Bitcoin, the most popular and the first digital, decentralized currency has the most significant share of the cryptocurrency market, despite the uncertainties that greet the cryptocurrency market. The market share it holds is no doubt an expression of confidence and certainty the cryptocurrency community has in the fortune of the digital currency.
Bitcoin with the Lion Share of The Market
Bitcoin value has plummeted since the beginning of the year after reaching its highest zenith towards the end of 2017. The value of the cryptocurrency reached a bottom in February of 2018, to $5,920. The sharp downward trend has not taken up again to the bullish, except a brief bullish trend in July that saw it surge to $8,000. The pump made many believe it was time for it to rise again, as many emotional and passionate predictions of it increasing to $18,000 and $25,000 before the end of the year. This bullish trend has taken a reversal over the past two weeks.
The bearish trend it has taken over the past few weeks has placed it on the horizon of a fall back to $5,000. This circumstance Bitcoin is found made a world-renowned technical analyst, Jeff Degraaf, head of technical research of Renaissance Macro Research to predict a possible doom for the cryptocurrency. He stated that if it falls below the present support zone, Bitcoin may never rise again.
A year ago while Bitcoin was coasting to its all-time highest of over $19,000 in value, many investors in the market, weighed their investment into Altcoin, despite the high value of Bitcoin. Since the beginning of the year, that Bitcoin has taken a bearish move, there has been a shift from Altcoin for investment to Bitcoin in the crypto community.
The circumstance shows that there is more confidence in Bitcoin than the community has in all other coins. Presently the Bitcoin has over 49% of the market capitalization. Even despite the rejection Bitcoin has seen in its application of Bitcoin ETF by Winklevoss twins, still, there’s still a sizable number of the cryptocurrency community who still believes the best of the coin.
Tom Lee, an advisor at Fundstrat Global, states that,
“The news that we have seen, from the SEC, saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that Bitcoin is the best house in a tough market. I think bitcoin dominance is showing the market is reacting to what’s been taking place.”
It is a pointer that despite the circumstance of the digital currency market, Bitcoin is still a haven for the future. Whether the opinion and the prospect given to Bitcoin is wrong, it is only the time that can prove that.