Topic: Thoughts on Bitcoin's Increasing Market Dominance (Read 740 times)

The idea that is currently coming to my mind is investing in Altcoin. A few weeks ago indeed Bitcoin was very visible dominating. But nowadays Bitcoin does not show a lot of price changes. It can also be seen that the Altcoin price is now a lot down.

This condition got me to re-buy the Altcoin because I'm sure if the Altcoin will slowly rise. Perhaps the price increase of Altcoin will not happen sooner, but at the end of the year hopefully can happen.

since the market is crashing, it's only natural that Bitcoin gains more dominance because it's years ahead of any other cryptocurrency and some people trust having their money in it than any altcoin. Bitcoin is much more stable then other coins. Even though it isn't so stable itself, it's just much better overall having your money in Bitcoin then alt coins.

We have still been in the early days of altcoin season, which is certainly not a season for all altcoins. I strongly believe that most of altcoins born in 2017 and 2018 have been death and nearly unable to recover. Their are some main internal factors for their failures, not come from general market conditions. Their developers are inactive or already abandoned their projects. In some projects, there are no proofs that their developers abandoned but inactively conditions are surely not good things.
I believe in this year and next one or two years, there is very difficult to catch capital from investors if one project only claims, I will use source code, fork from this one, and build up my strong project, blah blah.
CEO of Binance has same opinion about it. He said, in crypto market, there are only chances left for ones that have real usecases.

Most altcoins does deeper because they are meant to be independent and since they are not active enough to convince investor to put money into their own market, investors will continue to follow the hype and usefulness of bitcoin, and that is why you will see that bitcoin is increasing more in dominance than other altcoins.

I know that altcoins seasons too will surely come, but the majority of the altcoins if care is not taken would have already lost all their pride and lost all their customer to bitcoin, if they are not even lost finally themselves, but i trust more in those coins that are at the top market in either exchanges or the top in the most popular ranking site of coinmarketcap, then bitcoin dominance would have reduced a little bit or remain constant for a while.

I contend that most cryptocurrencies have basically been riding Bitcoin's slipstream in terms of attention, adoption, and market performance. Altcoins have high beta values in cryptocurrency, which produces enticing opportunities, especially during "Mania" phases of market cycles. Everyone wants to beat The Market, and it's a natural (if misguided) assumption of newcomers that they are "too late" to profit considerably from Bitcoin, the de facto standard and baseline of cryptocurrency.

What this means in practice is that non-Bitcoin cryptocurrencies will almost certainly never completely disappear, but it's very possible that their relative valuations are still temporarily overinflated and that Bitcoin's compounding Network effects and status as a focal point, in particular in tandem with the Lindy effect, will result in a continuance of its historical performance dominance over other tokens (particularly in aggregate and over the long-term).

I understand your ambition and thinking, many people become smart and focus money on bitcoin, that will help increase the value of bitcoin, and this means that those who hold bitcoin will gain the highest return from this investment, but if this situation happens, altcoin will close and you should know that this continuous closure can cause imbalance. A market that only looks at bitcoin will no longer be a good game zone for all, domination can be good but bitcoin should still stop, it should let altcoin continue to live, investors have more opportunities to make money to move into bitcoin

it was so much more complicated than you think!
for starters the bitcoin situation:
it was the first time we reached the ATH (the 2013 one) again and price (much like today) was stable at above $1k. the only thing ETF rejection did was a temporary panic sell that lasted less than a day. price was already struggling to break the previous ATH which was a strong resistance back then which is why bitcoin wasn't going up for 2 month until April.

as for ETH, it had nothing to do with bitcoin, ETF or anything like that. at that particular time (March 2017) the ethereum foundation was spending millions of dollars in advertising the shit out of their shitcoin that is why it got pumped hard during that month. the two biggest thing they did apart from ICO scam booming was creation fake news claiming big name such as Microsoft are adopting Ethereum which in reality they had just created a member-driven organization and the only involvement that comanies like Microsoft have with ethereum is a App Development Kit for Azure so that you could use their cloud computing platform!
the other thing was Vitaliks attempts at advertising his shitcoin so that he could dump his premine coins. the biggest thing he did was to meet with Putin.
the result was that market went crazy and thought ETH is a good investment so it got pumped hard.

in other words ETF rejection news was so small that the only effect it had was that half a day drop in bitcoin price!

Let's party good day time increase bitcoin volume and I'm very excited about this moment because almost one year over i take holding bitcoin. Although i leave any altcoins since year 2018 because some project broken my money at this year.

It just means that people are getting smarter to invest in Bitcoin rather than spend their money in other useless project. If it were to continue, we might see some increase in BTC price in the next months. The only one I deem worthy is ETH and Monero as an alternative to Bitcoin.

