The reason BTC percentage of market cap is diving lately is because Bitcoiners are trying to force protocol changes to Bitcoin, instead of doing it on Litecoin, and so no progress is being made at all. Stuck in the mud.
nope.
the "market cap" is a meaningless number
i can create an altcoin with 5trillion coins. place just 1 coin on an exchange to publicly sell to myself at $1 to then have a 'market cap of $5trillion.
the market cap is simply the current public sold price of a coin multiplied by coins in circulation.
. anyway. as for bitcoins price. if you think its large whales making important decisions that can shift the price. i made a few observations the other week
exchange move from $935
⇘ $933 by a user with just $302(324mbtc)
exchange move from $933
⇗ $935 by a user with just $50(54mbtc)
(note trades measured in mBTC (0.001btc)less than $302(324mbtc) to drop the price from $935 to $933
⇘yep $302 to make the market cap change by $32,470,200.00
then ~$50(54mbtc) to ramp the price from $933 to $935
⇗yep $50 to make the market cap change by 32,470,200.00
price movements are not a sign of any "community consensus" due low funds being used and also the high increments per orderline causing the volatility($1 gap per increment)... making it easy to make the market volatile without needing large community/whales
yep just moving the price by $1 changes the market cap by $32million
and moving the price by $1 is shown to be very easy without having to spend much, not due to actual big decision makers using exchanges.
but due to low liquidity on exchanges thanks to no one trusting exchanges after the mtgox/bitfinex/cryptsy/cryptorush/mintpal/intersango/bitcoinica stuff... oh and also the hurdles of setting up accounts at such fiat accepting bitcoin exchanges due to the tightening up of the fiat regs of that side of a exchanges business
