Topic: Thoughts on Bitcoin's Increasing Market Dominance (Read 763 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.

Dominance shows its popularity in relation to other cryptocurrencies. Theoretically, this could mean a flight to quality, as investors are scared of market risk and switch from tokens with less capital to a “safer” asset. Or it may be of growing interest in the sector as a whole, along with the belief that Bitcoin has the strongest foundations. In any case, this emphasizes that BTC is the most attractive crypto for investors.

They will do have their third bubble year, but it will be kind of very different one than 2017 bubble. In addition, their bubble will also depends upon bitcoin growth in 2020 and 2021. You are right that right now, it is too early to predict anything in next one or two years. Simply enjoy altcoin bottoms, and accumulate good and cheap altcoins. Because of the market selection has become harsher last two years, I only try to screen, investigate and choose best altcoins (from my own criteria) for next two years. There is no reason and no benefit to make bets in shit altcoins.

why not ? virtual means online and cryptos are online so its okay to be alternatively call them virtual  . us dollar and other fiats currencies that a country has is not a virtual currencies because they are real   .  anyway , my thoughts on the btc increasing market dominance is good because this is a sign that btc is becoming more popular and many people are still adopting it  .  if btc is dominating , btc hodlers can earn more income which is good  .

Hate to say this, but I don't like what anyone called crypto currencies as virtual currencies. Which currencies are real? Which currencies are virtual? If there is no real currency, there is no virtual currency. It sounds the most stupid term, virtual currency, that originally used by governments that don't want their local citizens know about crypto currencies. Because basically when people read or heard about anything virtual, they will stay away from it. That is exactly what governments want.

This is because those fake volumes of other altcoins are exposing off here when it comes to dominance. I think the more the BTC dominance will increase the alts will keep on going down.

The 2013 alt bubble, all 40-50 of them, was 'hey, if Bitcoin is doing it, why not this?'

2017 had ICOs which dragged up literally everything.

The next one won't have ICOs. It might have 'why not this?' but if there is a next time Bitcoin will be doing it on the strength of professional money and infrastructure that no alt will have. That'll make them a lot less convincing than the past.

No doubt something'll happen. Attempting to predict what is impossible.

Bitcoin has a long way to go before it achieves dominance in the world of virtual currencies, and I don't believe that it will ever be allowed to achieve dominance. Virtual currencies such as the US dollar, the Euro, and Sterling are still in a different league. These government sponsored virtual currencies cannot be sustained, but they will be replaced by other trading assets that retain a semblance of government control in my opinion.

There are always new investors, whom will be trapped into manic market, and even old investors whom have not yet really learned any lessons from their past failed investments, will do fall into their past steps and mistakes again.

What happened with altcoins in 2017 is not their first time, right? In that year, old altcoins woke up and moved to their past all time highs or set their new ATHs. I meant they repeated their price movements in 2017. So if bitcoin actually repeats its history, why not altcoins repeat theirs, for the third time?

I agree that it is hard for them to set new all time highs in alt/btc pairs, and if such amazing things happen it will occur only for very good altcoins (good developers, good usecases, and strong communities - that will boost their price when active flags come.

We need a legitimately muscular and sustained move from BTC before we know what alts will get up to this time.

I seriously doubt the amount of stupidity and greed has waned, it's just waiting for an excuse to emerge again. I couldn't believe the insulting shit that was happening in 2017. I fully expect to be flabbergasted again.

I don't think it'll ever be as manic again but things will move despite almost all of them being empty junk that has achieved absolutely nothing. 

The 2017 alt bubble kicked off when the Winklevoss ETF was denied. That was alts' signal that Bitcoin wouldn't be fully legitimised over them. This time around Bitcoin really is being legitimised in a way they never will be but it's happening in slow motion instead.

I was thinking that BTC's market dominance is not correlated to actual adoption share over other cryptocurrencies and the notion that BTC is gaining momentum on mass adoption rate would be misleading. In fact, if my memory serves me well, BTC's dominance at the height of 2017 bull run was less than 30 percent and this also coincides along with altcoins having their ATH's.


