{"id":110366,"date":"2019-07-22T09:54:10","date_gmt":"2019-07-22T16:54:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=110366"},"modified":"2019-11-07T02:52:01","modified_gmt":"2019-11-07T02:52:01","slug":"bitcoin-dominance-peak-altseason-underway","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-dominance-peak-altseason-underway\/","title":{"rendered":"Bitcoin dominance makes new peak signaling ‘altseason’ could soon be underway"},"content":{"rendered":"

Bitcoin\u00a0dominance<\/a> over the market continues increasing while the interest for altcoins declines without any clear signs of a bullish breakout. But, if the cryptocurrency market behaves like it has in the past, altcoins could soon make a major come back<\/a> that initiates their bull run.<\/p>\n

Bitcoin<\/a> has been in the spotlight after rising nearly 350 percent since mid-December 2018, which has allowed it to decouple from the entire market. The attention that BTC has had not only comes from its price action, but also the ongoing debate that is taking place in the U.S. about the regulations that must be enforced upon this cryptocurrency to avoid its use in illicit activities<\/a>.<\/p>\n

Bitcoin dominance<\/h2>\n

Since its release in Jan. 9, 2009, Bitcoin has entirely dominated the cryptocurrency market. There were several occasions between then and 2017 when its dominance fell under 80 percent, but on average it has always remained above 85 percent. It was not until the 2017 bull market until BTC\u2019s dominance saw its first major drop.<\/p>\n

As new ventures joined the space and introduced their tokens by forking off other cryptocurrencies or launching initial coin offerings<\/a> (ICOs), the industry was flooded with new projects that claimed to bring innovation and become the \u201cnew Bitcoin.\u201d As a result, speculation took hold over the market and capital started flowing out of BTC into new startups, leading to a significant drop in its dominance.<\/p>\n

For the first time since its inception, Bitcoin plunged from an 86 percent dominance in Feb. 20, 2017 to 39 percent in early June of the same year while Ethereum<\/a> rose to 31.5 percent and XRP<\/a> to 9.4 percent. Despite regaining control of the market to reach a high of 65 percent on Dec. 8, 2017, BTC dropped to a new all-time low of 32.4 percent a month later and since then, its dominance has hovered between 50 and 57 percent.<\/p>\n

\"Cryptocurrency
Cryptocurrency dominance chart by CoinMarketCap<\/a><\/figcaption><\/figure>\n

Recently, Bitcoin has been decoupling from the rest of the market as its price has been able to rise significantly without many of the other cryptocurrencies in the sphere following through. This has led BTC to reclaim 68 percent market dominance while the altcoins appear to be staggered or even making lower lows.<\/p>\n

In the eyes of Julian Hosp, co-founder of Cake and I-Unlimited, Bitcoin is on its way to capture an 80 percent share of the market as investors seem to be acknowledging the true value behind the pioneer cryptocurrency (unlike many other tokens in the space that lack sufficient decentralization).<\/p>\n

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Seems as if we are heading to an 80% #bitcoin<\/a> market dominance again that we had prior to the last bubble. This means:
1. BTC goes up further
2. Alts go down further
3. A combo of 1 and 2
It is all about true value and it seems the market values $btc<\/a> a lot. pic.twitter.com\/6riZGAGRV8<\/a><\/p>\n

— Dr. Julian Hosp (@julianhosp) July 20, 2019<\/a><\/p><\/blockquote>\n