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Bitcoin now accounts for less than half the market cap of all Cryptocurrencies by jrcornel

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bitcoin · @jrcornel · (edited)
$478.41
Bitcoin now accounts for less than half the market cap of all Cryptocurrencies
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<p>https://s30.postimg.org/etbj55241/bitcoin-e1466596991401.jpg</p>
<h1>For the first time ever, Bitcoin's stranglehold on the cryptocurrency market cap has shrank below the 50% threshold.&nbsp;</h1>
<p>This is very big news considering Bitcoin has accounted for more than 90% of the total cryptocurrency market cap for many years. It is even bigger news when you take into account that Bitcoin has also been increasing in value during this time period when it's losing market cap share.</p>
<p>So, Bitcoin is not losing it's stranglehold on market cap because it's losing value, it's losing it's stranglehold because everyone else is gaining in value at a faster pace.</p>
<p><strong>Which means the Pie is growing big time!</strong></p>
<p>Here is a chart showing Bitcoin's percentage of cryptocurrency total market cap:</p>
<p>https://s16.postimg.org/uf582ngp1/Screen-_Shot-2017-05-16-at-12.06.23-_AM.jpg</p>
<h1>Why is Bitcoin losing it's grip on the space?</h1>
<p><strong>1. Ethereum is rising quickly</strong> - For a while now Ethereum has had the second largest market cap in the space. However, that hold was in the single digits. Recently after a parabolic move took the coin from single dollars to almost $100 a coin, it's market cap share has inched up close to 20%.&nbsp;</p>
<p><strong>2. Speculation in the space is driving up prices</strong> - It is impossible to throw a stick without hitting a cryptocurrency that is up 100's of percent in the last couple months. The entire space has been on fire. Many speculators, fearing they already missed the move in Bitcoin, are flocking to altcoins hoping some of them can repeat Bitcon's price performance.&nbsp;</p>
<p><strong>3. New ICO's are coming online daily</strong> - As the popularity and interest in the space has increased, so have ICO's. Something like $380 million has been raised recently through ICO's and that number is only looking like it is going to increase. More and more money is entering the space and finding a place to go besides Bitcoin.&nbsp;</p>
<p><strong>4. Bitcoin's development has slowed</strong> - Compared to many of the newer altcoins, Bitcoin is a bit of a dinosaur. It was the first in the space, but it's technology is lagging. Transaction fees have gone from $.11 to $1.70 in the last year. The time to confirm a transaction is over 20 minutes at this point. Compared to steem, which has no transaction fees and processes transactions in under 3 seconds, it's technology looks ancient...</p>
<p><strong>5. Newer projects offer more than just a currency</strong> - A lot of these newer projects are offering technology that is more than just a currency. As these new technologies enter the space they are bound to increase the overall money involved in the space and continue to narrow bitcoin's dominance of it.&nbsp;</p>
<h1>Conclusions:</h1>
<p>All of this doesn't mean that Bitcoin can't keep going up, it probably will. It just means that Bitcoin's days of dominating the space are likely over.&nbsp;</p>
<p>Lots of new money is coming into the space and likely will continue to do so and that is great news for anyone involved in other blockchain projects, <em><strong>such as steem</strong></em>.&nbsp;</p>
<p>Steem on my friends!</p>
<p>Sources:</p>
<p>https://www.forbes.com/sites/laurashin/2017/05/16/for-first-time-bitcoin-accounts-for-less-than-half-of-market-cap-of-all-cryptocurrencies/#2e686a326fbe</p>
<p>Image Sources:</p>
<p>http://www.coindesk.com/the-dao-bitcoin-development/</p>
<p>https://www.forbes.com/sites/laurashin/2017/05/16/for-first-time-bitcoin-accounts-for-less-than-half-of-market-cap-of-all-cryptocurrencies/#2e686a326fbe</p>
<p>Follow me: @jrcornel</p>
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vote details (442)
@alex13 ·
$0.17
Thank for sharing! I am interested to find out your thoughts on whether we are in a cryptocurrencies bubble now? Here is the DATA which support this my assumption: it looks that we are entering bubble territory for a vast majority of alt coins (except Bitcoin probably). Just think about and analyze the following facts:

1)   At least several dozens alt coins market caps skyrocketed 300%-4000%(yes, four thousand!) recently just over last 2 months!

