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Bitcoin domination which is used as a trust index in the market is gradually decreasing. The crypto currency with the highest rating took about 90% of the crypto market in the beginning of 2017. This number has been decreasing slowly. It is expected that this trend will persist in the near future, reports crypto analysts GalaxyBTC. He claimed that the altcoins could break free of long-term resistance against downward trend. The analysts added that the altcoin season was coming soon.
Such altcoins as Ripple (XRP) and Ethereum (ETH), decreased more than their elder brother – Bitcoin (BTC). Bitcoin dropped by more than 85% in comparison with its historical period in 2017. On the other hand, Ripple (XRP) and Ethereum (ETH) dropped by more than 90% in comparison with their historical maximums.
Nevertheless, according to the graphic provided by GalaxyBTC, altcoin market capitalization has been growing since January, 2018. If this data is confirmed, altcoin season is inevitable.
Bitcoin Domination Will Drop Below 30%
GalaxyBTC is sure that Bitcoin domination will decrease below 30%.
Moreover, it seems that the lower upward domination trend is, the longer bitcoin growth is, and it is quite week at the moment.
It is expected that domination will decrease below 30% and it will be the longest altcoin growth season up to date.
While Galaxy believes that Bitcoin will lose its status of the main cryptocurrency in terms of capitalization soon, the other analysts believe that it will be hard to catch up with Bitcoin.
Barry Silbert, Digital Currency Group CEO once said that he would be more careful about investing in altcoins. He noted that almost every ICO was an attempt to raise money and most of ICOs would fail.
No one knows whether Bitcoin will lose its status for altcoins.

(Excerpt) Read more Here | 2019-02-20 23:31:55


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