Why Bitcoin is annihilating every one of your favorite altcoins

Bitcoin continues to crush its opposition as the leading cryptocurrency now enjoys a nearly 69% share of the entire crypto market cap.

This is the highest level of “Bitcoin Dominance” since April 2017 and marks an extremely frustrating period for altcoin investors.


bitcoin dominance
Bitcoin has continued to increase its dominance over altcoins, hitting the highest level since 2017. | Source: coinmarketcap.com

The Bitcoin price surged to just beneath $11,000 on Sunday after five straight days of gains have restored momentum in BTC/USD. In perhaps the perfect indication of what 2019 has been like for investors in altcoins, both Ethereum and Litecoin are lower on the day. This dynamic is what is driving Bitcoin’s rising dominance of the crypto market cap.

The historical dynamic where a 5% bounce in BTC meant a 15% rise in several smaller crypto assets has failed to materialize during the latest bull-trend. Unfortunately for altcoin bulls, the downside correlation appears to exist still, as losses in Bitcoin have still equated to heavy losses in most smaller coins.


bitcoin price vs ethereum price
Bitcoin’s performance against its largest rival, Ethereum, shows the degree to which altcoins are underperforming in 2019. | Source: TradingView

If you invest purely on technological advancement, Bitcoin’s control of the crypto market cap might initially be quite baffling to you. While new altcoins have sought to improve in many ways on BTC’s underlying limitations, no new “advancements” have been compelling enough to convince the global investor population to park their money there instead of BTC.

Moreover, Bitcoin’s technical picture isn’t static – it’s improving under the hood all the time. The ultimate argument against “alt-season” materializing is that BTC can continue to increase its brand dominance, while also…

Continue reading at CCN.com

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *