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Bitcoin (BTC) Is Losing Dominance To Rapidly Growing Altcoin Market

 
Bitcoin (BTC) Is Losing Dominance To Rapidly Growing Altcoin Market
Analytics / Bitcoin / Breaking News
Bitcoin Chart With Values Bitcoin (BTC) dominance is on a steady decline. Since the evolution of the altcoin market in 2017, we have seen Bitcoin (BTC) drop from its historical dominance levels towards new lows. The trend is expected to continue for the foreseeable future. This is a favorable development for the crypto community as a lot of good projects will continue to receive the funding they need to contribute to the blockchain industry. Bitcoin (BTC) had a long span of absolute dominance since its inception. Ethereum (ETH) on the other hand enjoyed dominance for a little while as it profited directly off Bitcoin (BTC)’s losing dominance in 2017. However, as the above chart shows, Ethereum (ETH) broke its rising dominance pattern last month as the price broke below the trend line. There has been a steady winner in terms of dominance this whole time. That winner is the altcoin market. The above chart shows that since January 2017, the altcoin market entered a new trend of rising dominance. It rose to its peak in April 2018 and later on fell back to the trend line in August. Interestingly enough, the same time that Ethereum (ETH) broke its rising dominance trend; the altcoin market tested the trend line and successfully defended it. The altcoin market has now embarked upon a new rally towards rising altcoin dominance.  This means that we are going to see even more explosive growth in the altcoin industry than before. Bitcoin Chart With Values Legitimate altcoin projects that held their ICOs back in 2016 and 2017 already have a working project by now and as they move towards practical applications and market use, the market cap of their respective coins is only going to rise. Similarly, a lot of new ICOs were shelved as the correction began. There is a long queue of ICOs waiting to be launched soon as the market shows signs of recovery. These new projects will also take money from existing coins like Bitcoin (BTC) and Ethereum (ETH) and transfer it to new ICOs in the hopes of making higher gains. Investors and analysts alike are debating that the security tokens market is expected to grow in the near future. There may be a lot of scams and fraudulent projects but the greed is real. As soon as people see a few days of consecutive 20% gains in the market, they are going to forget about all that happened the past nine months. The above monthly chart for BTC/USD shows how Bitcoin (BTC)’s one complete cycle comprises of three segments, shows as (1), (2) and (3) on the chart. Bitcoin (BTC) is about to complete the final segment of the existing cycle. The next cycle is expected to begin before the end of the month. Its first segment, shown as (1) on the above chart is expected to last all the way till September 2019. During this time, we may see Bitcoin (BTC) rise to a new high but the growth will not be as aggressive as we saw last year. It will be like the one we saw during September 2015 and September 2016 after the 2014 correction. While Bitcoin (BTC) may still end the year above $10,000, the altcoin market is where investors will turn to for now, in order to make higher gains.

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