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.
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.