Bitcoin Dominance Hits 70% As Keiser Warns Altcoins ‘Not Coming Back’ (#GotBitcoin?)
Bitcoin (BTC) now has the highest share of the overall cryptocurrency market since before its record-breaking $20,000 bull run in 2017. Bitcoin Dominance Hits 70% As Keiser Warns Altcoins ‘Not Coming Back’ (#GotBitcoin?)
According to data from major monitoring resource CoinMarketCap, Bitcoin now accounts for 70.5% of the total cryptocurrency market cap as of Sept. 3.
Bitcoin Market Cap Hits Pre-$20K High
That figure has not been seen since March 2017, and comes as BTC/USD makes gains at altcoins’ expense.
As Cointelegraph reported, continued underperformance in cryptocurrencies other than Bitcoin has triggered warnings from traders and analysts alike.
Among them are Peter Brandt and RT host Max Keiser, the latter again claiming this week that altcoins would never recover from this downturn.
“Alts never coming back… Sorry,” he tweeted on Sept. 3, also referencing market cap statistics. 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.”
Some sources had reported Bitcoin hitting the 70% mark as early as last week.
Market Cap Readings Set Highs Across The Board
Bitcoin itself delivered a sudden return to form late on Monday, having previously dropped to just $9,350. At press time Tuesday, BTC/USD was circling $10,360, bringing 24-hour gains to 6.2%.
Altcoins in the top twenty, however, mostly failed to achieve more than 4%, meaning they, in fact, lost value in Bitcoin terms.
Some commentators voiced caution about placing faith in Bitcoin’s strength. Market cap, they argued, is a poor measure of performance, as it includes many altcoins which do not even have any trading volume.
Earlier, Cointelegraph reported on the phenomenon of Realized Market Cap, a metric designed to solve those inconsistencies which has also set new records in recent weeks.
Bitcoin Dominance Hits 1-Year Peak Amid XRP Sell-Off As $24K Briefly Returns
Bitcoin sees major volatility and a tussle between bullish and bearish levels while altcoin traders feel the pain of an XRP sell-off.
Bitcoin (BTC) kept the volatility coming on Dec. 23 as a dive to $22,800 sparked a lightning-fast rally to classic $24,000 resistance.
BTC Dominance Hits Highest Since Late 2019
Data from Cointelegraph Markets, Coin360 and TradingView tracked BTC/USD as factors including panic among XRP traders made unstable conditions prevail.
At press time, the pair was circling $23,700 after briefly heading above sell levels at $24,000. All this happened in the same few hours, which saw Bitcoin go from current levels to $22,800 in a matter of minutes and back again.
With volatility firmly evident, attention turned to the prospects for altcoins as problems at Ripple sent BTC dominance soaring to one-year highs.
“Historically, we’ve been making a top structure in December, after which we had a wonderful first quarter for altcoins,” Cointelegraph Markets analyst Michaël van de Poppe commented to Twitter followers on Bitcoin dominance action.
Altcoins Flounder In Another Trying December
Meanwhile, the biggest XRP holder, Ripple, is facing a new lawsuit from U.S. regulators over potential sales of unlicensed securities. Should the Securities and Exchange Commission (SEC) win its case, analysts worry that XRP trading will be effectively destroyed due to the legal ramifications.
As Van de Poppe implied, Bitcoin’s advance came at the expense of altcoins more widely, with various top-ten tokens seeing daily losses. The largest altcoin, Ether (ETH), was flat on the day at $611.
Earlier today, Cointelegraph noted that a major stockpiling effort from institutional giant Grayscale failed to buoy market mood after the company added $285 million in BTC to its assets under management on Tuesday.
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