Bitcoin is losing market dominance in favor of altcoins

Over the past half of the year, the Bitcoin dominance index in the cryptocurrency market has decreased by more than 9% – from 73% to 63.7%.

Experts believe that this trend will only intensify in the second quarter of 2020. According to analysts, “Altseason” can soon expect us, when competitors of the first cryptocurrency will increase their value and number of users.

Representatives of the Binance cryptocurrency exchange, which is included in the TOP of the largest exchanges for daily trading turnover, recorded an increase in investor interest in altcoins. More than a month ago, company analysts published a report in which they correctly predicted a wave of “strengthening” of cryptocurrency positions.

As reported in the analytical company Messari, the Chainlink and Tezos altcoins grew by 115% and 95% over the year, and Ethereum added almost half the cost. Popular forks of Bitcoin also showed good dynamics.

According to researchers, Bitcoin cannot yet show such good results. According to forecasts, the capitalization of altcoins in the second quarter of 2020 can reach $ 88 billion.

Despite the strengthening of altcoins, which reduce the gap relative to the first cryptocurrency, BTC is still the main indicator of the cryptocurrency market, according to Arcane Research. Growth in the market begins only after a major investment in Bitcoin, experts say. 

To know the latest news of the crypto world and the blockchain industry, check out updates on Coin Shark.

 

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