Bitcoin Dominance Starting To Wane?

There is no doubt about it: Bitcoin is the King of Cryptocurrency.

Its dominance is undisputed. Over the past 9 months, Bitcoin saw its share of the cryptocurrency market drop from 72% to the present 64%.

In spite of this, it is still a very dominant position of the overall market.

Source

In the last three weeks, the rate has accelerated some. As Bitcoin moves towards its halving, many are wondering what is going to take place.

Miners are apt to jump as the reward pool is lessened with the halving.

During this time, some Alt-Coins have made some strong moves. Ethereum is starting to gain some recognition for its potential. At the same time, Tether and a few others are receiving notice.

Bitcoin's dominance stems from the fact that many prefer to use it as the base pair. It also is turned to when moving money between exchanges. This is preferred over fiat since there are hurdles associated with that. Many exchanges do not even offer that alternative.

The last couple years saw a great deal of development on other blockchains. The utility is still lagging meaning the Alt-Coins still have a tough road ahead of them.

A breakthrough in this area could really change things. Ethereum is switching to a Proof of Stake model which could eliminate the scaling issues.

Bitcoin could see some added thrust if many look away from the present financial system for safety. With central banks easing like never before, investors are nervous. Some could opt out of fiat and into cryptocurrency.

Under this scenario, the one likely to benefit the most is Bitcoin.

This could push its market dominance up a bit higher.

Either way, the next couple months are going to be very interesting for the leading cryptocurrency.