#Confession: I am a bit triggered by Bitcoin Maximalists. They remind me of poor Peter Schiff out there predicting the end of Bitcoin, because Gold is better. No matter how much the value of Bitcoin goes up, Peter repeats time and time again that Bitcoin is a scam, ponzi or unsound.
Bitcoin Maxis do the exact same thing, no matter how often the market proves them wrong by showing there is clearly a market for other projects they just insist that Bitcoin is the only true cryptocurrency and every single other project is flawed, and those buying any alt coins will hold regrets or lose money. Even though these notions are provably wrong.
Bitcoin Dominance looks at the entire marketcap of all cryptocurrencies and compares the amount of Crypto is currently in Bitcoin. Bitcoin vs. All of the Alts.
Currently on CoinMarketCap.com the entire cryptocurrency market tracked there is at 2.299 Trillion Dollars. Comprised of 12,534 listed cryptocurrency projects.
Bitcoin holds 42.26% of the dollar value in the cryptocurrencies listed and tracked by CoinMarketCap.com
Why should you care about Bitcoin Dominance?
However, I was watching some Bitcoin Maxis have a conversation today and thinking, that serious Alts like ETH and others are likely to continue to gain market advantage over time, we are now seeing Corporate Interest in ETH and other Alts.
You can see ETH is currently at nearly $19% that could change suddenly if Bitcoin goes on a large run 4th Quarter. However, they could also grow at the same pace, only time will tell.
With the growing rise in Defi, NFTs, Games and other crypto uses that require smart contracts, I don't see Bitcoin ever regaining it's huge market dominance, but Bitcoin is still my largest holding and I am looking forward to seeing how it performs under what could be some bumpy economic times to come.
What are your thoughts on Maxis and Bitcoin?
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I only hold monero...all the others I trade
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It all depends on how you interpret this metric, if you remove stable coins which is just a derivative of fiat M2 money supply and you remove anything that’s not proof of work so ir doesn’t have an energy attached value it’s like 96%
If you do include POS coins it’s also misleading because many of these coins market caps are held up by a shoe string budget
VCs and MM use this as a marketing metric to sucker in investors
That's an interesting point and I guess I partially agree. While MC isn't the only measure one should look at, it does matter.
I'm not missing your point as Volume and other factors have to be included.
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Regarding volume we must also remember a lot of the coins are sitting with MMs and exchanges they have an incentive wash trade, it's been an issue for ages now, very little of that vol is legit. I mean why does XRP have rules where they unlock coins each month "use it" and then put it back? Loads of other tokens have treasury reserves designed for this purpose
Volume is one metric, but I prefer to look at velocity, you want to see how 1 actual coin moves around each time, which gives you more of an idea of the actual use of the said coin.
The pain there I have is that most of these chains we cannot validate the data ourselves because node requirements are so high.
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Bitcoin is good...alts are good..they're all good! Granted, some are better than others. Just like fiat, whichever you choose to use as a medium of exchange makes it the most desirable in your own eyes. Bitcoin will lose ground against the alts when it is deemed too expensive to be bought by the new buyers in the crypto sphere. Just like gold and silver, some deem it too expensive to buy gold, so spend their fiat to buy silver.
Personally I hold bitcoin and will continue to buy it as often as possible, but I only hold it. Some of the other alts I actually use and enjoy buying, selling and spending as needed. Do I have a favorite? Nope, I love them all.
Some are better than others.. I like that line.
I also only HOLD bitcoin, I use ETH, I use LTC, I use Hive.. etc.
Bitcoin I hold.
“Bitcoin Maxis” sounds diminutive. I like it. I’m a strong believer in “smart” chains because the utility is slightly outside of storing an arbitrary value on someone else’s screen. Sometimes though I start to wonder if I’m becoming a smart chain maxi and I have to take a step back.
I felt really annoyed that DOGE had such a run. Which reminded me of being a maxi. lol
Me too. I remember telling some friends before it happened not to invest in doge. Of course, the friends that invested in it had a great run. They never sold though. Their loss.
IMO dominance means nothing with shiba coins and internet computer( special this) that have large MC and nobody uses it :D
lol, Shiba? What do you mean..
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the dog coins
I think BTC will hold ground for quite some time before eventually taking a back seat. There are just too many good projects out there with potential and it would be difficult to see BTC retain its dominance in the long term
I think that is a really reasonable position and I tend to agree.
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One thing Peter Schiff often says, which I agree with, is that some other cryptocurrency could replace Bitcoin. Just because it's the first, doesn't mean it will forever be the most valuable. A lot of rich people, who don't understand all the applications of crypto (Defi, NFTs, gaming, etc) are buying up Bitcoin, simply hoping the price will go up. Once proven secure, the most useful, efficient, and user-friendly decentralized blockchains with the strongest communities are going to absorb a significant amount of market share from Bitcoin over the coming months and years. Unfortunately for Peter, he thinks all coins "are pets.com".
I agree, when in history has the first thing time something has been invented become the best in class.
I can't think of any time.