The End of Bitcoin Dominance
Published: May 16, 2017
As they say, there is life in the old dog yet. Bitcoin has been pronounced dead many times, yet it always resurrected, only to reach new record highs. Yet times are changing. Bitcoin these days seems slow, with tens of thousands of unconfirmed transactions, and the competition is gathering pace. Is the end nigh for Bitcoin’s dominance?
It’s probably not premature to start talking about a paradigm shift shaking up the world of cryptocurrenies. For the first time Bitcoin accounts for less than half of market cap of all cryptocurrencies.
Crypto analyst CryptoYoda even makes the case of “The End of Bitcoin Dominance”:
Every day it’s a pleasure to wake up and dive into crypto, no surprise with such a great community. Today I want to elaborate on the end of BTC dominance due to various reasons.
Let’s start with the obvious: blocks are full to an extent that transactions no longer will be processed except if you include a high fee. Waited for a transaction for five days, included $70 fees, because I needed it to be quick.
It becomes evident when seeing it like that, blocks are more than full, the natural limit of the blockchain is reached. There are two options how to go on:
- Miners agree on a solution, blocksize increase asap.
- BTC price will collapse.
The decisive point is now until July 2017. If no solution is to be found, BTC price of > $1,700 is not justified, given altcoins exist providing more value in this regard. IMO current price of BTC is unsustainable given the current circumstances.
Meanwhile, interest in crypto is rising dramatically. As this is a collective consciousness movement, it is almost impossible to drop while percentage in the overall market cap is decreasing rapidly. Money is flowing into altcoins at insane rate.
If there is no quick solution, other coins will take over Bitcoin’s leading position. All altcoins will have a golden time. Thus this still is the beginning in terms of #GoldenAge, as the Bitcoin crash is needed for altcoins to completely leave current range. It’s like 2011 all over again.
CryptoYoda expects that cryptos will either form a massive FOMO leg-up, leaving behind all previous highs for never to return. Or traders who got trapped in this trade and rebought higher will likely hold from now on. Which means that they will no longer sell the tops, which decreases resistance and will lead to higher prices in the future — higher prices more quickly, more easily, more accelerating.
If you still sell the tops and it works, fine. Please don’t be left behind. If you start holding now, expontential profits will await you this year. If you continue, I give you a 90% chance you will be left behind at some stage of the rally, missing 90% of the entire move.
Gentlemen, please place your bets.
Good luck riding this wave, for the #GoldenAge is near, and will finally kick off when Bitcoin starts to collapse. Be prepared in advance. Support your fellow traders to not panic-sell the dip, stay strong, give each other support and help, stay disciplined. And I do not worry about your financial future in two to three years from now, for life.
Read @ CryptoYoda
(if you enjoy this article, please also read CryptoYoda’s extensive analysis The Golden Age of Cryptocurrencies)