Thoughts on Bitcoin market dominance
coingecko
I find this diagram interesting. I get that of Bitcoin, why it has such large percentage of the market, I get that of ETH, it’s interesting to see that BNB an exchange token is having such amount of market share. What’s even more interesting is how every other alt out there is termed as others.
As the markets become saturated with more participants in the nearest future, I’m of the opinion that Bitcoins dominance in market share might continue to reduce because of its technological limitations.
But it’ll be highly dependent on what the world wants. While majority want security, many also want applicability, the ability to make innovative transactions, exactly why we can see BTC at 37.28% and others at 41%. I’m of the opinion that the new wave of crypto users will be people who want more than what Bitcoin offers. Because technology continuously evolves and offers more.
The only situation where I see Bitcoins market share dominance going up massively is if governments around the world declare some rule to accept Bitcoin as legal tender and as such some begin to use Bitcoin as their national reserve.
Things might change rapidly for ETH if it moves to POS and fixes the gas fees “issues”. People apparently love Ethereum, remove gas fees from Ethereums current state, add speed, and people will flock to it like flies. But no one knows the future of Ethereum.
No doubt that people want security and applicability, however what they want even more is to make money and make more money and apparently, “others” are known notoriously for this. Hence we have more people clamoring for more than Bitcoin.
Ultimately in the wider scope of things, the entire crypto market is still hanging around 2 trillion dollars, there is still so much space for growth. And whether or not people own Bitcoin, Ethereum, BNB, or other cryptos, everyone is contributing to the growth of the entire market.
In future though, I wonder which section will take the larger percentage of the chart. What do you think? Bitcoin? Ethereum? Bnb? Others?
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that's the biggest bug of eth and it must be fixed, the gas fees is what most people don't want to get into they prefer to use other means and it is really slowing the rate of eth. Hope they will fixed this soon and you will see how people will fall back to eth.
I'm seeing a lot of potential in other coins most tokens like hive usercase is amazing and in the future you will see how far we have gone. Some other projects really have potential of doing good just time and patience since they are still new they need to adopt to the system first.
I’m pretty sure it’s the L2 solutions that are more dominant in the “others section”. I wonder what their fates will be when ETH ports to 2.0. They need to have applications that people normally use, most don’t, what they do have is infrastructure for people to build upon. And there are more users than builders in this world.
The situation really looks like “the absence of the cat is why the rats are on a fashion parade”. Ethereum being the cat.
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that's right
The gas fee prevents ETH transactions for most of us. I think others still will take a larger percentage.
I think so too. But for how long? ETH 2.0 might take another year or just a couple of months. If gas fees are off, what will become of most of those “others” that are hitting the charts right now.
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I keep trying to understand why ETH gas fees are so high. Could it be as a result of too many involvement?
I'm not a long term Crypto person but from your article, I comprehend that there is a high probability of an asset with more technology involvement or advancement, breaking bars.
I'd like to see that. It's not impossible. I'm gonna bet on others because Hive and Leo give me assurance but remember, I just started out to learn Crypto. Loved the article m
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Infrastructure o...but they plan to develop an upgrade to fix the high gas fees issues. But nobody knows how long it’ll take.
I’m also betting on others, just look at how many things can be done with Hive, so many, it’s almost become an integrated part of our lives. We can’t say the same for a lot of the ‘others’
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I agreee o😂
Well as for me bnb has a very bright future as well as Ethereum,but just like as you have said gas fee is a real big problem Ethereum and if they don't do something about it,I see it hindering their growth because more cryptos are coming and they are ready fo completion so the advantage they offer will go a long way in their growth,so I actually see bnB taking the lead
Nice, I think BNB also has a bright future by being an exchange token and the Binance smart chains main token. Although Binance has it issues but we cannot argue that they also have good tech. Plus CZ Binance is also a good promoter. I wonder which project will challenge BNB as an exchange and infrastructure.
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Yeah that's the main point
I don’t have any bitcoin but I have some other coins like Ethereum, bnb and so many more. I just want to grow my bag around major coin and a lot of altcoin. Eth have best developers around in crypto space, I know with time their high transactions fee will be the thing of the past
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True, but you know how time flies in crypto, if ETH 2.0 is not ready in the next 2 years, other projects might want to overtake it o. See this BNB is not playing at all.
I think BNB will have a higher dominance later on.
The binance side chain is doing a lot.
I also see matic entering that chart.
Btc will sill keep on dominating as long as we have new investors in the game.
Most new hands only know btc.
Also, big investors will take security of their capital over a gamble with no track record.
I believe Bnb still has a lot of room to grow as well.
Institutions love Bitcoin as a safe haven. And they certainly have the money to spend. But the question is, will institutions have as much money as individuals combined? Time will tell
To your question at the last paragraph, I feel BTC will still be topping the charts in the future. Even though they have technological limitations I still feel in the nearest feature that demerit will be a thing of the past, my opinion though. Fingers Crossed..
I actually think so too but only if some type of developments come untop of it. I may be wrong though.