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Bitcoin has been the largest digital currency as well as the most dominant one since the inception of the crypto world.
According to an expert Vinny Lingham, who is the CEO of Civic Key (which builds global blockchain ID platform.)
“It’s easy to argue that Bitcoin can be worth $10k or $20k, or even $100k, but the problem is that as the price has been rising towards those levels, we’re not seeing Bitcoin dominance increase disproportionately.”
The market domination of Bitcoin has been around 50% since 2018 while the year 2017 has seen many upheavals as far as the domination of the Bitcoin in the market is concerned with the dominance of Bitcoin falling from over 80% to a meager 32% in the year. This fall in the dominance of Bitcoin has led to the led to the increase in other coins such as Altcoin.
Most of the digital currencies are still in the development phase like Bitcoin (BTC), Ethereum (ETH) and others. The institutional support required for the development of these coins is not of any help to the crypto market except adding moral support to the market.
“The key indicator for the start of a sustainable bull run is likely a decoupling of asset values from Bitcoin (i.e. Bitcoin’s strength weakens other networks or vice versa). Anything else is just speculation again (maybe we need another bubble to learn more lessons?)”
The year 2017 has further widened the problems because of the Altcoins coming into circulation in the year 2017 which are a bunch manipulated currency and the existence of Altcoins in large numbers has been a complete disaster for the crypto market.
Furthermore, there are many companies (around 2000) that are not traded against the Bitcoin (BTC). It will be beneficial for the crypto market if it is properly regulated by policies like any other market.