Bitcoin is following again the path of loneliness, gaining more and more dominance compared to the rest of the market. It is possible that a similar situation like before happens, when Bitcoin will suddenly lose value to altcoins after going solo for quite some time.
Market dominance chart then and now:
250B support broken:
- after several attempts and bounces at the 250B level, it is the first time that we break the support with such a sudden drop
Blood on the streets. Top 10 coins:
- double digit losses again
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My opinion: the last altcoin rally was fuelled by very much ignorance and hype and this will not be repeated. The next crypto rally will be accompanied by investment and trading experts with lots of experience. That and the proposition that Bitcoin is the best store of value is why I think that the market dominance of Bitcoin will even climb much further, beyond 90%.
I personally don‘t see a necessity for litecoin, bitcoin cash or dash and think they will be eaten by Bitcoin, though I hold a small amount of each. Ripple is straight out scam.
And there are blockchains with a stable community and which are designed so that users have an incentive to hold its token, which will accrete value. I hope and think Steemit is one of it, perhaps Augur.
Concerning platforms like Ethereum, EOS, NEO I am uncertain where‘s exactly the incentive to hold tokens. Plus, there is the risk that rootstock will turn these platforms obsolete.
Thanks for the detailed comment. Your theory might come true, however more and more projects come out and each one claims to solve a different problem. This might blind the ordinary people, which still have a strong share of this market. Not to say that the number of newbies will drastically increase in the future. And whoever is in this market for gains, will mostly focus on alts.
Carry on!
I agree.
Many people will make great gains in ICOs or with trading alts.
Then, in which currency will they park (HODL) their proceeds? US-Dollar, Gold or Bitcoin?
If they really believe that Bitcoin will be accepted as a payment method in the near future, then in BTC I believe. But in my case (I'm a student), I need the money at disposal, because I can't pay with crypto (yet), so I need to 'tether' it sometimes.
https://tokeneconomy.co/cryptocurrencies-are-money-not-equity-30ff8d0491bb
Thanks, will take a look.
We are going to lose some of these alts quick. They have no income and living off ICO's. It can't last without income.
That's true, especially those that we're hyped and have no actual value.
That's true, especially
Those that we're hyped and have no
Actual value.
- aezakmi
I'm a bot. I detect haiku.
exactly. The clock is ticking.
Nice post. BTC is indeed going solo. This should weed out many of the altcoins that have no purpose...something that's long overdue.
Indeed. Many of them will 'die'
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