I also have been watching this closely as I think it is a risk indicator as well as a value indicator. First, as more people get out of altcoins they use BTC as the trading pair which would influence the dominance. However, this has been somewhat skewed with the over 150 stablecoins that have come to market. Also, I think it is a value play as it is estimated that over $15 billion have been put into ICOs and the fact that bitcoin continue to dominated over half of the market is a sign that those ICOs have yet to create the value of their funding. I find it difficult to believe that bitcoin will be able to hold on to this much dominance given the development happening elsewhere while bitcoin goes slowly. However, it could be the age old tale of the Hare and the Tortoise!

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