Bitcoin’s Dominance Tops 70 Percent as Max Keiser Spells End of Altcoins

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Ever since its inception, and the creation of a rival cryptocurrency, Bitcoin has sat atop the market dominance stakes with challenges getting close but never dethroning it. Now, still over 10 years on, Bitcoin is on top, but pulling away from the mass of altcoins that sit behind it. 

The market dominance of Bitcoin is now at 70 percent, which was a figure last seen in April of 2017, which was also subsequently the very beginning of the rally that too Bitcoin to be priced at its all time high of $20,000. 

Being such a dominant coin obviously means that the coins sitting behind it, of which there are hundreds, are losing their share of the market and becoming less and less powerful, or even relevant. It is a two-sided occurrence though as Bitocin has proven itself while Altcoins have been a little watered down. 

Because of Bitcoin’s rise in dominance and thus clear favouritism by users of cryptocurrency, one Bitcoin maximalist is ringing the death knell of the altcoin market. Max Kieser, who has never believed in the need for multiple cryptocurrencies, feels vindicated in his dismissal of those coins with this recent milestone by Bitcoin. 

Never coming back

The dominance of Bitcoin in the market has seen some turbulent times in the last two years. Having held control of 80 percent-plus on the market dominance since the emergence of other coins, suddenly 2017 became the year of ICOs and different currencies. 

Bitcoin;s dominance fell to 39 percent in June of 2017 before spiking back to 60 percent in December when it was reaching its all time high. However, a wave of altcoin interest followed and the dominance stakes of Bitcoin dropped again to its lowest ever - 33 percent in January 2018.

However, since then, Bitcoin has been fighting back as a true and dependable cryptocurrency while the hype of alt coins and ICOs have blown over, and now because the hype is well and truly over, Keiser says he can’t see a way back for them.

“Alts never coming back… Sorry,” he tweeted, also referencing market cap statistics. Peter Brandt reiterated similar warnings.

“When will altcoin junkies understand that $BTC is the crypto with real and lasting value,” wrote Brandt, who added:

“Altcoins are to Bitcoin what lead is to Gold.”  

Bitcoin bouncing back

Part of the reason for the return to such a high dominance for Bitocin is because of a recent surge in its price that has seen the coin again bounce back over the $10,000 mark. This jump has also seen altcoin move into the green, but their gains are not nearly as impressive as Bitcoin’s.

Most of the top 20 altcoins which would be competing for market dominance are only up an average of four percent whereas Bitcoin is up over six percent. Additionally, since March, Ethereum, the next biggest coin by market cap, has dropped from 10 percent to seven.

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