Over the past months, Bitcoin has been rising in market dominance at a fast pace. Altcoins have been on a constant decline in price ever since the bear market began back in 2018. They've been the ones which suffered the most, while Bitcoin has obtained greater prominence within the crypto market.
Which is why, it wonder me wonder why Bitcoin's market dominance have been rising so fast? What could be the cause of this? Will altcoins die soon, as a result of Bitcoin dominating the whole market? Or will they still survive?
So far, Bitcoin has gained the attention of people within the mainstream world, especially since it's one of the most limited cryptocurrencies in supply with an outstanding development team. The Lightning Network is its most interesting feature yet, leaving many wondering if it will render altcoins obsolete. If this indeed happens, then Bitcoin would effectively centralize the whole crypto market. What are your thoughts about this?
Which is why, it wonder me wonder why Bitcoin's market dominance have been rising so fast? What could be the cause of this? Will altcoins die soon, as a result of Bitcoin dominating the whole market? Or will they still survive?
So far, Bitcoin has gained the attention of people within the mainstream world, especially since it's one of the most limited cryptocurrencies in supply with an outstanding development team. The Lightning Network is its most interesting feature yet, leaving many wondering if it will render altcoins obsolete. If this indeed happens, then Bitcoin would effectively centralize the whole crypto market. What are your thoughts about this?
I think the overall reason why Bitcoin's dominance is rising is its bullish sentiment all over the market. The long anticipation of another strong bull run has contributed a lot to the bullish sentiment. 2018 was almost an unbelievable year, with Bitcoin losing significant value. People were selling at a loss, many due to panic. And I think most of the weak hands have been purged already within that year. 2019 is therefore full of optimism. Perhaps many believe that the right time for Bitcoin to finally rise again and be able to shatter its previous ATH is within 2019.
As regards Lightning Network, I guess it is also contributory to the overall bullish sentiment, together with a few more things such as the upcoming reward halving. All of these could certainly push Bitcoin toward a new ATH within the year.
Most of the altcoins are expected to suffer within the year. Many will also die for sure. And I am looking at it as a good way to wipe off the shitty ones. But I hope the solid ones such as ETH or LTC will remain in top shape and will somehow benefit from the bullish Bitcoin.