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Topic: Bitcoin dominance threatening the existence of most altcoins (Read 118 times)
It happens most altcoins face difficult situations due to Bitcoin's existence so there are advantages and disadvantages when we see Bitcoin in the crypto market
Yeah we can say Bitcoin dominance threatening the existence of most altcoins because while bitcoin exist in the market as a trading asset most of the time businesses and organizations consider bitcoin over other currencies so it happens naturally
Many crypto currencies doesn't have potential investors because most people are concern about the big kind Bitcoin and then some about Ethereum so yes Bitcoin is definitely a problem for other currencies
I don't think Bitcoin dominance will affect any altcoin at all. Sooner or later people will move on to other projects.
I agree with what you have mentioned when there is a demanding crypto assets like Bitcoin in the crypto world investors won't pay much attention to rest of cryptocurrencies and it is a major disadvantage for them which make a huge imbalance too
Yes in some way it does but Bitcoin is essential to continue with the crypto world because as the first currency if Bitcoin fails it is a bad image for the crypto world
I believe that the bitcoin dominance is just a matter of time. With time, other coins will gain enough momentum to compete with bitcoin or even surpass it. Even in economics, currency can be very funny evident in the loss of value overnight as a result of a singular incident.
There is an important field in coinmarketcap "bitcoin dominance" most people dont really look at it. Last year when bitcoin was rising to its peak,,its dominance was over 50%. The implication? Bitcoin was gaining value against most altcoins except some few.
During that period lots of altcoins value went down to almost zero, even some top 20 altcoin lost ground. Some are languishing in the lower half of coinmarketcap.
But as time went on in early 2018 the tide changed a bit, Bitcoin dominance went to as low as 34%. Bitcoin dominance have started growing again.
From all indication, it could hit above 50%, even 60%. This time around a lot more altcoins will loose most of their values to near zero, once Bitcoin ETF is approved bringing an explosive influx of institutional investors who will focus more on Bitcoin and avoid a larger part of altcoin except a few.
Though for now, bitcoin ETF is delayed until a later date.
What's your opinion about this development?
During that period lots of altcoins value went down to almost zero, even some top 20 altcoin lost ground. Some are languishing in the lower half of coinmarketcap.
But as time went on in early 2018 the tide changed a bit, Bitcoin dominance went to as low as 34%. Bitcoin dominance have started growing again.
From all indication, it could hit above 50%, even 60%. This time around a lot more altcoins will loose most of their values to near zero, once Bitcoin ETF is approved bringing an explosive influx of institutional investors who will focus more on Bitcoin and avoid a larger part of altcoin except a few.
Though for now, bitcoin ETF is delayed until a later date.
What's your opinion about this development?
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