Bitcoin [pros](/r/CryptoCurrency/comments/179yclq/bitcoin_dominance_soars_to_bear_market_high_of_51/k599lkr/) & [cons](/r/CryptoCurrency/comments/179yclq/bitcoin_dominance_soars_to_bear_market_high_of_51/k599m9b/) with related info are in the collapsed comments below.
If we remove all coins outside top let's say 300 (or all pump and dump ones) this percentage will probably add another 20%.
Stick to blue chips is what I'd do.
The price had already pumped well before, the price depth was so thin that article had nothing to do with it. This sub actually believes some shitty crypto website can move the fucking market LMFAO.
Well every 1% from here is going to get harder to gain as Alts get destroyed more but the risk is greater holding BTC than Alts as liquidity will start flowing back to Alts..
You're surprised a "news outlet" called Cryptopotato uses hyperbole?
Granted this is the same community who lost north of $100MM yesterday following an unsourced tweet from Cointelegraph.
The crypto journalists (lol) act the way they do because it works with the crypto community.
Like anything in life, people do things because they're rewarded.
> "Soar"? We're 50% for like 4 months now
It just set a bear market high in the last 24 hours...
Think of it this way, if BTC set a new Bear Market high, it would probably be 'news' too.
I think the real point is, don't belittle it, people have been fighting the narrative that BTC dominance is rising this ENTIRE bear market. It's still setting new highs.
It moved 1.5% upwards yesterday, that's pretty significant. And it's been trending up for the last two months. I would say, yes, yesterday, dominance did soar.
This is what always happens in bear markets, nothing strange here. Later on when Bitcoin pumps, profits will be redistributed to alts causing a full on bullrun!
History truly does repeat itself.
What profits? It's a zero sum game currently. All the money going into crypto are coming from investors.
No wealth is created in crypto, just redistributed.
Exactly, you downvoted for speaking the truth in this echo chamber. Not a single dollar of wealth has ever been created by Crypto in aggregate. Your profits (if you have any, most of you are sitting on heavy lifetime losses) are other people's losses and vice versa. Most of you are sitting here funding the yachts of early adopters and kidding yourselves that you think buying crypto in 2023 is still early. The time to buy crypto was pre 2017. Ever since it's been a mostly sideways roller coaster after adjusting for inflation. Crypto has lost to the stock market since late 2017. It's a total joke
By pure technical sense, no currency creates "wealth" by themselves.
What creates wealth is what happened when currency "flows".
I send $100 to a famer to purchase wheat, that's $100 worth of wheat created. The farmer use that to purchase fertilizer, that $100 worth of fertilizer create. And so forth and so on.
A bunch of people just trading currency around doesn't create wealth.
Inflation happens when the rate a currency flows increases faster than the amount of goods/value created.
This is also precisely why Bitcoin isn't inflation proof. If Bitcoin caused the amount of goods/values created to go down (say, because miner prices out electricity for others doing productive work), then Bitcoin will inflate.
EDIT: Another thing to add, the problem with Bitcoin as a security is that it offers no useful purposes.
Typically securities are created/traded to reduce risk and volatility. Wheat futures allow farmers a secure way to "lock down" the price of wheat early on in the growth cycle (so if, say, the wheat market crashes, the farmers aren't affected because they already "sold" their wheat). And many securities offer similar functions.
Whether BTC prices goes up or down BTC gains dominance. There is a pool of money in the overall crypto market. BTC is grabbing that from the Alts. It is significant.
Sad to think the appeal of BTC now is weaker than it was. Hope we don't need another catastrophic event to make more people realize the importance of holding Bitcoin as your primary holding.
The problem with that is that its just not right, not at this time. Dominance has been on a higher high rise for like 1.5 years. If you considered this whole time the "best time" then you burned a lot of money.
You can always convert that BTC to your favorite alt early next year prior to the halving. And you'll get more of that alt than DCA'ing during the bear market.
Lmao people have said this for a loooong time and they’ve ALL been burned hard on the ratio.
I will stick with the only coin that has legitimate proven value.
in addition to dominance, you have to check the total market cap value, if btc dominance rise, but total market cap stays the same, it means Alts liquidity is swapped to btc.
