Topic: Bitcoin marketshare continues to drop - page 2. (Read 491 times)

altcoins get rise of increment through bitcoin so therefore I believe that if bitcoin no increases altcoins will not increase, bitcoins can increase at any point but altcoins can not increase like altcoins so I don't know how possible that altcoins can do without bitcoin, altcoins can not do without bitcoin experiencing in the market, so I believe that altcoins can existence when bitcoin is not on positive side..I know quite well that it's altcoins that gives money when you invest on it and it happens to do well for the investment.

(I'll try to work past your personal attacks--maybe try to calm down and just discuss things rationally?)

You keep saying Bitcoin absolutely must appreciate in value forever because there is a limited supply. But there is a finite number of acres of land on the earth and yet real estate doesn't go to infinity--and there are a million other examples of things with limited supply that are also worth little or nothing on the open market. Supply--in either direction--does not generate demand, and you need both for the market price to go up in value.

You also keep saying that Bitcoin absolutely must have a price floor since the cost of creating a Bitcoin is X dollars. That too is meaningless if there is no demand for said commodity. Again, millions of example of things that cost a lot to produce, and yet nobody wants. You can buy a 50 million dollar supercomputer from 1995 today for about 50 bucks--even though it cost millions to make.

What you are looking for here--and you won't find with Bitcoin--is objective value. Many things have objective value, which is something that physically makes somebody's life better, like a house, or a car, or good food, or an entertaining movie. Things that save people discomfort, like treatments, medicine, assistance, etc. make people's lives better have objective value. Software and computer systems that reduce costs or improves people's comfort has objective value, as does software that reduces the cost of things people do in order to obtain other objective values.

There are some items that are desirable, and might seem non-objective like diamonds, luxury goods, well-known brands, and so on, but these impart value to humans in the form of greater social standing, and so forth. Indeed, anything one can "show off" that enhances their social standing in a way that you desire is objectively valuable to that person.

Speculative instruments like Bitcoin, sports betting, memecoins, NFTs, or things derived from those things have no objective value. That doesn't mean that people won't desire them--and perhaps even a lot--but they are non-objective, and thus derive their value solely from the desire of others as an end in itself. While things like this might be tradable for things with objective value, they are not themselves that--which is why such things do not have any sort of inherent price floor: their value could go to zero if people simply stopped desiring the item.

As I implied in the OP, Bitcoin is not functionally different than many other things like it you can buy today--the only difference is the number of people who happen to desire it right now. That demand might go up, or it might go down--but there is absolutely no metaphysical case to be made that it will necessarily do either one.

you have no clue about economics at all
i and others tried to help educate you ages ago but your ignorance showed you dont care about learning

but for other readers who do care
bitcoin has a mining function to secure bitcoin thats rewarded, the security requires effort in the form of electronic work called proof of work, which costs real money (electric+devices)
around the world there is a range of costs for this mining process where the cheapest most efficient value of mining costs about $60k/btc
meaning because its the most cheapest method to acquire bitcoin no one wants to sell for less and so it creates a "bottom" support that no one wants to go below

on the flip side the most expensive premium mining cost is in excess of $300k, by which many countries with higher mining costs bove $100k to $300k would be happy to buy from the market at a discount compared to mining
however when the market reaches the tips of its speculative range where everyone on the planet could mine for less than the market. then the market bids dry up and the market reaches its peak ATH for the period

..
so bitcoin does have many economic factors beyond the ignorant thoughts of legiteums narrow vision of high school economics

..
in short bitcoin have a healthy real economic market window of speculation between $60k-$330k right now
yes it can play around at any price between those numbers but there is strong support and real economic reasons to keep the price within those boundaries right now

..
personal message to legiteum
take a hard dose of respect for yourself and educate yourself. stop wasting your ignorance making the same ignorant posts and use that time to educate yourself, for your own benefit.. stop relying on the lapse of education which stopped at highschool.. always be willing to learn

Why would they get disappointed? Remember that the only thing that drives the price of most digital currencies these days is... other people buying it. So if the price of these instruments goes up, more people will buy them.

