Binance Survey Shows Majority Think Bitcoin Dominance to Last in 2019 as BTC Nears 60% Today
Bitcoin, for all the time it has been in existence, has always been the subject of much speculation. For a long time, this speculation has been centered around whether or not bitcoin could survive its infancy stage. When it first came on the scene, there was the question of whether or not it could pull its weight within the financial world. Obviously, it did and has gone on to become the most popular cryptocurrency in existence. A such, the question has now become whether or not bitcoin can pull the market.
All this culminated in the crypto spring that has been well documented. Recently, the market saw a recovery after several months of a bear run that saw the shuttering of several companies as well as an overall sense of pessimism within the market. With every bull run, there is the question of where the industry is going and who is ultimately benefiting from its growth, whether that be bitcoin enthusiasts or altcoin enthusiasts.
Because there is currently so much focus on whether the market current growth rate can be sustained, there is then the issue of who will come out on top during this surge whether it is bitcoin or altcoins. As of press time, bitcoin is maintaining a 58.4 percent majority with a $190.4 billion market cap. This is according to Binance research, which ensures to give an institutional investment oriented look into this data.
What the Numbers Say
This research was conducted in May 2019 and took data from institutional and VIP users of the platform. According to the results recorded, over half of the respondents believe that bitcoin will maintain its dominance in the 40 to 60 percent range until the end of 2019. Alternatively, about 30 percent of respondents stated that its dominance would increase to between 60 to 80 percent. It is interesting to note that the last time bitcoin dominance saw this level was April 2017 when it was trading at $1,500.
There was also very little belief of a drop in dominance as less than one-tenth of the respondents believed that bitcoin will drop to below the 20 to 40 percent range. This level of decline was last seen in May 2018 when the crypto winter first hit the market. The survey also asked respondents what they believed was the most undervalued part of the digital assets industry. The options they had to choose from where blockchain infrastructure, crypto as a store of value, blockchain-based services, and other categories.
42 percent stated that blockchain infrastructure, which is offered by firms such as Ethereum, was the most undervalued. According to 32 percent of respondents, crypto as a store of value was the most underrated while 15 percent stated that blockchain-based services were the most undervalued while 16 percent cited other categories.
The results of the survey show that there is growing optimism for the growth of the bitcoin market over the next year. It also shows that there is a lot of favor for the blockchain infrastructure market as it was deemed the most undervalued part of the industry. Should these predictions come true, it would indicate that there is a lot more growth to be had within the blockchain and crypto industry and the bitcoin as a token will maintain its dominance for many years to come.