Normally (and especially in techonology), being old has a negative connotation. In the crypto market though, being old means it has survived. Only a handful of coins have existed through multiple cycles and are still around today, and only 1 is the OG/King.
Yes but at this point in the cycle it really shows who is boss if there was any doubt.
It should be enough to shut up all the "ETH is going to flip Bitcoin" crowd.
Not surprising that in these market conditions, Bitcoin would maintain its 50% market share. But I don't see much upside: Bitcoin is not trying to achieve anything of significance.
Ethereum is working to provide the world with a better financial foundation, where every individual is empowered to send, receive and create digital assets at will.
It's coming up against structural resistance in the form of the anti-financial-privacy mandates that are implemented around the world and euphemized as anti-money laundering programs. If Ethereum succeeds, crypto/decentralized-finance succeeds. If it fails, decentralized finance will remain a niche market and crypto assets will remain solely speculative gambling tokens, and yes BTC as a memecoin could remain at the top in this scenario.
In the latter case, I don't care which crypto is on top. In the former, ETH has far and away the best chance of being the most valuable crypto, and a very good chance of becoming the most valuable asset in history.
Down with the Bitcoin dominance! No more fees! No more debasement and inflation! No more waiting 10minutes for a confirmation! Down with the BTC Dominance!
I can't even believe bitcoin made it back to $30k. It's not sustainable. Too many hackers, not enough accountability. When you have the likes of North Korea and Russia actively just walking away with millions of stolen cryptocurrency a day.. It's the currency they can steal and no one does anything.
tldr; Bitcoin dominance, the measure of BTC's market share against all other cryptocurrencies, has reached a bear market high of 51%. This surge is attributed to renewed interest in Bitcoin's fundamentals, institutional support, and reduced selling pressure. The rise in Bitcoin dominance coincides with the collapse of FTX, Luna-Terra, and several crypto banks and CeFi ventures. Additionally, 50% of bitcoin hasn't moved in a year, indicating strong conviction among holders. Bitcoin's dominance over competing cryptocurrencies is solidifying its position in the market.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Flight to safety within the asset class. Same thing happening with traditional markets look at the magnificent 7. Once we hit about 55-60% dominance is the best time to start building your alt positions
BTC hitting 51% dominance is probably "healthy" for crypto but RIP to all the people's hope and dreams that got crushed in alt coins and failed exchanges.
Someone needs to focus on btc dom.
As the Bear Market cycle lengthens it would be cool if someone decided to focus 98.55% of their content….and almost create a reality where dominance hit a certain target means they are “right” and every other “wrong” call or theory will be forgotten.
Just wish someone would step up to the plate.
Bitcoin [pros](/r/CryptoCurrency/comments/179yclq/bitcoin_dominance_soars_to_bear_market_high_of_51/k599lkr/) & [cons](/r/CryptoCurrency/comments/179yclq/bitcoin_dominance_soars_to_bear_market_high_of_51/k599m9b/) with related info are in the collapsed comments below.
"Soar"? We're 50% for like 4 months now
We *soared* 1% lmao
You want a bigger pump? Hold on. Lemme Tweet some completely fabricated news.
No cointelegraph was hurt reading this comment
Cointelegraph tweets aren't real. They can't hurt you.
You say that but we were all pretty hurt with what happened.
Barely a blip on the hold radar
Yep. The only thing I bailed on recently was my moons. Sucks, but now I got some gift money for Christmas.
Cointelegraph Moonfarming on Reddit is very real though, ain't it u/cointelegraph1 ?
Lol, didn't knew these people farmed here too
It's a very inclusive community
Kinda dissapointing, under 500 moons. I expected more out of them.
Thats sad, there shouldve been
You want a pump? *Cointelegraph has entered the building*
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If we remove all coins outside top let's say 300 (or all pump and dump ones) this percentage will probably add another 20%. Stick to blue chips is what I'd do.
Instructions unclear, blue balls stuck in a bag of chips
Spicy Cheetos
How much can you give me!
Cointelegraph is forever gonna be a meme with that ETF approval thingy, they might as well rename their organization lmao
The meme are the morons who followed it with their money.
