altcoins including Ethereum, Ripple and Bitcoin Cash made tremendous gains. That was also when we saw Bitcoin prices fell from $20,000 to $6,000 in two months.

The current trend is different as Bitcoin prices remained stable around $6,250 while continuing to gain market dominance over Ethereum. Ethereum investors may have been "fleeing" until the establishment of Ethereum's hybrid Proof-of-Work/Stake Casper FFG protocol.

The Proof-of-Stake protocol for Ethereum is set to take center stage only in late 2019. We can imagine the amount of work developers are putting in to make a the switch. Till then, ETH is currently laying low for a brighter future ahead.


Image source: pixabay - santiagotorrescl95

As for Bitcoin, Washington Post - Brian Fung reported on a group of tech veterans and a number of high-profile companies forming the Blockchain Association. The association in Washington represent entrepreneurs and investors who are building off the technology behind Bitcoin.

Kristin Smith will be the newly hired Director of External Affairs for Blockchian Association as she tweeted, "I’m excited to be joining the ⁦@BlockchainAssn⁩!"

The Blockchain Association aims to become the cryptocurrency industry's top lobbying organization in Washington on policy issues, portraying itself as a voice for mainstream companies that want to work within the political system.
Source: Washington Post - Brian Fung

This is a move to consider cryptocurrency into the US tax law, applying anti-money laundering and KYC regulations to the industry. These plans will roll out in the next few years and will probably be integrating blockchain technologies and cryptocurrency into government policies.

-tysler

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This is where BTC's 10 year history comes into play, for all the alts, no one can be sure they will survive but BTC can always be counted on. That is hard to put a price on that but it certainly shows those that dismiss BTC in favour of alts don't truly understand the dynamics of the market.

Bitcoin will remain dominant. Its the safest bet and while it may not have as big an increase as other coins its sure to survive the market and remain the top coin due to its network effect.

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Yes Bitcoin has the potential to remain as the most stable coin in the long term, which is a good news for the new industry.