Despite speculation of Bitcoin dropping to the $20,000 mark, its market dominance trajectory appears to be on the upside. Currently, Bitcoin’s share of the cryptocurrency market stands at a staggering 47.33%, while altcoin prices suffered recently.
BTC To Have 50% Market Share?
According to Project Syndicate, a trader with active presence on TradingView, Bitcoin will further increase its market share. He expects Bitcoin to reach a peak of 50%, which could only strengthen its case in the minds of regulators. If Bitcoin goes on to retest the 50% level, claims of Bitcoin supporters like Michael Saylor could be reinforced.
Last month, the Microstrategy CEO predicted massive upside to Bitcoin due to a potential shakeout in the industry due to acceleration of regulation. Regulation is going to move the asset class from being a $1 trillion asset class to $10 trillion, Saylor said.
Altcoins To Further Bleed In Near Future?
Project Syndicate predicted that altcoins will continue to bleed until Bitcoin retests the 50% market dominance level. Owing to macro-economic situation and last month’s Terra collapse, altcoin prices suffered huge losses in the recent past.
The trader suggests that the downside to altcoins will continue until July or August. It does not look like a great setup for altcoin traders, they stated. Bitcoin is likely to hover between the 40-50% dominance levels.
“Expect Ethereum and other altcoins to bleed until we re-test 50% dominance level. Bitcoin set to flip flop between 40%-50% dominance range.”
Meanwhile, Bitcoin had in the last few weeks showed volatility in the range of $29,000-$31,500. Contrary to bullish claims that the top crypto had already bottomed at around $29,000, historical patterns show otherwise. As of writing, Bitcoin price is $30,511, up 2.79% in the last 24 hours, according to CoinMarketCap.
On the other side, revenue generated by Bitcoin miners is continuing to drop. This continues even as production costs are increasing as the market sentiment is bearish.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/heres-how-altcoins-could-fare-in-the-near-future/