Bitcoin Losing Relevance? Dominance at All Time Low

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Sachubaba on January 04, 2018, 12:41:34 AM

Bitcoin's dominance (coinmarketcap.com) is at an all time low now - 33%.
Bitcoin transactions are slow and expensive. Other altcoins offer much better features.
People are slowly moving money from Bitcoin to altcoins.
Is bitcoin losing its relevance?
People say Bitcoin can still be used as store of value, but is there any value in an asset if it has no utility?

Dominance, market cap , shiny number that trick newbies into buying crap coins.
The US GDP is 24% that of the world. Yet when the US had a crisis it sent all the other countries a decade back.
Now let's say the same would happen to India, with it's 4%...nobody would give a f word.

When bitcoin bleeds the altcoins are on their deathbed.
No altcoin has ever managed to capture the attention and on its own drive the crypto market cap up without influence from bitcoin.

So..60% 40% 25%.... bitcoin is and will still be king.
And now really....ripple? That's not even funny!

fanbeila

hero member

Activity: 714

Merit: 500

Quote from: davis196 on January 04, 2018, 02:14:22 AM

Quote from: Sachubaba on January 04, 2018, 12:41:34 AM

Bitcoin's dominance (coinmarketcap.com) is at an all time low now - 33%.

Bitcoin transactions are slow and expensive. Other altcoins offer much better features.

People are slowly moving money from Bitcoin to altcoins.

Is bitcoin losing its relevance?

People say Bitcoin can still be used as store of value, but is there any value in an asset if it has no utility?

What "much better features" are you talking about?I don`t know about any altcoin that is better than btc.
If some altcoin was really better than bitcoin,it would be the new crypto leader with the biggest market cap.
Don`t compare btc with all the other altcoins combined.Compare it with every separate altcoin.
Right now,the blockchain is stuck and btc transactions are expensive.That`s why most crypto users switch to altcoins.

Valid points. No particular altcoin has a high share as bitcoin. Some people may switch to altcoins to just make some extra profits.But it's temporary. Transaction issue is also a temporary one. Once Ln gets activated, it would get solved.Bitcoin has already faced many big issues and has survived. This issue would only be used by FUD spreaders to give negative publicity to bitcoin. We should also take in to consideration that lots of new altcoins get introduced day by day and they just share bitcoin's market cap.

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: Sachubaba on January 04, 2018, 12:41:34 AM

Bitcoin's dominance (coinmarketcap.com) is at an all time low now - 33%.

it will continue to go much lower than this but it is not called "dominance" despite what coinmarketcap calls it.
with all these new shitcoins being created and these billion supply centralized altcoins like ripple being pumped the percentage will grow smaller.

Quote

Other altcoins offer much better features.

no they do not.

Quote

People are slowly moving money from Bitcoin to altcoins.

people, which means traders, move from bitcoin to altcoins whenever bitcoin price is stable and they can not make enough profit. they go to altcoin market and pump the shit out of them to make a huge amount of profit so that they can invest more in bitcoin in the end. this has been the story for at least 6 years.

Quote

but is there any value in an asset if it has no utility?

exactly! when altcoins have 0 utility they also have 0 real value. the price you see is purely speculative price.

GreenBits

legendary

Activity: 1148

Merit: 1048

Quote from: NorrisK on January 04, 2018, 02:25:09 AM

The number is basically dropping so low by the insane surge of ripple that doesn't seem to want to stop.

I feel it is sucking in too many suckers as it has been going up and only up for so many days in a row.. At one point that ride will end and then it is bitcoins turn again.

And then ofcourse there are many more altcoins that are slowly building their marketcap mostly in more realistic ways then ripple.

Like IOTA, Ripple is riding the hype wave and there will be much collective butthurt when folks get burned. The bull run on ETH and many alts in general is also sucking the cap out of BTC, but it is a cyclical thing. in my opinion its healthy. Bitcoin wont survive alone, at this point this is a whole, connect ecosphere.

But I hate to see "capital flight" into unstable markets like the aforementioned ripple situation. LTC probably didnt feel so good is you purchased in at 300, right before the retraction.

dlhezter

full member

Activity: 434

Merit: 100

just continue believing in bitcoin, because all of these problem sooner or later there will be a solution to be implement, remember bitcoin is the only original one among other crypto currency so dont let your self made more doubt in just few problem that bitcoin has, anything has just got started.

soham

sr. member

Activity: 406

Merit: 250

Quote

Bitcoin's dominance (coinmarketcap.com) is at an all time low now - 33%

I am also worried about the same. It was around 39% just two days back. However, if you are monitoring bitcoin constantly, you have noticed that the price has recovered from 13,000 level to 15,000 level even after loosing the market dominance.

Quote

Bitcoin transactions are slow and expensive. Other altcoins offer much better features.

People are slowly moving money from Bitcoin to altcoins.

I totally agree with you on this. The network traffic isn't coming down to an optimum level where the network can support that resulting in high transaction fees. The current transaction fees is not practical for smaller transactions at all. A lot of people including me started investing in various other cryptos now.

Quote

Is bitcoin losing its relevance?

People say Bitcoin can still be used as store of value, but is there any value in an asset if it has no utility?

Probably no. If you are aware of the current news then you must know that lightening network is currently being tested in testnet. The first transaction using this LN was super successful where the transaction was instant with no fees. Within the first quarter of 2018, it is expected to be implemented. So just stick with bitcoin. Good news are on the way.

NorrisK

legendary

Activity: 1946

Merit: 1007

The number is basically dropping so low by the insane surge of ripple that doesn't seem to want to stop.

I feel it is sucking in too many suckers as it has been going up and only up for so many days in a row.. At one point that ride will end and then it is bitcoins turn again.

And then ofcourse there are many more altcoins that are slowly building their marketcap mostly in more realistic ways then ripple.

davis196

hero member

Activity: 3192

Merit: 939

Quote from: Sachubaba on January 04, 2018, 12:41:34 AM

Bitcoin's dominance (coinmarketcap.com) is at an all time low now - 33%.

Bitcoin transactions are slow and expensive. Other altcoins offer much better features.

People are slowly moving money from Bitcoin to altcoins.

Is bitcoin losing its relevance?

People say Bitcoin can still be used as store of value, but is there any value in an asset if it has no utility?

What "much better features" are you talking about?I don`t know about any altcoin that is better than btc.
If some altcoin was really better than bitcoin,it would be the new crypto leader with the biggest market cap.
Don`t compare btc with all the other altcoins combined.Compare it with every separate altcoin.
Right now,the blockchain is stuck and btc transactions are expensive.That`s why most crypto users switch to altcoins.

Sachubaba

newbie

Activity: 29

Merit: 0

Bitcoin's dominance (coinmarketcap.com) is at an all time low now - 33%.

Bitcoin transactions are slow and expensive. Other altcoins offer much better features.

People are slowly moving money from Bitcoin to altcoins.

Is bitcoin losing its relevance?

People say Bitcoin can still be used as store of value, but is there any value in an asset if it has no utility?

Topic: Bitcoin Losing Relevance? Dominance at All Time Low (Read 140 times)