BTC market dominance: why it doesn't matter

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

Quote from: St4yInTh3D4rk on December 10, 2018, 11:36:00 PM

Quote from: libert19 on December 10, 2018, 11:22:30 PM

I don't care either, because all alts pumped (even shitcoins), last year just because BTC was rising, now that alts again following BTC albeit with down trend, people are mad.

They just follow bitcoin for investing on any other coins so when the bitcoin is not at its best more people lose interest on investing on crypto and few of them moved to shit altcoins into bitcoin that is why the dominance increased but its nothing to do with the future of the crypto currencies.

the only reason "dominance" decreased in first place was because of a big suge of shitcoins in the market that were coming out nonstop each having millions of useless token which then increased the total market cap by a lot.

so obviously when they got dumped that fake market cap vanished and "dominance" went back up again!

St4yInTh3D4rk

sr. member

Activity: 686

Merit: 264

"STAY IN THE DARK"

Quote from: libert19 on December 10, 2018, 11:22:30 PM

I don't care either, because all alts pumped (even shitcoins), last year just because BTC was rising, now that alts again following BTC albeit with down trend, people are mad.

They just follow bitcoin for investing on any other coins so when the bitcoin is not at its best more people lose interest on investing on crypto and few of them moved to shit altcoins into bitcoin that is why the dominance increased but its nothing to do with the future of the crypto currencies.

libert19

hero member

Activity: 2520

Merit: 952

I don't care either, because all alts pumped (even shitcoins), last year just because BTC was rising, now that alts again following BTC albeit with down trend, people are mad.

pooya87

legendary

Activity: 3472

Merit: 10611

two things that i need to point out.
first is the following statement:

Quote from: Oxstone on December 10, 2018, 09:57:11 AM

~ BTC is a technology that can only die. That it's no longer innovative enough and will disappear.

you need to read between the lines. what this says is the following:
it says "our shitcoin which is only a little different from bitcoin but is copied from it is better and 'innovative' just because we changed a tiny bit of the irrelevant part of the code".
in other words this has been an advertisement to pump shitcoins and it is so dumb since bitcoin IS the newest technology!

as for market dominance, it matters A LOT. but the problem is what people call market dominance is NOT market dominance it is market capitalization ratio! and that is a 100% fake and meaningless number when someone can create billions of dollars worth of it out of thin air and have a completely useless token with a huge market cap.
when market capitalization ratio of bitcoin is 50%, the market dominance of bitcoin is still above 95%

hatshepsut93

legendary

Activity: 3038

Merit: 2162

Sure, it doesn't matter, but it's a bit sad to see shitcoins getting billions in marketcaps. This indicates that the market is highly irrational, people will throw their money at whatever is flashy and new and comes with a load of buzzwords. And irrational market can't be stable, sooner or later it will crash and burn when people will start realizing that they were getting scammed. This can negatively influence Bitcoin for some period of time.

franky1

legendary

Activity: 4424

Merit: 4794

though i detest anyone measuring bitcoin performance based on "market cap".. i will say this.

ever since a certain dev team took over as the core of the network. anyone wanting to be innovated found it hard to get their foot in the door of making bitcoin better as a better bitcoin network.

these days making the bitcoin network better is becoming a last resort. where people have to instead make other networks and then find a way to then link or find a way to peg to bitcoin.

i personally am not into altcoins. but diluting out innovation of bitcoin and segregating it all out into altcoins. is not actually good for bitcoin

zolfa

member

Activity: 518

Merit: 11

this year is a very low market for BTC, weak investment, weak trade.

I think, many crypto users are doubtful about BTC. FUD attacks every time, and big sales occur this year.

