Bitcoin (BTC) Market Dominance Passes 70% Level as Altcoins Look for a Life Life Comeback
Bitcoin (BTC) market capitalization dominance hiked above 70% at the start of the week, currently at 70.5% according to Coinmarketcap records. The pioneer cryptocurrency is having a great year so far, after witnessing almost 200% bump in price since the start of January. BTC’s price currently stands at $10,500 USD, a significant rise from the $9,100 USD region earlier last week.
With Bitcoin rising through the year, altcoins are yet to get their bullish momentum going – XRP and TRON being some of the worst performing cryptocurrencies. Will altcoins be able to bounce back?
Bitcoin dominance still below pre-2017 levels
BTC’s market dominance reached a level not seen since March 2017, when BTC traded in the $1500 USD range. This level however is still low compared to the dominance level of the pioneer cryptocurrency before the bullish momentum in 2017 when dominance was above the 80%/90% range.
Bitcoin (BTC) dominance spikes above 70% but still way below the pre-2017 bullish run (Source: Coinmarketcap)
However, with Bitcoin performing much fairer in the current bull market compared to alts, BTC will soon reach the pre-2017 levels. This will be at the expense of altcoins, as cryptocurrency trader and analyst, Max Keiser, tweeted after BTC crossed the 70% mark,
“Alts never coming back… Sorry.”
Alts never coming back… Sorry. pic.twitter.com/QNAn8g0ae4
— Max Keiser, tweet poet. (@maxkeiser) September 2, 2019
Crypto enthusiast and #1 bestseller author, Peter Brant, reinforced Keiser’s comments:
“When will altcoin junkies understand that $BTC is the crypto with real and lasting value. Altcoins are to Bitcoin what lead is to gold.”
— Peter Brandt (@PeterLBrandt) September 2, 2019
Alts with real value to survive
Despite altcoins performing poorly against Bitcoin since the start of 2019, investors in the market believe altcoins with real value to holders will survive the massacre. Some sections of Bitcoin maximalists have propagated the idea that the survival of BTC will coincide with the death of the altcoin market – using the increasing dominance as an example.
However, as one investor puts it, alts that offer users real value will compete with Bitcoin in the coming future. In a post by Cointelegraph, the investor commented,
“The useless Alts will die for sure but projects with real world value and utility will continue to expand and gain value. This is how markets work, crypto is no different.”
As BEG reported in August, Arcane Research, found out the dominance of BTC to be higher than the reported 70% on Coinmarketcap. To correctly calculate the dominance of BTC, the research concludes that liquidity should be factored in. The total market dominance of BTC including liquidity and the market cap, stands above 90% of the total market.