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Despite the drop of over 40% in the last month, Bitcoin's share of the total cryptocurrency market rose to 55.1%. This shows the magnitude of the price collapse in alternative currencies such as the Ethereum, EOS and Bitcoin money, among others.
The dominance rate is a metric used to measure the percentage market share of a particular activity in the cryptocurrency market. What the development suggests is that traders could move funds from alternative cryptocurrencies into the world's largest currency by market capitalization – or at least, the bitcoin demand is surpassing other networks.
While forecasting a total fund in bitcoins is really hard to do, but many analysts suggest that a turnaround in the new year is likely. This is because the only active users and daily transaction volumes are set to rebound abruptly in the first six months of the year.
Exactly one year ago, on 10 December 2017, the price of Bitcoin was $ 17,102 per currency, almost 80 per cent higher than the price of Bitcoin today. The Bitcoin market index is 55%, down from 62.4% a year ago, according to CoinMarketCap data.
Far Bear Market
Stephen Innes, head of trade in Asia Pacific with Oanda, is arguing that the bitcoin bear market is all but over because digital currency no. 1 must still provide a meaningful use case.
He said:
"Bitcoins have gone far beyond the ridiculous light bulb mania of tulips, and it has been a disastrous year for the crypts and, if you look at it, the current bear market could go from bad to worse with no fundamental or fundamental reasons to buy BTC. even more so when the only support offered is a wavy line on a chart of analysts ".
In 2019, bitcoins will regain ground in terms of market share and capitalization as traders will flee risky altcoins and seek shelter in a proven currency over time. This is the forecast for the previous year published by the leading A.T. Kearney.
The report says:
"By the end of 2019, Bitcoin will recover almost two-thirds of the cryptographic market capitalization, as the overcoins lose their brilliance due to increasing risk aversion among cryptocurrency investors."
More generally, financial regulators will probably ease their position towards the sector. The Committee of the Treasury of the Parliament of the United Kingdom, which wants to end the "wild west" of cryptographic markets, will pursue regulations aimed at stifling criminal activity and reducing price volatility while trying to make the United Kingdom a hub for the cryptocurrency markets.
At the same time, the US Securities and Exchange Commission will join the funds traded in Bitcoin and, together with the US Commodities Futures Trading Commission, will continue to work to improve market transparency. On the other hand, we must not forget that the bitcoin is still surpassing most of the other digital currencies and shows every indication of being the preferred haven of the crypto towards. As a general rule, bitcoin's market share has always grown every time the markets are suffering.
This time is no exception. The collapse of cryptocurrency prices, including bitcoins, has still seen its market grow. Last week he actually hit a maximum of 3 months, just when he was also pushing a minimum of 15 months.
Bitcoin could still be slightly hungover
The short version is that the bitcoin could still be a hangover after the party lasts in late 2017 / early 2018. Bitcoin still shows all the signs of being the most reliable cryptocurrency in circulation. Other features such as the number of unique portfolio addresses show reasonable direct correlations to the price, while others such as the rate of transactions have grown steadily throughout the year.
Most loyalists and Bitcoin enthusiasts continue to believe in its long-term future despite the collapse in prices for this year.
"If we look back at Bitcoin's brief 10-year history, it has experienced many price fluctuations – something that is expected given that the industry is still very young," he told co-founder and CEO Express.co by CoinCorner, Danny Scott. .UK.
"It is known that Bitcoin is presumably" dead "more than 300 times to this day.This" death "refers to the critics' predictions that bitcoin will not survive price changes, however it did not die in any of those occasions and, instead, has continued to obtain mass adoption ", he added.
