Topic: Why is Bitcoin market dominance rising fast? - page 7. (Read 1570 times)

If we compare other altcoins against Bitcoin, we'll notice that the latter has much wider acceptance within the mainstream world. The reasons for this are obvious as Bitcoin is the world's largest cryptocurrency by market cap. Being the first original cryptocurrency in existence, it has managed to obtain a recognized branding that anyone trusts worldwide. Despite other altcoins being superior than Bitcoin in terms of transaction capacity with some additional functionalities, they're lacking the trust necessary to move on within the mainstream world. With lesser liquidity than Bitcoin and a lower degree of development, many people prefer to deal with the original cryptocurrency than anything else.

I believe that the current market situation is related to investors selling off their altcoins in exchange for Bitcoin. This brings up a greater level of demand for the pioneer cryptocurrency, allowing market dominance to rise like never before. Right now, dominance is rising faster than usual as people are losing interest into many altcoins being traded on the market today. Within a couple of years from now, Bitcoin would've obtained a market dominance of over 90% while altcoins become the minority. Even so, altcoins will continue to exist because they provide other features that are not available within the Bitcoin blockchain itself. With this diversity, people can choose from one crypto to another with ease. However, Bitcoin will be always be the reserve crypto of the market no matter what.

Nonetheless, Bitcoin's ever-rising market dominance shows us how powerful the cryptocurrency is within the mainstream world. Most altcoins will be seen as a gamble or a speculative instrument, while Bitcoin will be recognized by many as "digital gold". Which means that, Bitcoin will remain in its top position in market cap for a very long time. Just my thoughts

It can also be caused by the increase of projects on crypto space, the diversity it gives attracts people on different demographic, knowing an alternative coins or tokens either for investment or entertainment will encounter the word "Bitcoin" in so many ways, Bitcoin is popular and the main coin in this platform, people will trade in to get some benefits.

because bitcoin sells more money than other coins so its price moves faster because they can be certain that when they invest in it now and sell when its price rises they will earn a lot of money.

In my opinion if the price is going to be that way, altcoins like Ethereum, Ripple, and Litecoin, will lose interest and leave altcoin, this is a strong warning for investors to always keep a portion of one's crypto investment to stay healthy only in Bitcoin.

Perhaps the simplest reason why the Bitcoin market dominance rising fast is because bitcoin is  first and original cryptocurrency in the world's. But in my opinion maybe because all altcoins use bitcoin as the price value. so, when the price of bitcoin rises, this automatically encourages altcoin holders to exchange the altcoin they have for bitcoin which has a greater value and this situation makes bitcoin market always dominance in every market. But its just only my opinion, maybe the fact is not like that

Well, bitcoin is almost attaining that dominance stage, and altcoins are still all lagging behind and investors are much more interested in coins that are with real use case which some altcoins lacks. Altcoins would have been a better alternative actually to bitcoin because of its scalability but most altcoins that I see proffering solution to this are also not much better than bitcoin.

Most investors have seen that the altcoins that we have in the market now are really concerned about the store of value of their coin and how much money people can put in for investment which has diverted majority of why altcoins really exist, so only bitcoin still works in this line and reason for its continuous dominance till date. If altcoins wants to regain their dominance, they need to focus on their real use case.

This is the main reason why no one should be having so much faith with their altcoin holdings especially if this coins does not prove something yet. Putting a very huge amount is just a complete wasted gamble.

Bitcoin market is I think the only crypto that dominates the market.Why? cause bitcoin don't die it multiplies (eg, .01 that has a value of $102 from one user and was sent to 3 users then were divided into 4, now we have four users that has .0025/each but since the market is still dominating the price might still remain at $102 for each of the 4 users.)

Thanks for bringing this up. As we speak we have have closed a weekly candle above the 200MA and as long as we don't see a sudden change in Bitcoin dominance, we'll get two consecutive closes above the 200MA.

I am however not sure how much impact it will actually have since it hasn't been an average we have contacted before, either to provide support or resistance. Time will tell but the altcoin dominance chart looks quite ugly.

Altcoins lost the longer term ascending trendline that supported their dominance and it will take a miracle altcoin pump that lasts months in order to get 2 or 3 consecutive weekly closes above it.

I've just published a nice graph of Bitcoin dominance hitting the MA-200 these days. WHich means the moment of truth has arrived.

https://www.tradingview.com/chart/BTC.D/gxktHRme-BTC-dominance-hits-MA-200-Altseason-at-stake-here/

I would not even encourage that aspect of dark net because if you say it has increased the market, it will only increase it temporarily because I can tell you that there is no laundered money that would stay in the market more than 24hrs, because the might only use the system to pass the money to the other part of the country which the moment it is being received, it would be processed to immediately be transferred to banks, and these type of activities usually make the market unstable and cause u type of activities usually make the market unstable and cause unnecessary FOMO.

