Bitcoin in today’s morning news was seen to be rallying at 2.71%, and in the last 7 days, it’s been surging at 17.41%. Whereas in the current market situation the altcoins are seeing an increase, the likes of Cardano, Stellar Lumens, and IOTA have seen above 50% increase in its total volume. Now there are many factors that influence their rise as discussed earlier.
Bitcoin’s volume percentage has not seen the negative side of zero, it has been positive in past 1 hour, past 24 hours and past 7 days but the dominance of Bitcoin has seen a huge decline since March 2017. Its dominance over a period of 1 year has decreased by more than half.
Prior to its fall, it dominated the market at 85.76% and now BTC dominance is merely 40.2%. There are various factors responsible for this but the most important one is the rise of the Altcoins. The number of coins in the market has increased since March 2017, which by default increases the number of stakes and hence brings down the dominance.
Altcoins have recently seen massive growth, Stellar Lumens [XLM] in the last 7 days has seen volume increase at the percentage of 70.66% and it is accompanied by other high gaining altcoins as well. But the point to notice here is despite the decrease in the dominance of Bitcoin and massive growth of Altcoins, it has maintained a pattern of growth.
Bitcoin was at its lowest dominance on June 20th, 2017 at 37.82% but over a period of 4 months, managed to regain its dominance at 65.18% on December 8th, 2017.
In 2018, its lowest dominance was observed on Jan 12th, 2018 at 33.49% and highest was observed on March 30th, 2018 at 45.5%. Over a period of two and a half months, it regained its dominance by 12%. Currently, though it has fallen to 40.2%, it continues to grow strong at 17.41% and the other altcoins though show great positive growth now, they haven’t experienced constant growth over the year so.
Ran NeuNer, on his Twitter handle, says:
“Market up on high volume and the move is coming from Alts. BTC dominance is dropping. Im sticking to the call that by end of year BTC Dominance will be 20%. It’s Alt season again!”
Even though the numbers look positive in the cryptocurrency market, trust and psychology of the investors play a major role and in inclining the two towards itself, Bitcoin has been the most successful.
Subscribe to AMBCrypto’s Newsletter
Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
Subscribe to AMBCrypto’s Newsletter