Rozita

full member

Activity: 658

Merit: 108

Early 2017, Bitcoin dominance was about 88% and bitcoin price was 1000 dollar. In December bitcoin dominance decreased to about 54% and bitcoin price reached 19000 dollar.
So, decreasing the dominance can be in favor of both bitcoin and altcoin lovers.

kamBlanV

full member

Activity: 441

Merit: 100

Bcnex - The Ultimate Blockchain Trading Platform

You are right that the dominance of the BTC market today is very low.

the wrong assumption is that BTC will die, and the correct assumption is that BTC is dying and will recover again in a long time, and we never know.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: Oxstone on December 10, 2018, 09:57:11 AM

We will worry the day a coin dominance is higher than BTC dominance, until then, seeing BTC dominance going down is a GOOD thing because it means crypto as a whole is benefiting from BTC fame and investments are coming. There is nothing wrong with that.

Coins gaining market cap dominance over each other has no meaning, so why should you then worry? In fact, XRP has gone over Bitcoin's market cap more than once already. All the XRP idiots cheering for XRP to take over the nr1 spot have much to learn. In the same way, they have gone over Ether's market cap plenty of times as well, yet don't know how to execute a simple task as opening a market cap chart to see that it already happened.

There is nothing wrong with shilling a coin, we all do it to a certain degree, but the XRP +$2 bag holder community is the worst so far. You don't see any other altcoin bagholder be that desperate. Some times I even wonder how many of these idiots have been paid to spread nonsense. Any other entity with a large stash of coins (being locked or not) is considered to be a scammer, but with Ripple it's all fine, yeah right. Roll Eyes

Bitcoin is always Bitcoin. Shitcoins are always shitcoins.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18771

Market cap and bitcoin dominance are near useless statistics in a world where multiple scam ICOs are launched on a daily basis.

I can go and create a new ERC20 token in under an hour. I can design it to have 1 billion tokens, and I can get it traded on some 2-bit exchange without too much difficultly. I can then sell a single token to my friend for $10. Boom. My project now has a marketcap of $10 billion. It becomes the number 3 biggest cryptocurrency in the world at current prices, and I've just knocked 5% off of bitcoin's dominance from 55% to 50%.

These numbers are an exaggeration of course, but this kind of thing is happening several times every day with all the new ICOs and tokens that are being launched. They dilute the market with their fake marketcaps, and make bitcoin dominance not a particularly useful or helpful statistic to track.

tdrinker

full member

Activity: 276

Merit: 103

Join FlipNpik Telegram : t.me/flipnpikico

Quote from: teilwalL05 on December 10, 2018, 12:20:36 PM

Because bitcoin is the father of all Cryptocurrency and nothing can take its place as long as it stays.

Near everything is surpassed at some point, even the greatest inventions or ideas cannot remain at the forefront forever. As much as I am an advocate of bitcoin, bitcoin will face the same. There will come a time when bitcoin dominance is in the single digits or less because so many other coins are performing well and some have surpassed it. In some ways I think we might need that to happen because it would mean that adoption is really here.

Peacemaker1994

jr. member

Activity: 154

Merit: 2

Bitcoin is the pioneering coin in the cryptocurrency world and its well deserved the most valuable coin and most time the fluctuation of bitcoin is adversely felt amongst other coins.

BTC is the king of cryptocurrency but that's not to say the cryptocurrency world lacks other good coin

teilwalL05

hero member

Activity: 980

Merit: 500

For me, I don't really care about the percentage rather will go down or not as long as the price of bitcoin will stay big enough other than other cryptocurrencies it will still be on the top for me If there would be another cryptocurrency pass on to bitcoin just like what ripple did to Ethereum I don't really care as long as ETH still had a larger amount than Ripple, we can still use it or made a transaction, trade and invest it still be the same for me, And I really think that even the percentage to the popularity of bitcoin drops other coins will also drop, Because bitcoin is the father of all Cryptocurrency and nothing can take its place as long as it stays.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: Oxstone on December 10, 2018, 09:57:11 AM

BTC market dominance going lower just means the cryptoworld as a whole is exploding with new ideas and new projects! That there is more and more money invested in different kind of tokens and coins! But what's the first base coin for all this? BTC.

