BTC dominance is sinking and sinking.
I don't really like this.
Altcoins are thriving just as before the crash and it gets worst.
That's to be expected considering that there is only one Bitcoin and over a thousand altcoins. I don't really see an issue with that though, especially when considering that most altcoins are bound to eventually evaporate like dot com companies and the likes.
With the number of coins slowly losing dominance over time is expected, but, this loss has been quick. What's more, we are likely close to another coin becoming the market leader. Can you imagine that, A banker coin like ripple, and a broken dictator coin like ethereum becoming the peoples choice.
I should never of expected different I guess, most people in this world are dumb arse sheep only care about profits rather than making the financial system better.
This effect is bound to accelerate with the growth of the overall crypto market. The more people buy into Bitcoin, the more people will find interest in altcoins and the larger the potential volume that can trigger growth in altcoins will become. It's a snowball effect.
A question that I find interesting is whether or not Bitcoin will regain dominance massively once the "big crash" comes and useless shitcoins as well as all the ponzis and scams get obliterated.
Yes. I think that the snowball effect analogy is a good one, yet I don't think that it matters that much whether bitcoin gains or regains dominance because in the end bitcoin is going to remain king because it's fundamentals are the strongest....
I think that one decent side effect of the alt coin craze involves the kind of diversion effect that it has in terms of being able to bring a lot of capital into the crypto space that ultimately is going to allow bitcoin to grow and grow and grow without bitcoin having to serve as the main focus, whether it is regulations, innovations or even investment, and a lot of that money is going to flow back into bitcoin in one way or another and support the bitcoin ecosystem, one way or another even while many of those other coins are simultaneously leeching off of bitcoin's security and strength of its infrastructure.
I may be contradicting myself because in the short run, I am suggesting that we should not give too many ratts' asses about bitcoin's dominance or whether there are various flippenings, ripplings, cashenings, dashenings, etc... so in the short run confusion and even diversion of funds into a variety of other crypto projects, but in the longer run... maybe 30 years.. good money is going to flow into the good asset, which is going to likely remain bitcoin based on bitcoin's security and longer term strong foundations... there may be one or two others, such as Monero that also can keep a decent foundation... but coins like ETH might have some difficulties keeping up because of their being so spread out and likely going to lose money through their many security lackings... and I am surprised that they already have not been brought down a few times by some of the bugs and the fact that so many scam coins have been using them. Coins like ETH are also going to have centralization like difficulties that may cause regulatory issues, unless they can increase their decentralization of their quasi-centralized aspects.. but they don't seem to be heading that way.. especially talking proof of stake mumbo jumbo baloney, which does not seem to help with centralization aspects of those projects/coins.