Bitcoin Market Capitalization Dominance Comeback
Most of the recent past discussions around Bitcoin and the cryptocurrency market in general have been concerning the decreasing dominance of Bitcoin's market capitalization when compared to the market capitalization of all cryptocurrencies. For the non-nerds that is how much all of the bitcoins out in the world are worth. This changes with the amount of bitcoins in circulation and with the price of each bitcoin.
A quick search on Steemit for "bitcoin dominance" shows some of that discussion. Titles like "- [ THE END OF BITCOIN DOMINANCE ] -", "Bitcoin Total Dominance Hitting All Time Lows", and "What Happens if Bitcoin’s Dominance Continues to Fall? Do Altcoins Still Need Bitcoin?" show the general topics of many crypto-talkers. It's what the data were showing. I wonder what they are showing now. [a little foretelling teaser fer ya]
Indeed it has been decreasing at a rather steady pace, especially with the increase of Ethereum's market capitalization. Here is a chart (as of the writing of this article) from coinmarketcap.com showing the past year's (past 12 months') market capitalization over time of the top cryptocurrencies. Each cryptocurrency is represented by a different color.
You will notice something changing, though. It looks like Bitcoin is asserting its market capitalization dominance again. And this is despite the upcoming user-activated Segwit included BIP148 soft fork deadline August 1. As of the writing of this article Bitcoin's dominance is at 47%. Will it go above 50% again? Will the August 1 deadline kill or revive Bitcoin's dominance? Comment and let's see your thoughts.
The caption pic was made by me. Anyone is welcome to use it.
Click GIF pic below to follow me, @touchman. Thanks for this GIF, @son-of-satire and @shenanigator.
Yes , i think it will be huge next month ,
bitcoin will skyrocket :)
Upvoted & Followed
You really think so? I have no idea, but it may just do nothing and everything goes along as usual, but with Segwit activated and working.
I think people are realizing that many of the alt coins have been overbought and are over valued. Also, by holding bitcoin through the fork, you will have your original plus an equal amount of the forked bitcoin. Sort of free crypto just for holding bitcoin.
I'm loving these times!
EDIT: Upvoted and followed thanks
I agree there have been some bloated prices in all the coins even Bitcoin. But, I do think other alt coins have been way over bloated...can you say ETH? But it's understandable with the demand caused by ICO's and such.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by touchman from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
I don't believe it will loose it's dominance anytime soon
You are probably correct, sir.
Congratulations! This post has been awarded a 100% upvote by @lottobot! This post was the winner of lottery #0, which had a total of 1 entries. @lottobot always has a lottery going on! If you would like to nominate a post for the current lottery, just send 0.1 SBD or STEEM to @lottobot, and include the url of the post you would like to nominate as a memo. Good luck!
Yaay! @lottobot hit me with 100%. Thanks, bruh!