Despite speculation that Bitcoin will drop to $20,000, the market dominance trajectory appears to be on the upside. Currently, Bitcoin’s share of the cryptocurrency market, i.e. BTC dominance rate, stands at 46 percent, while altcoin prices have suffered recently.
Can Bitcoin’s dominance over altcoin projects reach 50 percent?
According to Project Syndicate, a trader with an active presence on TradingView, Bitcoin will further increase its market share. The trader expects Bitcoin to reach a 50 percent peak. What happens if Bitcoin tests the 50 percent level? According to some, the claims of Bitcoin supporters such as Michael Saylor may be strengthened. As we reported on Kriptokoin.com, last month, the CEO of Microstrategy predicted a massive spike in Bitcoin due to a potential shake-up in the industry due to the acceleration of regulation. Saylor said the regulation would move the asset class from $1 trillion to $10 trillion.
Project Syndicate predicted that altcoins will continue to bleed until Bitcoin retests the 50 percent market dominance level. Due to the macroeconomic situation and last month’s Terra crash, altcoin prices have suffered huge losses in the recent past. The trader suggests that the decline in altcoins will continue until July or August. He stated that the current situation does not look like a great pattern for altcoin investors. According to experts, Bitcoin is likely to hover between 40-50 percent dominance levels. It is stated that if this level is tested again, ETH and other coins may collapse.
What is the latest situation in Bitcoin price?
Meanwhile, Bitcoin has been volatile in the $29,000-31,500 range over the past few weeks. The last few days have been quite volatile for the primary cryptocurrency. Volatility kicked in on June 6 when it bounced from under $30,000 to a multi-day high of almost $32,000. At this point, however, the landscape changed quite quickly as BTC dropped to $29,200 with losses of more than $2,000 within hours. With that came another price hike. Bitcoin soon found itself trading above $31,500.
The fluctuations continued a little longer. It once again pushed BTC down to $30,000. Since then, the cryptocurrency has remained relatively calm at this level. It currently sits just above this level. As such, its market value remained at $580 billion. BTC’s current dominance over altcoins is 46.5 percent. On the other hand, the revenue generated by Bitcoin miners continues to decline. This continues even as production costs rise while market sentiment is bearish.
37193
