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Bitcoin’s Dominance is Heading Back to 90 Percent: Blockstream CEO

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September 10, 2019 | 

Darryn Pollock |  0 Comments| 

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Bitcoin’s dominance over the rest of the cryptocurrency market has topped 70 percent recently, climbing back to these high levels after the collapse of the altcoin market in the beginning of 2018. There is a growing steady market for Bitcoin, and its use cases continue to grow. 

By the same token, the altcoin market is under pressure. It has not felt the same resurgence after the 2018 bear market and many companies and adopters of cryptocurrency is not seeing the need to branch out to more niche coins. 

Because of this steady growth of Bitcoin, in its matureaton, as well as dominance over the market, a number of commentators are starting to predict that the major cryptocurrency could swallow up as much as 90 percent of the market soon.

Blockstream CEO Adam Back predicts that 90 percent of Bitcoin dominance is just around the corner while others, like Max Keiser, have said that the death of the altcoin market is now officially coming as Bitcoin keeps eating up their share. 

Backing 90 percent

Back’s prediction of this high level of Bitcoin dominanance came in a Twitter debate with Primitive Fund co-founder Dovey Wan where the CEO of blockchain explained that altcoins’ previous supremacy was a temporary feature of the cryptocurrency space. 

At the same time, Wan was trying to ascertain if Bitcoin would continue making market cap gains, and more importantly, if Bitcoin could hold them and really kill off the altcoin market. 

“It's a reversion to mean,” Back summarized about the current trend, adding the full cycle takes around two-and-a-half years to complete.

The current cycles of Bitcoin dominance have seen the major cryptocurrency as the unchallenged dominante force from 2013 to June 2017 where it barley fell below 80 percent dominance. However, it quickly dropped off after that as the coin suffered major losses when a huge altcoin market began brewing.

This was preceded by an ICO boom of a multitude of new coins. Bitcoin’s dominance fell below 40 percent, climbed back to 60 percent and then fell again to its lowest ever in January 2018. Since then, it has been steadily climbing as Bitcoin has only matured further, and altcoins have had either a hit or miss existence. 

Bitcoin’s gain is altcoin's death

Of course, the other side of Bitcoin’s continued climb in dominance is the fact that it is at the expense of a bevy of altcoins which are trying to find their niche and establish themselves in the cryptocurrency market. 

Thus, while Back predicts this is a cycle, Keiser, as well as veteran trader Peter Brandt, believe this new recent high of dominance will spell the end of the altcoin market. These commentators also have a lot of technical backing for their claims as Bitcoin’s dominance is up, but it's hashrate is also continually climbing, indicating true health in the network and expected growth. 

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