Bitcoin is maintaining its dominance in the crypto market as altcoin remains in the slumber for the most part of the year. Majority of the altcoins are down by 80 to 90 percent from their peaks while Bitcoin registers the lowest loss in its value. Could this mean altcoins are slowing moving to their death or just a good buy opportunity?
Bitcoin maintains its dominance as altcoins increasingly lose value
In today’s market, apart from Bitcoin, there are thousands of other cryptocurrencies present. No matter the market sentiments, BItcoin always remains the king of the crypto market, despite being plummeted by the bears. However, altcoins are increasingly losing their edge as the devaluation is at its extremely high.
If we take a look at the market value of the digital currencies since their peak, Bitcoin is doing the best among all as it is only down by about 67 percent since December high at $19,500. However, the altcoins are down between the range of 71% and 98%.
Summer 2018 has been an altcoin purge.
Market share since May 1:
BTC up from 37% to 53% (43% higher)
Other top 10 coins down from 36% to 30% (17% lower)
Non top 10 coins down from 27% to 17% (37% lower) pic.twitter.com/cCFfdMRt1f
— Kevin Rooke (@kerooke) August 23, 2018
Out of the top 15 altcoins, the biggest losses have been suffered by Cardano (ADA) which is down by 93% since its ATH at $1.33.
It is followed by Tron (TRX) that is discounted by 92.96% from its January high of $0.3 which is closely followed by XRP running 91.53% low right now.
Altcoins that are down by the most percentage includes Bitcoin Diamond (BCD) which is down by 98% at $1.51 from its January’s approximately $76. Bitcoin Gold (BTG) is another one with the highest losses i.e. 96.33 and then Qtum (QTUM) suffering the plunge of 96.11%. Verge (XVG), Siacoin (SC) and NEM are also in deep red currently available at over 95% discount.
But could it be a blessing in disguise?
The current scenario of altcoins has brought forward the crypto enthusiasts and experts alike to point out an extremely depressing 2018 for the altcoins.
I’m sorry but most altcoins remain dead forever.
Alot of altcoins aim to replace Bitcoin but most are just hype and pnd.
Compare the top 50 mcap 5 years ago vs now and you’ll see that only a few remain.
I’m no Bitcoin maximalist (I hate maximalist) but that is the truth. https://t.co/Nm9UO1wt99
— Squeeze (@cryptoSqueeze) August 24, 2018
As can be seen from the constantly rising BTC dominance to the 53.3% which has gone down to about 35% this year. And as commented by a Twitter user, Byron Kruger,
“BTC dominance from low to high created a positive move in price in the past, maybe a positive movement on the way?”,
we just might get to see some upward momentum.
However, just because altcoins have taken a serious dump, doesn’t mean they don’t have a good concept. As pointed out by a crypto investor, KryptoCrypto in part,
“Those unwilling to open their eyes and ears to new ideas are the antithesis of what Bitcoin is about on a fundamental level. This is a blossoming economy that looks to redefine multiple aspects – not just currency. Many utility tokens can fit in.”
Though it is in no way an investment advice it totally makes sense from an investor’s point of view as well. The dip in the price of altcoins can be seen as the perfect buy opportunity and get onto acquiring those cryptos. By adding different cryptocurrencies to one’s investment portfolio along with Bitcoin, one can add diversification and support a project that an investor believes in.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.