Tone Vays, a veteran trader & crypto watcher, has lately urged that Bitcoin will further strengthen its position in cryptocurrency space in the upcoming year. He made these remarks on December 22 in the latest episode of the Trading Bitcoin YouTube series. “One of my predictions for 2020 is going to be Bitcoin dominance in 2020, reaching 85%,” he stated. As per the crypto watcher, Bitcoin currently has dominance over 69% of the market which was 51% in the month of January. Vays went on to add that Bitcoin dominance has one more push. BTC has hiked from 50% to 70% in 2019 and “I think we have another 10-15% in Bitcoin to gain on the sh*tcoins as it continues towards 90% and 95% and then 98%,” said Tone Vays.
The growing strength of the hash rate is the prime reason for Bitcoin’s success. Vays urged that since December 2017, the hash rate of BTC/USD has grown by 800%. As we all know, the hash rate is the computing power that any crypto miner devote to verifying any block of Bitcoin transaction. Mention, besides the reducing rewards, the competition among miners has resulted in a more secure Bitcoin network.
Vays also mentioned his lack of faith in the potential of alternative digital coins and predicted that Bitcoin’s Liquid sidechain product would nullify the usefulness of other coins like Ethereum, EOS, and Cardano.