Bitcoin is currently cannibalizing altcoins

wanderloy

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Quote from: Nebell on February 20, 2018, 05:28:24 PM

Bitcoin dominance is slowly increasing. It was at 34% a few days ago, now it's at 39.5%. Most altcoins are red.
Bitcoin is currently more than twice the market cap of #2, Ethereum.
Do you think that altcoin hype is finally fading?

In my own personal understanding, Bitcoin and Altcoins aren't working or related that way.
Altcoins goes down because Bitcoin value dropped but when it pump back up then the Altcoins will follow. And you should notice that the Altcoin pairings in coin exchange aren't mostly into USD ratio but BTC or Eth.
Therefore when Bitcoin dropped, Altcoin BTC value is although the same but in USD calculation is should be dropping as well.
Bitcoin and Altcoins works that way.

popolite11

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Quote from: Prodigan786 on February 20, 2018, 09:34:17 PM

Normal fluctuation in market always common still bitcoin and other currencies are fluctuating . But my bet for this year will be eth, neo will be the undisputed kings.

Of course, no, Bitcoin is not going to swallow and kill all the altcoins. Many alts are strong enough to have more followers and supporters than even BTC has. I also believe that NEO, Qtum and Cardano will become leaders.

iconoclast

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Bitcoin is a leading indicator, the altcoins will follow in due course.

Arlibtchunt2018

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Quote from: Nebell on February 20, 2018, 05:28:24 PM

Bitcoin dominance is slowly increasing. It was at 34% a few days ago, now it's at 39.5%. Most altcoins are red.
Bitcoin is currently more than twice the market cap of #2, Ethereum.

Do you think that altcoin hype is finally fading?

This time around the comeback of BTC could dominate alts in the market. Turning point on this could slowly pressure the large investor for alts. Pressing the issue of decline may not happen but leading to price downfall is a grave crisis for alts.

RedzoneASE

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Quote from: Nebell on February 20, 2018, 05:28:24 PM

Bitcoin dominance is slowly increasing. It was at 34% a few days ago, now it's at 39.5%. Most altcoins are red.
Bitcoin is currently more than twice the market cap of #2, Ethereum.

Do you think that altcoin hype is finally fading?

The course of this trend would lead not the altcoins decline but into a challenge. Knowing the fact that BTC already comeback and stability of its trend is already on the mark. We could probably take the challenge of alts this days. BTC crisis is done and for alts it is now starting. Though it's the case we must still think for the positive outcome in our investment.

Zendalet

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Quote from: weav on February 21, 2018, 07:29:09 PM

Yes for the last 4 days bitcoin continued to rise while altcoins suffered . But i seems like market manipulation to me and i expect it to be back to normal in a few weeks.

I agree, the price of Bitcoin has been increasing too fast. It can only be partially explained as a relief rally after the better than expected SEC hearing and the end of the Chinese New Year dip.

weav

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Yes for the last 4 days bitcoin continued to rise while altcoins suffered . But i seems like market manipulation to me and i expect it to be back to normal in a few weeks.

Zendalet

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There's definitely a chance Bitcoin makes most coins obsolete. 90% of the coins were useless anyway, but if Bitcoin can keep the transaction fee low and speed up the transaction time then for 99% altcoins it's game over. Only niche coins with unique features stand a chance to survive, like privacy coins and GPU mineable coins for when Bitcoin is stable.

gilangIDR

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Quote from: Nebell on February 20, 2018, 05:28:24 PM

Bitcoin dominance is slowly increasing. It was at 34% a few days ago, now it's at 39.5%. Most altcoins are red.
Bitcoin is currently more than twice the market cap of #2, Ethereum.

Do you think that altcoin hype is finally fading?

Bitcoin does have tremendous power, not just as the first cryptocurrencies that exist, but bitcoin also has a very good popularity in the market. So reasonable when bitcoin has a very high level of trust. Altcoin prices do decrease, but that does not mean it will cause altcoin to disappear slowly, if we want to increase altcoin then we should be accustomed to using altcoin. We all know that it is still very rare to use altcoin as a financial payment medium, that's what makes a difference with bitcoin. Market share and transactions made with altcoin are still very small.

makishart

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Quote from: Ulanisohon on February 21, 2018, 03:00:14 AM

Quote from: raven.tiu17 on February 21, 2018, 02:40:18 AM

Quote from: Ulanisohon on February 21, 2018, 12:38:11 AM

Half day ago BTC was increasing while other alts went down. I thought that everyone sold their alts to buy BTC. But now we can see that all the coins are going down ...
And as for me I don't see any reason for that... Is there any bad news? Or just regular correction ...

Bitcoin keeps increasing, All alts right now are in higher low position this is the time to buy alts before it go up!. I feel it that there will be a bull run for the incoming weeks to come. so better hold some coins if you have it!