Indeed! Market dominance of all consolidated altcoins was more than 70 percent on January 2017 and most of the crypto-community are expecting a rebound like this but I think it will happen only to altcoins who have shown resiliency during the bear market of 2018. Imho.

it seemed hilarious back when it was happening too because they were saying shitcoins that first inherit all the bitcoin flaws and second add more flaws of their own could replace bitcoin! it was hilarious because it didn't make any sense. it is like saying one of those shitty Chinese copies of iPhone is going to replace Apple.

Market domination that has increased the price of Bitcoin, has made altcoins increasingly declining. And this is what happened this year and had to increase the price of Bitcoin, could have a positive impact on altcoins.

It might be my idea that the Altcoin season should come soon, so market domination should also increase the Altcoin. The Altcoin holders are huge, so it is important for altcoins to be like the year 2017.

Looking at how the people are confidently used Bitcoin for investment making a way to help in dominating the market. Like no other coin could do like that. People choose the thing that could give betterness of their life, not just for being profitable but in the way that it could them to simplied their workloads in the use of Bitcoin. And glad to see that many establishments came to accept crypto especially for bitcoin.

Yes. It's good to know that bitcoin is still dominating the whole market so that people should all come to realize that there should be a larger portion of bitcoin in their portfolio than filling them with altcoins that are only making very slow progress in the market. If this continues to happen, mass adoption for bitcoin will be very possible soon knowing it's been very uselful in the market and has been very profitable as an investment.

It could only mean that people are very much into Bitcoin than new altcoins in the market. And the majority of investors in the market preferred to invest in the top coins in the market, with Bitcoin as the number one coin they preferred to keep in their portfolio.

In the last two years, there are not many new coins in the market that has usability in the community, the majority of them are just copy of the existing project or concept, one example is these new exchanges based coin that just comes out of ICO.

The same applies to the XRP army. They still believe that once financial institutions start to use xRapid that the price will soar well above the $100 mark, which is completely retarded given the 100 billion supply.

Then there is a part of the XRP army believing that $589 (which is a very specific number) going to happen one day. That's a clear indication of how delusional people can become when they hold large bags of it at peak bull run prices.

That being said, XRP has actually managed to see its market cap surpass Bitcoin's market cap twice so far, but at a time where people didn't care much about market caps and dominance as they do right now.

By the way, if you think that the #flippening hype is gone(even though that it's pretty much just a meme now), no it's not. Some people on Reddit r/ethtrader still thinks it's coming after some time. Their hopium is still strong I guess.

it only gave newbies a scare, as it was meant to do!
every now and then we see a campaign like this funded by centralized shitcoins (since they have a lot of money to spare) that starts a propaganda against bitcoin only to fool the newcomers into giving them their money. as they take their money and pump their shitcoin, they dump it on them and make millions out of it.

everyone else who is not a newbie, have already seen their scams and don't fall for it. now there are more who know as these shitcoins get dumped more!

I guess everyone really learn their past mistakes, specially in 2017, wherein people are very irrational and would just throw their money in any other shitcoin that is being shill by crypto outlets. Now that investors are getting wiser and smart and realised that indeed, majority of the altcoin are just crowded by shitcoins and still growing at this point.

And now it doesn't make sense to invest on them, just for where the money is, "Bang for the buck" and obviously it is bitcoin.

Yes, who would forgot about the so called Flippening (ETH) and of course Rippening (XRP). It did give bitcoin a scare, but who cares.

/r/cryptocurrency is a confused place. Any post about bitcoin gets shit on with half truths and misunderstandings, and anyone pointing out these inaccuracies gets downvoted. But then at the same time, they are quite happy to shill and circle jerk over trash coins with no adoption and use case. They seem to be able to identify some coins are trash - any post about Tron or Verge, for example, gets rightly derided for being a scam - but then they seem to have a blind spot and will upvote other trash like Iota or ICX.

