Bitcoin may lose power over the market
Veaceslav Vlasov
Founder at Hexallion | Founder at Musqogee Tech | Founder at Yucatech Software | Blockchain Architect | End-to-End Solutions Architect | Financial Analyst
The share of the first cryptocurrency in the digital money industry dropped to its lowest level in the last three months
For the first time since December 2018, the share of Bitcoin in the digital money market has dropped below 51%. According to Coinmarketcap, now this figure is estimated at 50.9%. Coindesk analysts believe that this is due to an increase in investor interest in altcoins.
Over the past 90 days, Enjin (+ 406%), Binance Coin (+ 181%) and Litecoin (+ 97%) cryptocurrency showed a significant increase in price. As a result of the rise in price of digital money, the market capitalization of all cryptocurrencies, with the exception of Bitcoin, grew by 33% in almost two months. On February 6, the altcoin capitalization was estimated at $ 51 billion, now this figure reaches $ 69 billion.
Until 2017, the share of Bitcoin in the market exceeded 70%, then the first cryptocurrency began to gradually lose power as new altcoins were created. It reached a minimum of 32% in January 2018.
For several days, the main digital coin has managed to keep the $ 4,000 price position. Over the past day Bitcoin has risen by 0.27% and now its value is estimated at $ 4041. If the rate of the first cryptocurrency continues to grow, then it is likely that its market share will increase.
Managing Director at Crypto Daily?
5 年Not anytime soon! And maybe never So many markets and financial products are going to be built around Bitcoin in the years to come because Bitcoin is money. Not Ethereum or Stellar or any of the other cryptocurrencies. But I don't think people care about that. When the next bull run starts, people are going to run after altcoins first and Bitcoin second. Only when this whole thing pops out and hits the fan, people will start dumping everything else to buy Bitcoin. We're still a long way from there. Bitcoin is digital Gold and the only true store of value.?Ethereum, Ripple, Stellar etc are like stocks. They'll make people more money than Bitcoin short term but they are not good stores of value. When things get bad, people will run after Bitcoin.