The shaky global economic situation owing to the US-China trade wars and recession fears seem to have catapulted Bitcoin to a position of nearly 70% market dominance. The cryptocurrency has shown marked growth over the last 30 days. According to the data available on CoinMarketCap, Bitcoin’s dominance on July 9 was nearly 64.7%, and its price stood at $12,667. Today, Bitcoin shows a market dominance of 69.4% despite a decline in the price.
Max Keiser’s prediction coming true?
On August 6, Bitcoin maximalist and former Wall Street trader Max Keiser had tweeted that Bitcoin’s dominance was heading to 80%, and that the 2014-2017 era of altcoins and hard forks was dead.
At press time, Bitcoin’s market dominance stands at 69.4% with a market cap of $211,343,748,987 out of the total market cap of $305,805,167,819. Leading altcoins – Ethereum, XRP, Bitcoin Cash and Litecoin have market cap of $23,217,398,613, $12,991,065,920, $5,911,224,218 and $5,581,637,936 respectively.
It is to be noted that Ethereum has a strong community in the cryptocurrency space and several cryptocurrency supporters have predicted that Ethereum will overtake Bitcoin in the future. Mike Novogratz, a well-known Bitcoin proponent, announced at the Ethereal Summit in May 2019 that Ethereum is “way ahead” of Bitcoin and is likely to replace Bitcoin as the most valuable network in the future. However, Ethereum, the second-biggest cryptocurrency after Bitcoin, has a market cap that makes only 8% of the total at the time of writing this article.
Given the way the market is behaving, could Max Keiser’s predictions about Bitcoin come true?
Bitcoin’s Status as a “Safe Haven” in Prevailing Economic Conditions
The prevailing economic situation, where the US and China are at loggerheads and traditional stocks are showing dismal performance,