Thanks for your constructive optimism! Very hope that it will be so..!
Because the market is already fed up with these bearish waves..
Although I won't buy any alts at this moment...Just hold. It's important to be calm and measured.

Please, look at the chart of last year. Altcoin was in the same situation like what's happening right now. How it will increase after bitcoin will have recovered soon.
This is just another regular correction, we know that korea is not banning crypto but it just allows the crypto trade with tax implementation. You should erase your worry.

kulitmanggis

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Quote from: Nebell on February 20, 2018, 05:28:24 PM

Bitcoin dominance is slowly increasing. It was at 34% a few days ago, now it's at 39.5%. Most altcoins are red.
Bitcoin is currently more than twice the market cap of #2, Ethereum.

Do you think that altcoin hype is finally fading?

the bitcoin price increase is very slow as it is still at the beginning of the year and there is no info or good news from bitcoin in big country, when big country like china japan and others have given it definitely price will easy to ride.

joeydangerous

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Quote from: Nebell on February 20, 2018, 05:28:24 PM

Bitcoin dominance is slowly increasing. It was at 34% a few days ago, now it's at 39.5%. Most altcoins are red.
Bitcoin is currently more than twice the market cap of #2, Ethereum.

Do you think that altcoin hype is finally fading?

Bitcoin is what started the coins that people are trading. It is how it is, there is no need to change anything.

VanKleiss

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Quote from: Nebell on February 20, 2018, 05:28:24 PM

Bitcoin dominance is slowly increasing. It was at 34% a few days ago, now it's at 39.5%. Most altcoins are red.
Bitcoin is currently more than twice the market cap of #2, Ethereum.

Do you think that altcoin hype is finally fading?

It is normal that altcoin will get dump everytime bitcoin price is increasing because traders sell altcoin to make a profit. Even if the value of altcoin get dumped on Bitcoin pair, the value of altcoins in dollars are still almost the same.

sana54210

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Even there are a lot of altcoins in this market, they are all lagging to provide enough competition against bitcoin. Because most of coins are having only one purpose whereas bitcoin will be having multiple purposes which will be affecting most altcoins not to get reasonable market capitalization.

As long as we are not seeing any highly competitive coin against bitcoin then we can say bitcoin will continue its domination in terms of market capitalization

cryptonoob312

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They say Bitcoin is gonna hit 50K this summer. So yeah, it's a pity but btc dominance is huge, crypto market sometimes look like a monopoly of bitcoin

ardyology

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I have been observing the dynamics of the industry and I can safely say that Bitcoin and altcoins are kind of dependent with each other. When Bitcoin experiences a bullish trend that is where the altcoins are down and vice versa hence bitcoin is not really eating up those altcoins. Whenever bitcoin takes 2 steps backward, it always takes 7 steps forward after. And for most investors, they just use altcoins to grow their bitcoins so there is really no competition here. It will take a lot of time before altcoins can come to any level of where bitcoin is right now.

liangweicha

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I think the current status is not bitcoin in eating into other altcoin, there is because the cryptocurrency market is bear market，because bitcoin also does not have a sharp rise, and almost every other tokens is in decline.

Ulanisohon

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Quote from: raven.tiu17 on February 21, 2018, 02:40:18 AM

Quote from: Ulanisohon on February 21, 2018, 12:38:11 AM

Half day ago BTC was increasing while other alts went down. I thought that everyone sold their alts to buy BTC. But now we can see that all the coins are going down ...
And as for me I don't see any reason for that... Is there any bad news? Or just regular correction ...

Bitcoin keeps increasing, All alts right now are in higher low position this is the time to buy alts before it go up!. I feel it that there will be a bull run for the incoming weeks to come. so better hold some coins if you have it!

Thanks for your constructive optimism! Very hope that it will be so..!
Because the market is already fed up with these bearish waves..
Although I won't buy any alts at this moment...Just hold. It's important to be calm and measured.

raven.tiu17

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Quote from: Ulanisohon on February 21, 2018, 12:38:11 AM

Half day ago BTC was increasing while other alts went down. I thought that everyone sold their alts to buy BTC. But now we can see that all the coins are going down ...
And as for me I don't see any reason for that... Is there any bad news? Or just regular correction ...

Bitcoin keeps increasing, All alts right now are in higher low position this is the time to buy alts before it go up!. I feel it that there will be a bull run for the incoming weeks to come. so better hold some coins if you have it!

Ulanisohon

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Half day ago BTC was increasing while other alts went down. I thought that everyone sold their alts to buy BTC. But now we can see that all the coins are going down ...
And as for me I don't see any reason for that... Is there any bad news? Or just regular correction ...

Topic: Bitcoin is currently cannibalizing altcoins (Read 409 times)