Bitcoin's appreciation in price is the only useful feature it has--but that's circular reasoning.  That's not to say it may not still go up, but there's nothing to stop it from going down, either.

We have a saying in Croatian that loosely translated goes something like "if grandma had wheels, she would be called bus".  If you zoom out XRP/BTC chart, you will see that in the long run XRP is still loosing the battle vs bitcoin and its far below its all time high from 2018.

By the way, your thread might have pushed bitcoin over that 100k mark that worried you so much about. 



Guess what many of those newbies buy after they get disappointed in alts?

Exactly. And I think this trend will only accelerate since the economic incentives align so much better for non-Bitcoin currencies for the ones who interface directly with investors.

Longer term, that's a bearish sign for Bitcoin, and very bullish for non-Bitcoin currencies.

Ah ok I get you.
I think a lot of newbies gravitate to $hitcoins looking for the quick profit and follow
the advice of "experts" on social media predicting "The next big coin" which "could"
go to 1,000x - and there are hundreds of such experts laying down their referral link
and preying on those newbies.

and so thats what drains Bitcoins market share.

Just looked at coinmarketcap for the first time in a long time and you have to go
to "Mog Coin" in position 117 with 1billion in market cap, everything above it have
Billions of market cap.

Who are the people who have a billion $'s in that $hite, ridiculous

Frankly I'm surprised its still over 50%, even when taking into consideration how easy it is for tokens to game their market caps. For example, does anyone really think that $SHIB, a washed-up memetoken is "worth" $18.2 billion?

Still, the first altcoin was launched in 2010, and regardless of what anyone says, some of them have provided real value to the overall cryptosphere and aren't going away any time soon. Bitcoin, while still the best crypto in terms of capturing dev brainpower, simply cannot do everything that the net sum of the best alts can do (whether it be smart contracts, true fungibility, or fast/cheap transactions). So I wouldn't be surprised if the dominance continues to fall in the future, regardless of whether its "alt season" or not.

This statement does not take away any of the magnificence and technological marvel inherent in Bitcoin; it just suggests that there is still a lot of room to grow as we continue to convert more of the non-crypto public. It's a win/win situation for everybody, not a PvP competition.

You truly understand what's going on. The joke will be on those who think Bitcoin is done with its spike this circle. They don't know this is just a cool off moment for Bitcoin. This is just a warm up. The real push is around the corner.

After the significant price spike of Bitcoin, I believe investors expect that altcoin would gain some effect of those Bitcoin bullish, and they began to speculate that there is going to be altcoin season, as shown in previous event, altcoin season is not really a threat to Bitcoin market both in term of price or marketcap, investors will finally take profit and sell their altcoins and buying bitcoin again to secure the value of their assets, and I think the case is still the same that people consider altcoins are not very safe for long-term investment afterall.

I guess I simply disagree with this. Comparing the current market to only three years ago, for instance, tells me that things have drastically changed.

Crypto brokers were the single-biggest contributor to the US elections in 2024. That's crazy--and very, very different from before when political contributions were basically nil. This tells me that crypto has grown up as an industry, and there are now key players that control this industry--and they are the major brokers like Coinbase and Binance, as well as the major private chains like Ripple, Solana and Hedera. None of these industry leaders have any specific reason to boost Bitcoin, and they have billions of reasons to pump it's competitors.


I was talking about the current bull run after the US election. XRP (and many others) have blasted off many times their previous value, and Bitcoin has risen perhaps 35%.


I was talking about new individual investors, not new currencies. Newbies usually gravitate toward the most well-known brands, which Bitcoin is by far the biggest. It's very bearish, therefore, that Bitcoin is actually losing marketshare in this context.

"Millions" of new entries!

Surely that would be a red flag to stay the hell away from them?

"Millions" of new entrants mean they each have a very nominal "market share"
just like all the other $hit coins in existence

Not really? The return was from 50 cents to $2.4, which is a bit less than x5 return, so I can't really say that there are enough reasons to consider this anything great, because even bitcoin went under 20k and reached to nearly 100k, so we have seen 5x return from bitcoin as well, and that's the biggest name, if you look for others, there are better ones too.