Oh god, I'd forgotten all about the flippening chat. Seems hilarious to look back on. I can't see it happening with any current altcoin unless something awful happened to BTC.

Bitcoin will continue to dominate because it does not really have a competitor

BTC's dominance rise has been consistent this year and that leads to altcoins now growing anymore.
If the rise continues, that would be bad for altcoins market but at the same time, it shows an opportunity to buy seeing them dump from its current price now. Majority of altcoins have already loss over 50% of its ATH value, and as the increase of dominance happening, it will only make them close to worthless coins. We can't predict what will happen this year, but I'm confident I'll begin picking more altcoins as BTC's dominance grows higher and higher.

you might be surprised. lots of coins that bubbled in 2013 and died a couple years later were resurrected in 2017. lots of horseshoe patterns on the long term BTC pairs---not necessarily a new ATH against BTC but lots and lots of old coins will easily break their USD highs on the next go round.


we'll get more flippening talk in the next bubble. i'm not sure it'll be ethereum, though it's still more promising than most of the altcoin space.

Well, we have 2 driving factors that are pushing up the price again and it is 1. ..the continued market tension between the USA and China and investors looking for a Safe haven to hedge against this influence and 2. ...the Bakkt hype surrounding physical bitcoin investments from the institutional investors that might happen after the 6th of September.  

I think the last drop in the price was pure market manipulation from people that are anticipating a large spike in the price and people who pushed the price down to quickly buy more cheap bitcoins before that happens.  

You said the reality! Why should we have coins in hundreds and all of them are doing the same thing? I don't think the coins we have now are going to exist for long and people has discovered that Bitcoin is the most reliable among them. Just imagine that people were saying in 2018, that ”ethereum is going to replace bitcoin”!
I strongly believe that in 2 to 3 years to come, bitcoin dominant may cross 90%.

The market changed. I would expect that it is unlikely that projects like IOTA and NEO see new ATH's in USD and BTC terms. The hype is gone. New projects that bring real utility to the crypto space will do it in the coming altcoin bull cycle.

It is time to accumulate more good altcoins. Let's recall what happened with bitcoin and bitcoin enthusiasts in 2018? All or most of them depressed as same as altcoin enthusiasts now. I do think altcoin enthusiasts can learn from the very recent lesson from bitcoin. Unfortunately, if they hold bad altcoins, they should stop dreaming for aforementioned reasons (in my previous post).

They should know when to stop hoping without convincing reasons, and when to cut their painful losses from past wrong investments.

Every day that Bitcoin's dominance rises or at least stays at this high levels shatters the confidence of altcoin holders - I visit /r/cryptocurrency from time to time and they are so depressed at the moment. Some people still try to shill for shitcoins like IOTA or NEO, but they don't get as much support as they did in the past. If a miracle won't occur for altcoins, they might spiral into lower depths. So at least now new money that enter the crypto market will go to Bitcoin, although this could have been always the case, as people had to buy Bitcoin in order to buy alts. So, this whole thing won't affect Bitcoin too much.

Perfect! I have my opinion as people incorrectly pay their attention on dominance, bitcoin or altcoins.
The true indicators for growth of bitcoin or altcoins is total volume. If we keep our minds neutral to see the fact of increases in dailly volume of bitcoin and altcoins since their all time highs in price values more than one year ago. This one, and the fact that most of altcoins has their volume fallen to nearly zero or zero, I do see the growth of altcoins, good ones, I meant.

If 2 years ago, we have 3000 thousands altcoins with all good volume, but now we have only 1000 altcoins that have daily volume, and their total daily volume increased compared to figures of 2 years ago, it is truly a good signal of growth, even their prices temporarily fluctuated in bottom ranges.

Bad altcoins actually comes to their death periods, and I do believe they won't have minor chances to return because investors have matured more significantly since the crashes of bitcoin and altcoins last two years. Even those shit altcoins boosted by their team by whichever shady methods, investors will be very careful to reinvest in those shit altcoins.

