I think it is good for crypto world that one cryptocurrency has dominant role, as a default cryptocurrency. And Bitcoin should keep that role. This doesn't mean that Bitcoin needs to have 50 or 60% dominance, anything above 20% is good.
We need one cryptocurrency as a reference for others. USD is not a good reference. Crypto world should be independent from fiat. For example when I want to know how much is DOGE worth right now, I check price in BTC, for example 57 satoshi. Or Ethereum, 0.11 BTC.
Topic: Are altcoins the future of cryptocurrency? - page 2. (Read 236 times)
There are thousands of different tokens, and 30% is a huuuuuge piece of crypto pie:) it is obvious that people diversity their portfolios, because bitcoin is good for long term deposit. And people tempt to earn here and now, so they go for short term trades.
Yes. Now BTC dominance is around 30%. If you remember it was more than 50% last December. Traders selling BTC to but Altcoins beacuse it seems more profitable.
If you look at Coinmarketcap figures, there is a steady secular drop in bitcoin market cap as opposed to alt coins. Ether which was the main contender seems to have plateaued. There is a steady rise in other altcoin dominance.
https://coinmarketcap.com/charts/
Now total market capitalization peaked at 800 billion sometime in Jan. This has dropped to approx 500 billion since. In December Bitcoin briefly reached 60 percent in market dominance. I think it was due to the influx of new players who joined due to the hype.After a quick drop we are seeing Bitcoin drop to around 34 percent of the market. Now the question is whether this will further drop. If it will drop who will be the new contenders. In all likelihood we will have a slew of new small currencies replacing the giant Bitcoin, each with a market cap of around 3- 4 percent. But that will mean that Ether and perhaps Ripple will be less important. I am not saying the price of either will go down, but that they will be less dominant in the whole market.
https://coinmarketcap.com/charts/
Now total market capitalization peaked at 800 billion sometime in Jan. This has dropped to approx 500 billion since. In December Bitcoin briefly reached 60 percent in market dominance. I think it was due to the influx of new players who joined due to the hype.After a quick drop we are seeing Bitcoin drop to around 34 percent of the market. Now the question is whether this will further drop. If it will drop who will be the new contenders. In all likelihood we will have a slew of new small currencies replacing the giant Bitcoin, each with a market cap of around 3- 4 percent. But that will mean that Ether and perhaps Ripple will be less important. I am not saying the price of either will go down, but that they will be less dominant in the whole market.
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