Bitcoin is seen to be losing market dominance as alts are trying to make a comeback from the shock they experienced as a result of the bearish movement which rode through the crypto markets last year. Some analysts believe that alts will make a comeback and resume a drastic bullish movement, rising alongside BTC.
BTC Stops Playing King!
Sunday 8th September, analysis on CoinMarketCap shows that bitcoin has begun to lose some of the market dominance it accumulated as a result of the long traded bear markets that alts are still trying to recover from. Sunday morning, bitcoin dominance had reduced to about 70.12% as it slowly approaches the 69% mark. At the time, bitcoin was trading at around $10,525 which was a figure just slightly different from the $10,400 with which it began the previous day, rising only 1% within 24 hours.
Although bitcoin kept perambulating between the $10,500 and $11,000 region lately, alts were seen to have traded at a great loss during the same period of time, making btc dominate much of the market activities and dictate price movements.
Altcoins Rising In Price Altogether
Within the last 24 hours, major altcoins like Ethereum, Litecoin, Tron, and EOS have all risen up the charts. EOS outperformed the first 100 cryptocurrencies by gaining more than 11% since yesterday. ATOM gained 10%, TRX 9% while ETH and LTC both gained 6% and 8% respectively within the last day. However, ETH was observed to lose major market dominance, signifying that market share was being evenly distributed among top cryptocurrencies. Generally speaking, the crypto markets are seeing greener pastures lately with only very few coins at the losing end.
There have been mixed reactions on crypto tweeter lately. Everyone seems to have a point of view different from that of others. As BTC evangelists believe that altcoins are falling into a bottomless pit and heading for the very bottom, other alts evangelists are predicting the opposite, supposing that alts would resurrect and gain traction eventually.
According to popular crypto influencer, Max Keiser, “alts are all going to zero.” He also recently predicted a massive fall for altcoins, speculating that BTC would take over the market and dominate the crypto world. Max made this known in a couple of tweets which generated a lot of traction and argument last week in which he made it known that the recent CoinMarketCap coin ranking metrics would cause the price of alts to plunge further.
— CoinGape (@CoinGapeMedia) September 1, 2019
On the other hand, popular crypto influencer, McAfee, in a tweet made mid-year, around June, had predicted that an alts season was imminent. According to McAfee, the altcoins most hit by the previous bear markets would become the top gainers later, some of which may even outperform bitcoin up to 10x.
Bitcoin cranking up, but the real winners, beginning soon, pwill be the alt coins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market – Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks. pic.twitter.com/Mgh8KVd4M2
— John McAfee (@officialmcafee) June 26, 2019
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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