It can also just mean lots and lots of altcoins and ICO tokens are being launched, regardless of whether those projects are noteworthy. With large enough circulating supplies, even at modest prices, this can drastically inflate the total market cap -- pushing Bitcoin dominance down.

That's why market capitalization and Bitcoin dominance aren't very useful metrics.

Theb

hero member

Activity: 1680

Merit: 655

You are speaking of the truth here but the market says otherwise. There is no doubt that the market dominance for Bitcoin is fading, with new cryptocurrencies entering the market chances are the holders of Bitcoin will look for better opportunities to grow their capital and undoubtedly affect Bitcoin's dominance. Market dominance for me is important as it shows that the market leader is still got what it takes to lead the whole industry and the more we're seeing BTC's dominance shrinking the less influence it has on the market.

jimbo2000

full member

Activity: 336

Merit: 100

Quote from: Oxstone on December 10, 2018, 09:57:11 AM

So above all the FUD I've read, there is one argument I just don't like cause it's not a lie, it's a stupid illogical argument.

The argument is to say that overall BTC dominance has been divided by two over the last year which proves that BTC is a technology that can only die. That it's no longer innovative enough and will disappear.

Now it's true that looking at the charts BTC dominance felt under 80% begining 2017 to never come back even above 60%.
So what?

BTC market dominance going lower just means the cryptoworld as a whole is exploding with new ideas and new projects! That there is more and more money invested in different kind of tokens and coins! But what's the first base coin for all this? BTC.

We will worry the day a coin dominance is higher than BTC dominance, until then, seeing BTC dominance going down is a GOOD thing because it means crypto as a whole is benefiting from BTC fame and investments are coming. There is nothing wrong with that.

At least that's a newbie opinion on the subject Cheesy

As you said, BTC market dominance is irrelevant. All it can tell us is the price strength of bitcoin relative to all other alts. Not if they're performing well or if the whole market is growing. Anyone who thinks BTC market dominance will sustain itself or even increase in the long term is quite sorely mistaken, it's 1 coin vs 2000+ and that 2000+ is growing all the time.

KingScorpio

sr. member

Activity: 1470

Merit: 325

Quote from: Oxstone on December 10, 2018, 09:57:11 AM

So above all the FUD I've read, there is one argument I just don't like cause it's not a lie, it's a stupid illogical argument.

The argument is to say that overall BTC dominance has been divided by two over the last year which proves that BTC is a technology that can only die. That it's no longer innovative enough and will disappear.

Now it's true that looking at the charts BTC dominance felt under 80% begining 2017 to never come back even above 60%.
So what?

BTC market dominance going lower just means the cryptoworld as a whole is exploding with new ideas and new projects! That there is more and more money invested in different kind of tokens and coins! But what's the first base coin for all this? BTC.

We will worry the day a coin dominance is higher than BTC dominance, until then, seeing BTC dominance going down is a GOOD thing because it means crypto as a whole is benefiting from BTC fame and investments are coming. There is nothing wrong with that.

At least that's a newbie opinion on the subject Cheesy

bitcoin market dominance is basically just a faked up figure, same like marketcapitalisation.

once it was established people seem to continue to like it.

Upgrade00

legendary

Activity: 2254

Merit: 2406

Playgram - The Telegram Casino

Market capitalization on which bitcoins' dominance is based is one statistic I am not too interested in.
Lots of coins were introduced on an hourly basis during the last bull run, some with millions of tokens in circulation. It could easily have a large cap without controlling that much of the market in terms of investors.
The market is ever expanding, and new coins would always be introduced.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

It's a popular belief that money that go into altcoins are the money that would otherwise go to BTC. This is the same belief that the governments have. THey think that if they ban something, the money that would be spent on it will go to other things. It's just stupid because if you want to buy cryptocurrencies and your government bans them, you won't just capitulate and put it all in government bonds or a savings account. You will look for other ways to buy crypto behind the government's back.

Topic: BTC market dominance: why it doesn't matter (Read 422 times)