Many people may even lose their money in the process because imagine they launder 3 billion dollars with it today, and then value increases and many people confused it for bull run, meanwhile those other party had already made provision to remove it the next day, so they will be the one to get profit and then dump the 3 billion dollars the next day crashing the market so hard.

The market as a whole shows the maximumism of Bitcoin might be the healthiest strategy for investors, and until altcoin agrees and finally puts it low, while Bitcoin is much more discussed among investors, especially investors who support. Meanwhile, the rally has caused Bitcoin dominance to surge, and if it continues to increase in such a way, according to a crypto analyst, BTC can reach that extent and succeed to market dominance by as much as 80%.

The way I see it, is that every halving event triggers an upsurge in price or market dominance for Bitcoin. This is not surprising, considering that Bitcoin has the most adoption within the mainstream world. In some ways, it's good for Bitcoin to continue to rise in market dominance as it makes other altcoins more attractive towards investors. Early Bitcoin investors will have greater spending power to buy as much altcoins as they can to obtain massive profits within the next bull market. For once, Bitcoin's dominance was around 95% of the entire crypto market. Rising again towards that percentage will prove to be beneficial for the whole ecosystem, in my own opinion.

Still though, Bitcoin and other cryptocurrencies are known to be extremely volatile over time. What matters is not the price per coin or market cap, but rather how useful it is within the mainstream world. So far, Bitcoin is the most useful cryptocurrency in the world, but there are other altcoins that follow. As altcoins fall, Bitcoin rises towards new heights. The same thing could happen vice versa. In a highly speculative market, no one can determine with precision what Bitcoin's market dominance or value will be within the future. But one thing for sure, is that the pioneer cryptocurrency will remain in its rightful position for many years to come. Just my opinion

Although dominance does not make the bitcoin price increase, I think soon we will see the price start rising again. And now, the price has begun to increase, although not too fast and too high. I am sure that the price will reach the higher price for bitcoin and altcoin together and that will make bull run will come soon. Maybe there will be a selection for the altcoin, the stronger altcoin will survive, and the weak altcoin will disappear without a chance to rise back.

From my point of view, rising prices and increasing the amount of Bitcoin that has been mined are the main factors in market dominance. And the weakening factor of Altcoins is because most people sell their Alcoins for Bitcoin. Apart from that, Altcoins only have a few places even though they have a large number.

we have already seen the "correction" at the market when price started coming back down from its rise to $13000 and even went as low as entering the $9k realm momentarily.
there is no "need" for any more corrections anymore. right now all we need is the start of the rise itself. which like always takes some preparation time.

But before we see the bitcoin price increase, we will see another correction at the market because now, the candle is red again, so we need to be ready to buy more bitcoin. We could hope after this correction, the price can break the higher price so then the price can increase to $12k as you want, but if the price cannot increase tomorrow, then we will see the red candle will stay at the market.

Bitcoin market dominance is raising fast the most important consideration market is atracting positive news for bitcoin growth if btc price is 12000 dollars and btc dominance is around 60 percent we can expect strong btc price pump

Many investors have heard of Bitcoin halving coming in next year and they want to take the opportunity to have their possession. They are waiting with their portfolios against the halving, also, many are still buying Bitcoin to maximize profit when the price surge, so, almost every one is thinking about Bitcoin and Bitcoin.

Obviously they do, and in fact that's the main reason why altcoins has not grown yet since the money are not concentrated in bitcoin.

With the rising of dominant, it does not bring overall positive result in the market, as it's killing the altcoins where they also bring investors in the market when they are healthy, it's been the trend in the 2nd half of the year so far and we like to see some changes on that, and hopefully the last quarter will make it possible, this market based on my observation is better if BTC will drop its dominance below 50% as it allows altcoins to breath.

Perhaps I wasn't clear enough. I was talking about a scenario where the total cryptocurrency market capitalization remains more or less constant and the Bitcoin dominance continuously increases. Right now, the total market cap is around $270 billion and I am assuming it to remain the same. As the altcoin market share goes down, their combined valuation will go from $80 billion plus, to much lower figures.

The reason why I said that the combined market cap is going remain at the current level for sometime is that the bull run is showing signs of fatigue. And before the next block reward halving (which is almost an year away), I don't see any major triggers in the cryptocurrency market which can take Bitcoin and the other cryptos to another bull rally.