If Bitcoin where to increase more in Volume, more and more altcoins gets shut down.

I vividly understand what you have said, many of us have become so used to bitcoin that its volatility is no longer a strange thing to us, and we can expect anything from bitcoin at any time. The reason why I chose to so much rely on bitcoin despite its volatility for now is because bitcoin has gained a solid ground and there is nothing that would ever shake bitcoin to take it off the face of the earth again.

Bitcoin would continue to gain this dominance because of the way people has relied on it so much and because of the way that many countries are now beginning to accept the use of it for several reasons such as generating money, making payments and many others. I only hope that some altcoins would still get the chance to live with this dominance.

exactly. the BTC/USD chart. on that day, the ATH was momentarily broken and then the market crashed.

altcoins are completely correlated to BTC. ETH was just reacting to the first BTC correction in a bubble.


if the 2017 altcoin bubble happened because of the winklevoss ETF rejection, why did the 2013 altcoin bubble happen?

at the end of the day, news is an afterthought compared to mass market psychology and actual supply/demand. that's why technical traders can completely ignore news and remain profitable. news changes the timing of price moves by acting as a trigger, but it rarely causes anything.

Check the charts for March 10th 2017, the day of the rejection.

ETH kicked off not too far off the second the verdict came through. Within less than a week ETH's price had doubled to level it had never been anywhere near before.

They were holding their breath. If it had passed ETH and others would've shat themselves to pieces and BTC would've exploded for a short while at least.

Now ETF news is pure meh. At that moment there was nothing more awaited.

I'm always against with selling because that shows they panic on the increasing dominant rate of BTC.
This is not new, BTC has already been very dominant in the past even higher than 70% in early 2017 and beyond, but look at the good altcoins in the 2nd half of 2017, they started to gain dominance and even enjoy a big jump during the last bull run.

This shows how patience is necessary, we don't panic in times like this, as long as BTC is doing great, everything will follow at the right time.

Every day when looking at Coinmarketcap the Altcoin price continues to decline. This is because Bitcoin domination continues to occur. So that the Altcoin holders slowly sell their assets, to move to Bitcoin.

Although Bitcoin is still high in price, it does not guarantee that a rising Altcoin price can occur. The current market is very difficult in predictions and I have suffered losses. I now also decided to move to Bitcoin.

interesting narrative but there's no evidence for it besides the coincidental timing of the winklevoss ETF rejection. i don't think the ETF rejection was the cause of anything. it was just a catalyst for bitcoin to correct downwards after passing its previous ATH. passing the 2013 ATH sent the market into bubble mode, which meant money started flowing from the fiat markets into the altcoin markets.

the same exact thing happened in 2013. i don't see any need to try to explain it away as if it's never gonna happen again. of course it will happen again. it'll just be a different set of catalysts this time.

it's funny to watch bitcoiners making the same exact arguments about altcoins that nocoiners make about bitcoin. "it'll never happen again, no way! the bubble already popped! it's total useless garbage!" ........see y'all in the next altcoin bubble.

Even in some nations, fiats are virtual too, because they are not backed by any real assests. What we saw in Venezuela is a key lesson about that. I don't agree with the term, virtual currency to call bitcoin or crypto in general. Bitcoin has actually backed by so many resources, mining equipments, electricity costs, and other things. And, if there are virtual currencies, we should have real currencies. Please tell me, which currencies are real ones, globally?

Yes, I understand you. However, virtuality is explained as something when an object does not really exist but can occur under certain conditions. As for BTC, it is called virtual money because it does n the form of a paper bill or a coin of any metal. In fact, this is an encrypted electronic record and nothing more. This money is not secured by real assets, such as gold, but is limited in terms of issue.

What other implication would it have other than creating more awareness for people because right from when bitcoin was created, as it never disappointed anyone, it could have its own issues but the issue is not compared to the issue that altcoins gives, bitcoin issue could still be dealt with which are usually technical and with time it would be worked on.

Most altcoins has so much discouraged many people who are finding it quite difficult to really trust the now, and it was their fault that they gave bitcoin this chance to dominate this high, if they were all working according to their whitepaper plan, I am sure that by now, most altcoins will seriously be competing with bitcoin, and their community will be growing, but how can community grow when they usually have nothing much to offer, though we still have few of them.

years ago I look the comments of the people from yobit chat, they said things like "putin coin will reach 30,000 satoshi" they were very excited about this shitcoin... I wonder how the guys who supported this shitcoin must have been when price began to fall a lot

https://yobit.net/en/trade/PUTIN/BTC

100 satoshi

In my opinion, Bitcoin dominance will kill any sense to release new altcoins, so the market will be ruled by the top 20 cryptocurrencies led by Bitcoin.