The king of cryptocurrency a.k.a Bitcoin is now at the all-time high market dominance of 2019. The bitcoin is closing at 70.5% of the total crypto market currently.
The bitcoin price is floating above $10,000 with market cap of $191 billion and supply of 17 million bitcoins of total 21 million.
The rise of bitcoin to 70% also raise several questions to like is alts dying in the cryptosphere. For sure people start believing in bitcoin rather than other alts and for the liquidity, they feel like bitcoin is the native crypto. Other than that we can expect that crypto market is at the slow pace since past few months, there is not new going around in the market and very few are joining the crypto as compare to starting.
Are alts dead? No.
Are they close to the bottom of their cycle? Yes, I believe so.
Will all of them recover? Probably not, but things like Namecoin went 7x in 2017 multiple times too.
— Crypto Michaël (@CryptoMichNL) August 10, 2019
This medium post mentioned how the global market is slowing down and crypto is gaining strength over this period.
The past bitcoin dominance was at 88% in Feb 2017, since then it the percentage plunged to 39% in June of 2017. Can be this a sign of the 2nd wave of crypto now?
The year 2018 was not so great for bitcoin since it spiked at all-time high 19k dollar in January 2018 it plunged to around 3000 dollars within 12 months. But within a few months after bitcoin slowly retracted for a bullish move and finally closed at 10k dollar. But what about alts? If you stare closely to the chart above you can see how the bitcoin in orange is raising and alts in other color are slowing down and dropping.
Conclusion and Market Prediction
Definitely, the crypto market slows down since the bitcoin price are stabilized around 10k dollar and there is nothing lot going in prices. But we can’t say anything about alts, are directly or indirectly attached to the bitcoin and if the market surge the liquidity goes to the alt as well.
The global market for sure slowing down and weak nation-state currency increases the demand of assets like gold and bitcoin as an alternative.
The solution of new financial crypto ETFs and acceptance over the consumer end is much needed to push the technology further.