With the current market cap at around $300 billion many experts are predicting the August will begin with a bull run.
The last time we were at $300 billion was in early June (June 10th specifically) when the market was in a bear grip. Now it seems that the market is on the rise and, slowly but surely, it seems to be getting ready for a bull run.
With a huge influx of cash coming into the market, earlier this week, Bitcoin hit $8200 which is a good sign and is making it some good steps up in the market. Despite seeing these great gains for Bitcoin, other altcoins don’t seem to be massively affected by them. Over the last week, most of altcoins have stayed the same throughout the whole experience however, some of them have even lost. With some coins being in the green and some being in the red, Bitcoin hasn’t been greater.
Some analysts are starting to believe that this could be the beginning of the end for altcoins. To put these opinions in perspective, at this time of writing, Bitcoin dominates 46.9% of all the money currently in the market however, since 2013 Bitcoin dominated the market by around 75-90% up until, this year where Bitcoin dropped into the low 30s where it’s dominance over the market was at the lowest it had ever sunk.
Historically speaking, the end or beginning of the year is where the market sees its spikes. When you look back at past January’s, there has been spikes in the market just a little after that month. In July last year Bitcoin lost a lot of dominance and the market cap was estimated to be around 40% however, at the same time altcoins surged upwards. Now, at the end of July 2018, we’re seeing Bitcoin nearly at 47% and altcoins taking a dip so could altcoins be on their way out?
Many analysts have different opinions on whether the market could be hitting a bull run in early August. Some say that the bull run is nearly here whereas others believe that these little signs are giving false signs of hope to investors.