https://coinmarketcap.com/charts/
Bitcoin domination is described as the ratio between the market cap of Bitcoin to the rest of the cryptocurrency markets. The chart above is from coinmakretcap and today's number is 46.5% and trending down.
In the early years, Bitcoin was far and away the largest cryptocurrency - and one of the few in existence - its dominance was much closer to 100% than it is today. However, the Bitcoin dominance dropped significantly as new cryptocurrencies were created and now I wonder if we are experiencing a full bull season with most new money going into Defi, ETH, and NFT sales. While Bitcoin in all it's decentralized glory, seems a bit boring to newbies as they enter the crypto space.
Out of the top 10 tokens, Doge, BNB, and Cardano have all outperformed Bitcoin
Everyone is waiting for Bitcoin to take back off, but depending on when and why you got into crypto, does bitcoin still hold the same appeal to new crypto users as it did to the early adopters?
I know for now deeply interested in DEFI, I love my Bitcoin and it has it's place, but dang its just sitting there in a wallet, while even my CUB is building in the form of passive income.
Many of the former big crypto accounts that I follow on Twitter have been tweeting exclusively about NFTs.. Punks, Penguins, Rocks, Cats.. Etc.
Even DOGE is treading on BITCOIN with Elon's push for DOGE being the people's crypto, young and new users might never see the exclusive benefits of Bitcoin.
While crypto goes mainstream the idea of unregulated, private money that is decentralized and impossible to control might be a message that is lost on many new crypto adopters.
Don't get me wrong, Bitcoin is by far my biggest holding, but I am starting to wonder in the wild new world of crypto if Bitcoin becomes the "old boring crypto".
One last point I think the price is a determent. I've said it before, but no one wants to find out they can buy .0002 BTC and if they had that choice or several thousand DOGE, it's not hard to imagine what many would do.
I'm not saying it's a smart decision, but people are much more impacted by emotion than they realize.
BITCOIN will likely remain king for many of us who came to crypto for specific reasons, but I don't think that story line plays well to many mainstream investors entering the scene who aren't concerned with privacy and decentralization.
What do you think>
@whatsup
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I'd had a look at this recently and August is Bitcoin season.
I like your CoinMarketCap chart but just to add to it, have a look at the Altcoin Season Index at that link for a cool little visual.
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Cool!
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The notion of buying a fraction of a coin vs 100's or 1000's of another will be a determining factor in the demise of bitcoin. Psychologically it doesn't make sense to buy a fraction of something. Right now only whales can afford to buy 1 bitcoin or more. It's not something appealing to the common man. As for BTC dominance, soon it will be a thing of the past, with other cryptos taking over with their speed, smart contracts and more practical applications.
Yah, I think we see a slow decline of BTC dominance.
Great article! Reblogging for the https://coin-Logic.com front page feed! People’s emotions certainly play a role in what they buy. Many of the younger crowd are looking at crypto in a different light than the older investors. But still haven’t bought in to the dumb punks and penguins for the cost of a freaking house. IMO people need to rethink their priorities, lol.
The punks are insane, and yet very fun.
I don't have any either.
But I kind of want to some days!
Thanks for the reblog!
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Unfortunately BTC has settled into that digital gold narrative for sure. That’s what it is for me. I look at it as property and my reserve currency kind of thing. Hive is by far my largest holding though… lol. Eth, really no use for it really other than I trade the ETH/BTC pairing to earn more BTC. It also acts as a store of value like BTC. At this point though, I only focus on things that work for me and that I use. I use Defi on BSC and now COSMOS to earn more BTC and ETH.
I have a large mix, but I hear you about getting frustrated with the store of value tokens! lol, did I just call btc a token? lol
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IMO, everyone that is on DeFi has the final intention of accumulating BTC in a faster way. BRC is and will be the crypto gold standard or store of value.
Could be true.. I'm no longer sure. Smart Contracts will be a huge player while BTC is money or a store of value.
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with all the weird coins with high MC it and semi weird exchanges MC makes IMO no sense to look for top or bottom as stand-alone metric. But in general, its good to see a trend :P
#Altseason
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I think it matters a often, and yes as a trend, but not as a stand alone measure for sure.
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Yes without a doubt especially since many of the tokens that are out there do not rank in the listing on those sites. Add in NFTs and we see a lot more wealth involved in the industry than just what the likes of Bitcoin and Ethereum provide.
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Yep, big changes are coming and BTC is no longer the only show in town
Hive in now in town and we are just getting started.
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It's going to depend a lot on BTC upgrade in November and Ethereum Q1-Q2 2022 upgrades. I don't think the BTC upgrade is going to be enough to hold its dominance though. The platform is just really lacking. What it has going for it is that it's battle tested for years but this upgrade in November could shake that confidence as it opens it up to new untested possibilities of things to go wrong.
What we should hope for in matters of price is a fork that causes a split.
That's what fueled the run in 2017 everyone wanted to double their bitcoin. :)
I doubt BTC will ever get to 70% domination. There's so much going on in crypto right now, it's no longer just about Bitcoin.
I tend to agree, peak Bitcoin dominance is over
I love bitcoin. But I think it will lose its dominance anyway by time. More and more crypto are created and now people prefer to hold those with interest and benefits and use cases. That's why I wrote recently that bitcoin could be a very good short investment, like for a few years from now. But after may go in the price down very hard. We will remember it as a nostalgy. But that just my view. Who knows what will happen to crypto if even doge is on the top. lol
yeah, bitcoin is now old enough to have "old timers" and it will always survive at least for a very long time, but I am not sure it will ever achieve such high dominance again.
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