The era of shit altcoins have gone, from now on we will see good recoveries of good altcoins.

the reason why this question keeps coming up for different users every day is that the thing they call "market dominance" has nothing to do with actual "dominance". if we define what that number means, i believe a big part of the question is answered.
in short what CMC is calling "dominance" is simply division of bitcoin's market cap (with its ~18 mil supply) by the total market cap of 2000-3000 altcoins (with their total supply of hundreds of trillions).
so obviously when bitcoin goes up $1 its market cap goes up $18 million but if those coins go up $1 their market cap goes up hundreds of trillions. so in order to go up the same amount in market cap as bitcoin they just have to increase in price a very tiny fraction of a $1 which is why that percentage which falsely referred to as "dominance" shrank in first place and that is also why it is rising back up again.

the only thing that has an impact on "crypto innovation" and has been preventing it in the past couple of years is the developer's greed. all they want is to make a ton of money in a short time. so what we have is a bunch of premined, fundraising garbage coins that have no innovation and are reusing the same things again and again.
if some day some new coin comes along with ACTUAL innovation and superiority, then it wouldn't matter if bitcoin's dominance (or more correctly market cap ratio) were 1% or 99.9999% that new coin would grow automatically and i am not talking about its price but its adoption.

Then it looks like you need to watch the markets more.

Harder. Declined harder. There. Fixed it for you. Yes, most of the time altcoins still follows the price of bitcoin, but I think you need to check out altcoins prices in the past few months when bitcoin dropped in price. Then you'll know.

The market dominance stays strong above 70% and altcoins keeps rolling down. How far this trend gonna continue is unpredictable, and if this continues then there is no chance for altcoins to head up. As the dominance increases more altcoins gets moved into bitcoin. This keeps the dominance level keep counting.

With this month there is the Bakkt which also predicted to make a huge impact over the market of bitcoin will surely make some positive gains which will once again affect the altcoins growth. It is getting proved bitcoin is the core, even when there are more than 2000 cryptocurrencies available.

But what about other possible use cases and some proposed innovative projects in the pipeline? Will this have an impact on crypto innovation if the industry only see a handful of other coins including BTC as viable and disregard others which might even offer superior features and innovation?



Indeed! But I was also thinking if this market dominance is correlated in terms of its adoption rate? If it is, then we might be experiencing a significant milestone on Bitcoin's history!

Go fuck your motha.

In my opinion what causes Bitcoin to always dominate the market is the number of communities in the crypto circle is increasing, many merchants and online stores already accept bitcoin as a means of payment. Because it is obtained by mining, there are some people who refer to bitcoin as hidden digital gold. They believe in the future, bitcoin will give a higher value than now. What result?

Some people want to buy the miner's bitcoin at a higher price. Although only a few people, but the number continues to grow.

More and more people are interested in becoming a miner along with the increase in the price of bitcoin which continues to soar until reaching its peak in 2017. Coupled with the maximum number of bitcoins in circulation is 21 million pieces, then everyone does not want to miss hunting digital gold. Either by mining or buying at the exchanger.

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Bitcoin domination does not make a big impact on altcoins. We can all see that Altcoin doesn't give a big surprise. That Bitcoin seems to have declined and the Altcoins also declined.

This is what makes a lot of people confused and lost. Confused because the market looks very difficult to predict. In a few weeks, it seems stable Bitcoin price, but when the price drops and Altcoin also dropped.

Maybe the next Bull Run Altcoin can give you surprises and I am sure this will happen at the end of the year 2019.

Although I have a lot of altcoins in my portfolios I still consider this as good news, this means that Bitcoin has a huge trust coming from investors new and old investors, which should always be the case.
Let's admit it Bitcoin represents what all the Cryptocurrencies are bringing to the world if we want massive adoption Bitcoin should come first and first learn to make it their main portfolio.

