As bitcoin came back in the arena with dominance up to 70% since December 2017 after a long-term season of altcoins. Will it continue its journey towards dominance rally? The 7-day chart shows the slump in the value of BTC but overall it is in the air from the start of 2019. This dominance started in December 2018 and digital gold has covered up to 327 % growth in this period.
Analysts and Investors Views
Max Kieser, a former Wall Street trader, believes in the growth of BTC and said that traders should sacrifice their altcoins because the game is in the favor of Bitcoin as its dominance may reach 80 percent.
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#Bitcoin dominance 68.2% – heading to 80% – as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.
— Max Keiser, tweet poet. (@maxkeiser) August 6, 2019
Another prominent on-chain analyst of cryptocurrency designed the chart in such an artistic way that clearly shows the power of Bitcoin’s imperialism over 200 other cryptocurrencies over the last seven months.
“Shit runs downhill”, 2019 bull season edition.
This is the performance of the the top 200 coins measured in satoshi value (performance against BTC).
Note alts got particularly rekted after BTC broke out on 1st Apr. pic.twitter.com/lN3Jdnsfni
— Willy Woo (@woonomic) August 13, 2019
The lines in the charts stating that from April 2019, traders and investors started to put their money in digital gold by selling other digital assets.
Yassine Elmandjra points out that every major cryptocurrency is down against BTC. He further added to make his statement strong:
“Pricing coins in USD terms is extremely misleading. Pricing them in BTC paints a much different picture. At current USD price levels, EVERY coin in the top 10 is at all time lows in BTC terms.”
According to Yassine Emandjra, when major coins are valued in BTC terms then results are very astonishing which are as follows:
- ETH is down 77%
- XRP is down 67%
- BCH is down 50%
- LTC is down 90%
- BNB is down 25%
- EOS is down 60%
- BSV is down 26%
- XMR is down 60%
There is no strong signal for the alt-coins season at all and it is an era of Bitcoins as analyzed by most of expert analysts. A trader Cantering Clark put in this context:
Alts don’t crush it again until BTC draws people in with a new ATH’
Will bitcoin affect other cryptocurrencies? Share your views in the comment box.