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?