So there is really no reason to invest into XRP at all, makes no sense to me why people insist that it's a good coin, I would avoid that if I could. I agree that long term investment is better, and I do that too, I have mostly bitcoin, and then there are some other ones as well that I try to look at this as a good way to move forward as well, that will be a lot better.

No one is expecting Bitcoin to achieve the $100k benchmark on the first lump pull like the last one and infact everyone was expecting Bitcoin to reach a 90k price benchmark for this bull season, but unexpectedly Bitcoin reached above 99k+ this alone is a merging that should be viewed at the same light with a 100k Bitcoin price achievement in this bull season.

So expecting Bitcoin to climb above 100k and staying above that price per BTC is somewhat an unsustainable price benchmark for Bitcoin, but at least with the current Bitcoin  resistance price we are sure that the next leg up for Bitcoin will take us to a price position that will put us above $100kBTC.

As it is, we might expect for sure some slowdown on the pump of Bitcoin since the money might just go into altcoins for sure, since there are a lot of people probably already cashing out on Bitcoin, and investing it on altcoins for sure. But if we believe in the cycle of Bitcoin a lot of investors are going to believe that the market price could still peak in October next year, and I also believe in it, and for some it might just be easy to chill on the position since we buy and invest on Bitcoin on a very low price so, so buying early on Bitcoin could easily pay off right now that we are already on top around 90k$, its easy for a lot of people to take a profit at this point.

Would still continue to hold my Bitcoin but mostly planning to sell it next year whatever the market price might be, I just want to see if the market price is going to continue to increase in the coming months even though the market dominance is decreasing, but I'm planning to sell around 120k$-150k$ which I think is very possible at this rate.

Not that I don’t get your point here but the market hasn’t changed much from how the trend use to be from the previous bull runs and that’s why bitcoin dominance is reducing and more people are going into them altcoins, and as usual many people have started this trend of if there is always going to be an altcoin season why not join them just like you have insinuated of buying XRP. And my question is always this what is that altcoin to buy.

Take XRP for example were we confident of it doing a 10x after the last bull run? I don’t think many actually did think of that, it had its problems and overcome and just like Solana and SUI it is back up, but how do one hand pick this Altcoins to know which will pump or not, you simply just gamble on them, so for bitcoiner like me why gamble when you can get a solid 2x+ from bitcoin which is also an hedge against inflation

Okay, but... if you invested in (say) XRP during this latest bull run for BTC, you would have 10x your profits, at least. Just saying.

To be clear, I personally hate speculating and I don't personally own more than $100 in other cryptos (besides my company's), and I definitely don't do "day trading" or trying to predict what is going to go up or down in a week or a month.

But I think it's interesting to look at long-term trends, because they can change the way you look at the business.

I'm not going to respond to a post like this, nor should anybody else...

Dunno about you, but I certainly didn't expect that we will go through 100k mark on the first try so I see nothing strange in all this. Altcoins are getting their little pump before those who control the market decide that its time for bitcoin to finally break it.

If I were you, I would rather see it as a chance to get some more under 100k bitcoin than worry about it and thinking its some sort of a sign that bitcoin is in trouble.

Well it's not totally useless. It's more like a simple mathematical calculation of the percentage relationship between bitcoin's market capitalisation or market cap as we usually say and the total crypto crypto currency market cap. Say if we are to make out a formula for it we'll get something like this;

---

BTC Dominance (%) = (Bitcoin's Market Capitalization / Total Cryptocurrency Market Capitalization) x 100

---

Well you have a point about altcoins manipulating price but that is more common with premarket prices and in a calculation like this such data isn't including when summing the total market cap. Well to be frank the price of literally any commodity can be manipulated ranging from metals like Gold and silver to stuffs like oil and Gas and even crypto including bitcoin too. It's just a matter of adjusting supply in relation to demand , or in the case of bitcoin create an avenue for FOMO to cause price shifts buy either buying or selling huge amounts of bitcoin.