Despite predictions that Bitcoin will fall below $20,000, its market domination continues to shoot up to almost 50% of the market while altcoins bleed.
Bitcoin currently holds a remarkable 47.33% of the cryptocurrency market, while altcoin prices have recently plummeted.
Will Bitcoin have a 50% market share?
According to Project Syndicate, a trader active on TradingView, Bitcoin will continue to increase its market share. He believes Bitcoin will hit a peak of 50%, which could only further strengthen its case in the minds of the regulators. If Bitcoin proceeds to retest the 50% level, claims of supporters like Michael Saylor may be reinforced.
Last month, the CEO of Microstrategy predicted a massive upside to Bitcoin due to a potential business shakeout due to acceleration of regulation. According to Saylor, regulation will increase the asset class’s value from $1 trillion to $10 trillion.
In the Not-So-Distant Future, Will Altcoins Continue To Bleed?
Project Syndicate predicted that altcoins will continue to bleed until Bitcoin retests the 50% market dominance level. Altcoin prices have plummeted in recent weeks as a result of the macroeconomic crisis and last month’s Terra collapse.
The traders predict that altcoins will continue to fall until July or August. They added that it does not appear to be a good setup for altcoin traders. Bitcoin’s share is expected to reach between 40 and 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 has been fluctuating in the $29,000-$31,500 range in recent weeks. Contrary to bullish claims that the top crypto has already bottomed at roughly $29,000, historical patterns show otherwise. According to CoinMarketCap, the price of Bitcoin is $30,511, up 2.79% in the last 24 hours.
On the other hand, the revenue generated by Bitcoin miners has continued to decline. This is continuing even as production costs rise due to the bearish market sentiment.