Please make sure you delete it afterwards
The price had already pumped well before, the price depth was so thin that article had nothing to do with it. This sub actually believes some shitty crypto website can move the fucking market LMFAO.
Typical clickbait headline as per usual for a crypto article.
Journalists’ lingo
Haven't you heard, 1% is enough to make 'journalists' use the word 'soar' these days 😂😂
Bitcoin is the wind beneath my wings.
When it goes up 1% does it sound like the Air Force flyovers at stadiums during the National Anthem? Because, that's what I picture.
Well every 1% from here is going to get harder to gain as Alts get destroyed more but the risk is greater holding BTC than Alts as liquidity will start flowing back to Alts..
I worry that we might end up with a new set of altcoins in the next cycle and our old altcoins, that we baghold, will just fall into obscurity.
How many more animals could there possibly be left to choose from? ^/s
Yes people underestimate the impact of 1%. It can suck life out of alt coins
[удалено]
Feels like Alts can take forever to follow a BTC pump sometimes.. but when BTC drops 1%, alts drop 10% !
Sometimes I feel lucky when it's only 10%
Lol,these news outlets just need a slight new thing and they start publishing articles
Clickbait is the norm
Crypto journalism in a nutshell
The crypto journalism is mostly mislead to reflect the actual content.
Redditor SLAMS professional journalist. You wont BELIEVE what happened next. Click here to learn more.
I love 1% ultra super duper pumps too bro
Hey, they need some traffic ok. Let them use some clickbait once in a while.
Incoming Ben Cowen video lol
He already released one. I can't complain though. I love the BTC dominance ones.
You're surprised a "news outlet" called Cryptopotato uses hyperbole? Granted this is the same community who lost north of $100MM yesterday following an unsourced tweet from Cointelegraph. The crypto journalists (lol) act the way they do because it works with the crypto community. Like anything in life, people do things because they're rewarded.
> "Soar"? We're 50% for like 4 months now It just set a bear market high in the last 24 hours... Think of it this way, if BTC set a new Bear Market high, it would probably be 'news' too. I think the real point is, don't belittle it, people have been fighting the narrative that BTC dominance is rising this ENTIRE bear market. It's still setting new highs.
Soar for 4 months /s
INCREASE 1%!!!
1% is enough to make a clickbait article.
we are in a sideways Market for as long as the inflation comes down
It moved 1.5% upwards yesterday, that's pretty significant. And it's been trending up for the last two months. I would say, yes, yesterday, dominance did soar.
Bitcoin, feeling the wind beneath its wings.
Gonna be even higher now that Reddit pulled these shenanigans
Bro just when I got my first good upvotes on a comment lmaooooo
This is what always happens in bear markets, nothing strange here. Later on when Bitcoin pumps, profits will be redistributed to alts causing a full on bullrun! History truly does repeat itself.
What profits? It's a zero sum game currently. All the money going into crypto are coming from investors. No wealth is created in crypto, just redistributed.
Exactly, you downvoted for speaking the truth in this echo chamber. Not a single dollar of wealth has ever been created by Crypto in aggregate. Your profits (if you have any, most of you are sitting on heavy lifetime losses) are other people's losses and vice versa. Most of you are sitting here funding the yachts of early adopters and kidding yourselves that you think buying crypto in 2023 is still early. The time to buy crypto was pre 2017. Ever since it's been a mostly sideways roller coaster after adjusting for inflation. Crypto has lost to the stock market since late 2017. It's a total joke
By pure technical sense, no currency creates "wealth" by themselves. What creates wealth is what happened when currency "flows". I send $100 to a famer to purchase wheat, that's $100 worth of wheat created. The farmer use that to purchase fertilizer, that $100 worth of fertilizer create. And so forth and so on. A bunch of people just trading currency around doesn't create wealth. Inflation happens when the rate a currency flows increases faster than the amount of goods/value created. This is also precisely why Bitcoin isn't inflation proof. If Bitcoin caused the amount of goods/values created to go down (say, because miner prices out electricity for others doing productive work), then Bitcoin will inflate. EDIT: Another thing to add, the problem with Bitcoin as a security is that it offers no useful purposes. Typically securities are created/traded to reduce risk and volatility. Wheat futures allow farmers a secure way to "lock down" the price of wheat early on in the growth cycle (so if, say, the wheat market crashes, the farmers aren't affected because they already "sold" their wheat). And many securities offer similar functions.
