Reasons Indicating Bitcoin Dominance Over Altcoins
Even though Bitcoin has been the reason for the followup of altcoins after it became a much–acclaimed cryptocurrency, still, there has been competition brewing between the Bitcoin and altcoins. Superseding and becoming the best alternative to the Bitcoin is always the main objective of these coins. But the efforts never give them positive results, as Bitcoin shatters all their challenge and sticks to its dominance in the crypto world. Now, what are those reasons that indicate Bitcoin dominance over altcoins? Let us find out from this blog.
Although that does not mean Bitcoin always remain safe from downfall. No, it did face a decline in the bear market in 2018, but it recovered soon after. Whereas, in the case of altcoins, there was not much improvement. Rather they steeped even more downwards. In 2019, Bitcoin performed much better during the initial days of the year by hitting a remarkable target of around $14K. This was the year when altcoins too performed better other than Bitcoin.
Now here comes an example of Bitcoin dominance over altcoins. In the same year 2019, Bitcoin took a charge during the rally of April Fool’s Day. Altcoins, who are always to outshone the top crypto coin seems nowhere close to Bitcoin. There is always a constant talk among crypto experts on whether the altcoin market will ever be able to achieve the major target just like Bitcoin. Now, there are many opinions which pop out from the discussion. Each has a different take on Bitcoin and altcoins. Some have expressed their conformity for Bitcoin’s dominance which will remain undisputed and altcoins would soon fade off.
The admiration for Bitcoin has become too popular among its likers that they are even keen to know about the expected Bitcoin price in 2021. Well, right now we can only estimate that it might hit the target around $50K. According to many crypto commentators, the worldwide adoption of cryptos has made them become a mature asset.
Fall Of Altcoins
The cryptocurrency market became the centre of attraction in the economic sector in the year 2017, lately. The dominating cryptocurrency hit the mark of $20k. Even the altcoins were not far behind reaching to a high level. But all those gains were soon erased when the bear market hit the crypto market making it on verge of decline. 80% was supposed to be the approximate fall. According to the analytical report, much hype for cryptos as a new asset was being created that fueled the price gains. Because of FOMO factor, many retail investors due to fear of FOMO took a speedy decision by putting money in any of the cryptocurrencies.
The dominance of Bitcoin over altcoins can be seen with the following example. Bitcoin Cash which was the result of the hard fork of original Bitcoin fall down to 11% in comparison to the latter crypto coin which was much beyond it. Similarly, altcoins like Ether, Bitcoin SV also could not live up to the expected price gain in comparison to Bitcoin. This led to the falling down of the alt season around 80%.
Bitcoin is no doubt has become a prominent digital currency admired by people all over the world. The emergence of this crypto coin introduced the concept of cryptocurrency. It generated so much interest among many crypto lovers who are eager to know about the Bitcoin price in future analysis. But apart from that Bitcoin also paved the way for altcoins. These altcoins make all best efforts to supersede Bitcoin. But by glancing at the above reasons, it all indicates the Bitcoin dominance over altcoins. No doubt, volatility is a common issue for both the competitors, but if you compare the performances from the previous years, Bitcoin has been faring well in comparison to these alternate coins.