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 wonders me wonder why Bitcoin's market dominance has 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 that is because bitcoin is the most used cryptocurrency in every transaction worldwide. Let me give you some examples when you want to invest in some projects here, you need to have bitcoin first because most of the projects only accepting bitcoin as payment for support. And in gambling also, bitcoin is the most used coin for betting and playing other games. There are lots of transactions in accordance to bitcoin so there is no question about why it is dominating other cryptocurrencies. Lastly, bitcoin become popular all around the globe and gain a lot of investors and traders as they recognize the goodness of using this kind of currency. Which is why it wonders me wonder why Bitcoin's market dominance has 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?