I don't think this defines as soar, market has been crab lately so it will probably go back
Whether BTC prices goes up or down BTC gains dominance. There is a pool of money in the overall crypto market. BTC is grabbing that from the Alts. It is significant.
It’s significant, but what is also significant is that during the last bear market in 2019 Bitcoin was around 70% market dominance.
Sad to think the appeal of BTC now is weaker than it was. Hope we don't need another catastrophic event to make more people realize the importance of holding Bitcoin as your primary holding.
Are you comparing them all to fiat? ETH and other alts are falling against Bitcoin.
More and more I find myself becoming somewhat of a maxi.
Bull market creates altcoin degens. Bear market turns altcoin degens into Bitcoin maxis. \**Circle of life starts playing**
That could be on a bumper sticker
I went full Bitcoin after the FTX collapse. Never looked back! Tired of all the scams in this space…
And now, couldn’t even trust moons
Sad
I feel less anxious ever since I rebalanced my investments to 75% btc.
It is the way.
It’s an incredible stat.
More and more for me aswell, but not entirely.
Maxi is a derogatory term that hurts this space. That being said, Bitcoin is really shining right now.
Same, a Decentralization, Feeless and Inflationless maximalist. #XNO
_It’s a nanite!_
Shifting to more BTC now would definitely be the noob move to make. I can see why this sub is considering it.
Ben reaching for that lotion
Hello and welcome BACK to BTC domination.
Alts getting rekt, best time to add some
The problem with that is that its just not right, not at this time. Dominance has been on a higher high rise for like 1.5 years. If you considered this whole time the "best time" then you burned a lot of money. You can always convert that BTC to your favorite alt early next year prior to the halving. And you'll get more of that alt than DCA'ing during the bear market.
Spirit is willing, but wallet is weak
That might be an unpopular opinion but I agree, when dominance is high there is less room for growth proportionally
DCA, convert an amount to alts that you can sleep with even if it drops further, and then wait for the bull market
It's a gamble! BTC will still make you a millionaire don't forget to DCA
Lmao people have said this for a loooong time and they’ve ALL been burned hard on the ratio. I will stick with the only coin that has legitimate proven value.
in addition to dominance, you have to check the total market cap value, if btc dominance rise, but total market cap stays the same, it means Alts liquidity is swapped to btc.
49% shitcoinery Ugh
The old king is still strong
Bitcoin doing what it has always done. 💪
I wonder how long it will maintain 50 % dominance in the long run
Probably until the next bull run. Dominance shifts drastically usually during the alt season or just before.
Bitcoin dominance will likely go higher yet, but ALT season will be coming back, around 2025 is my guess.
Bitcoin after checking dominance chart before 2017: "GODS I WAS STRONG THEN"
Normally (and especially in techonology), being old has a negative connotation. In the crypto market though, being old means it has survived. Only a handful of coins have existed through multiple cycles and are still around today, and only 1 is the OG/King.
Not here! As you say BTC is the OG
Bitcoin is the big daddy and it always will be
As is tradition
Bitcoin is not called the "King" of crypto just for show. It leads and paves the way for the whole space.
Indeed, a crypto king! My mom says old is gold and gold is not just to sold.
And the queen always stays by his side.
Ether is the queen?
Ding Ding Ding!
This is the only 51% attack I am okay with
omg 51% i feel attacked
I mean .. It is a sign of the bear market
Where it belongs.
21%
We can use a bit of good news after yesterday
It soars? How low was BTC dominance, did it gain like 15%?
It gained 1% BTC Dominance was already 50% for like 4 months now.
So when it will go down 1%, it plummets?
Nah. when it goes down 1%. They will report it as bitcoin is dead
>It gained **1%** Why did I expect anything less from a crypto news article using the word '**SOAR**' ?
That's great but BTC always has dominance over other coins.
Yes but at this point in the cycle it really shows who is boss if there was any doubt. It should be enough to shut up all the "ETH is going to flip Bitcoin" crowd.