If you think that is bad take a look at the following gem
https://coinmarketcap.com/currencies/putincoin/
https://putincoin.org/about.html

A coin that was created to pay tribute to the president of Russia!
I am not kidding, read this: https://putincoin.org/about.html

I agree that most alts are complete garbage, but I think as the price of bitcoin rises, new people come in, and start buying some of the higher market cap alts (even some of the useless ones) that are available on big exchanges. I still mine ETH and XMR, but that's the extent that I'm even remotely interested in any alt coin these days.

It's honestly comical when you look at some of the alts that people were going crazy about two years ago.

Bitcoin's increasing dominance is a good news! Because 99.99% of the cryptocurrencies doesn't have to exist at the first place. We don't really need one cryptos to book movie tickets and another cryptos for recharging our mobile phones! All these can be done using only one single cryptos and that's it! It's better for us if majority of the altcoins shut down their operations because the market is just getting more and more crowded every single day and the investments are getting divided for no good reason!

It is always better to have 3-4 strong cryptos in the market instead of having thousands of weak cryptos with no/limited use case!

this was expected to happen when you see altcoins like these:

Jesus Coin:

https://coinmarketcap.com/currencies/jesus-coin

what is the purpose of this altcoin? what the hell did this altcoin serve in the real world? would it really be possible for all churches in the world to use this altcoin? And how would this use of this altcoin?

Why would someone take money to deposit in the bank and then buy this altcoin? Knowing that to buy this altcoin, one would first have to buy bitcoin using their bank card (would pay fees) and then would have to look for some exchange to buy this altcoin.

This altcoin is not meant to be used in the churches, ie it is a meaningless project. this is the problem of many altcoins, they are meaningless projects

That's why so many people are selling their altcoin to buy bitcoin

it's pretty brilliant actually. they burn BNB supply based on quarterly profits, so it acts just like a stock. they are essentially paying out dividends in the form of deflation. they've been trying hard to build an "ecosystem" around BNB (like using it as gas for their "DEX") to cast it as a utility token, but the SEC probably sees right through the whole scheme.

Pretty much this.

Look at the top 10 coins. You could make an argument for Ethereum having a use case, but at the moment that use is pretty much to host scam ICOs. Monero is the only other coin on there that actually has a real world use. XRP is a centralized bankers' coin. Litecoin is pointless. Tether and EOS are literal scams. Binance coin reduces trading fees on Binance, but is pointless as a coin (Why not just charge lower trading fees? Why do they need their own coin to do so? Purely for profit.) BCH and BSV are so hilariously awful that they are barely even worth mentioning. And that's just the top 10. Quality rapidly drops off as you move down the list, and it isn't exactly high to begin with.

During the bull run at the end of 2017, it was pretty difficult not to make money in crypto. You could "invest" in literally any piece of trash, and see gains of 20% overnight. Go and have a look at some of the heavily shilled coins at the time. Here are some I can remember off the top of my head:
https://coinmarketcap.com/currencies/bounty0x/
https://coinmarketcap.com/currencies/dragonchain/
https://coinmarketcap.com/currencies/poet/
https://coinmarketcap.com/currencies/waltonchain/
https://coinmarketcap.com/currencies/deepbrain-chain/

They could pretty much all have the same graph. Huge spike at the end of 2017/start of 2018, followed by a rapid fall to nothing. I have no doubt that during the next big bitcoin bullrun, there will be a bunch of newbies entering the space who will once again throw their money away on trash projects, but for the time being, the majority of people who have been involved for a while are starting to realize that altcoins are largely trash.

People are finally realizing that 99% of the altcoins they're investing in still doesn't do anything; basically mostly hype. As with 'repercussions'(for the altcoin holders at least), I think in the next bull market, though yes altcoins will also rise, just not as much as people are expecting to. There's so much anticipation for the "aLt SeAsOn" that I don't think it's going to happen at all(though it's still very very possible). Or if we actually get an "alt season", it most likely will be very underwhelming.

As per Coinmarketcap's data - https://coinmarketcap.com , Bitcoin is steadily gaining market dominance and I want to know what will be its implications or possible repercussions on the crypto-industry? Any ideas?