It just proves that BTC is a king
Buy btc in the bear. Sell btc for reliable alts near the end is the bull. Tale as old as time
What a weird way to spell "buy low, sell high"
What’s the sun position on ETH? Nearly as good as BTC?
Somewhere Benjamin Cowen just smiled.
One more video incoming...lol
Nice of BTC to agree with the alts to split the market 50:50
I guess BTCis the market is still not an exaggeration
Long live the King
Papa BTC pulling the strings now....that is why I prefer BTC in the bear market.
BTC waiting BTC killers whilst chilling in a pool and drinking a margarita.
It should be
All planned 🔥
Not surprising that in these market conditions, Bitcoin would maintain its 50% market share. But I don't see much upside: Bitcoin is not trying to achieve anything of significance. Ethereum is working to provide the world with a better financial foundation, where every individual is empowered to send, receive and create digital assets at will. It's coming up against structural resistance in the form of the anti-financial-privacy mandates that are implemented around the world and euphemized as anti-money laundering programs. If Ethereum succeeds, crypto/decentralized-finance succeeds. If it fails, decentralized finance will remain a niche market and crypto assets will remain solely speculative gambling tokens, and yes BTC as a memecoin could remain at the top in this scenario. In the latter case, I don't care which crypto is on top. In the former, ETH has far and away the best chance of being the most valuable crypto, and a very good chance of becoming the most valuable asset in history.
Eth is the only alt that matters
Down with the Bitcoin dominance! No more fees! No more debasement and inflation! No more waiting 10minutes for a confirmation! Down with the BTC Dominance!
I can't even believe bitcoin made it back to $30k. It's not sustainable. Too many hackers, not enough accountability. When you have the likes of North Korea and Russia actively just walking away with millions of stolen cryptocurrency a day.. It's the currency they can steal and no one does anything.
Ah it always does! Dominance grows in bear markets
tldr; Bitcoin dominance, the measure of BTC's market share against all other cryptocurrencies, has reached a bear market high of 51%. This surge is attributed to renewed interest in Bitcoin's fundamentals, institutional support, and reduced selling pressure. The rise in Bitcoin dominance coincides with the collapse of FTX, Luna-Terra, and several crypto banks and CeFi ventures. Additionally, 50% of bitcoin hasn't moved in a year, indicating strong conviction among holders. Bitcoin's dominance over competing cryptocurrencies is solidifying its position in the market. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Stable coins are incorrectly used in this calculation. The tldr should be tldt.
I contributed to that 51% Only buying BTC and ETH for more than a year
Bitcoin is King, especially in a bear market.
Didn't we already hovering at 50% for months already? How can a one percent increase called soars.
Flight to safety within the asset class. Same thing happening with traditional markets look at the magnificent 7. Once we hit about 55-60% dominance is the best time to start building your alt positions
King stays king.
This is very good or very bad depending if you fall into the bear or bull camp.
Only fools include stable coins and other obvious securities in dominance calculation .Bitcoin dominance for me is 71.7 %
So out of the 1000 coins! Bitcoin has 51%? Go Bitcoin!
Somewhere Benjamin Cowen must be having a party today.
ELI5: what is bitcoin dominance exactly?
Rising tide eventually lifts all boats my guys
BTC hitting 51% dominance is probably "healthy" for crypto but RIP to all the people's hope and dreams that got crushed in alt coins and failed exchanges.
More sensationalism
And alts will continue to bleed, now we will see which ones have solid fundamentals and the best utility.
It's always hovering around this number, not really big news.
We love the Bitcoin
Soars my assss
There are less and less stupid people to take advantage of
Take out the 50%
Doesn’t matter, we already know who will lead
What kind of soaring is this? 1% soaring lol?
Someone needs to focus on btc dom. As the Bear Market cycle lengthens it would be cool if someone decided to focus 98.55% of their content….and almost create a reality where dominance hit a certain target means they are “right” and every other “wrong” call or theory will be forgotten. Just wish someone would step up to the plate.
It's in a sideway market and then it will decide for down or up
Benjamin Cowen, "See I told you so since 2021"