 2)   The beginning of sharp increase happened around middle of March of 2017 for ALL alt coins!

  3)  Yes, some alt coins sharp increase is logically justifiable. For example, Ripple XRP: http://www.cnbc.com/2017/03/01/japanese-banks-plan-to-adopt-blockchain-for-payments.html . Maybe there are couple other alt coins where this huge growth is also justifiable.

   4) But for vast majority of other alt coins nothing has changed drastically during the last 2 months! At all! Neither in their technologies development, nor in their business development! But nevertheless, their market cap skyrocketed 300%-4000% in just 2 months!

5)   The only explanation which comes to mind is that huge amount of new capital is coming to cryptocurrencies market. Probably these are the people/investors who have heard about the first wave of Bitcoin and Ethereum successes, and they have a FOMO (fear of missing out) now. They don't have deep understanding of cryptocurrencies space and their differences, but because of FOMO they still invest in all other alt coins hoping to hit jackpot!

  6)  Does it remind you anything? Yes, exactly, dot com bubble of 2000 looks very similar!

Therefore, I would expect some kind of significant downside price correction within next several months for the majority of alt coins. Would you agree?
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vote details (6)
@andersokohler · (edited)
Bitcoin is NOT in a bubble now.
The criteria for a bubble is easy explained by Greg @marketreport in this his short post.
https://steemit.com/bitcoin/@marketreport/are-you-waiting-for-the-bitcoin-bubble-to-burst-don-t-hold-your-breath-by-gregory-mannarino
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@dreamon · 
To me, too, this seemed unfounded, but I did not conduct such an in-depth analysis as you
Thank @alex13!
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@alex13 · 
You are welcome!
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@jrcornel ·
$0.99
I would agree with most of this except for your timing prediction... This could last a heck of a lot longer than a couple months. The dot.com bubble you referenced lasted for the better part of 5 years. This looks more like the beginnings of something than the top of it, but that is just my gut feeling. I think we could see prices go a lot higher before we see a huge crash.
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vote details (4)
@alex13 · 
Good point. But crypro market is different from stock market as well. Main difference is amount of capital invested in those markets. Crypto market is tiny compared with stocks market. If you look back at Bitcoin bubble in the end of 2013 (Bitcoin was around $1K at that time), then you will see that it crushed just within 1 year to around $200 for Bitcoin (80% drop). I would expect similar timing for many alt coins bubble burst.
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@dreamon · 
On Steam this will also have  negatively affect too?
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@knowledgesausage · (edited)
$0.96
@alex13, drawing parallels with the dotcom bubble is easy but we need to understand why there was a dotcom bubble in the first place. Huge money went into dotcom startups in 2001 but the real problem was the penetration and the lack of monetization. So it was only a certain distance that you could go with the cash burn strategy. 

>The dotcom bubble was a bubble on the perceived value of the stock of these companies, and a complete lack of revenue due to user penetration, and thereby the absence of a monetization strategy.  And we have come a  long way now.

Cryptocurrencies and the blockchain technology tied up with them has a solid business case for making hassle free transactions, cost savings, elimination of intermediaries. The market participants (similar to user penetration and acceptance) amount into billions and possibly means trillions of transactions. And we are talking **Global** here. The basic business case of it is very solid here and all the altcoins and the blockchain technology are addressing problems in very existent market, and solving real pain points. So while bitcoin is consumer to consumer, consumer to business and business to business, Ethereum is making it's presence felt with it's smart contracts based distribution ledger. Ripple has taken it to a very different level with addressing the pain points of the inter-bank and cross border global settlements and payments. The adoptions are increasing, and so will the value of these cryptocurrencies. I don't rule out huge volatility in the short term, but if you are good with a long-term play, this is the legal tender of the future.

Maybe you can read my article as well and let me know your thoughts - https://steemit.com/cryptocurrency/@knowledgesausage/can-xrp-ripple-be-your-ticket-to-milliondom
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vote details (2)
@nenio · 
I agree with you, as I wrote in my remark.
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@andersokohler · 
LTC is growing FAST!
https://steemit.com/cryptocurrency/@andersokohler/litecoin-makes-up-for-22-of-the-entire-volume-of-crypto-currency-useage
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@andersokohler · (edited)
But BTC is far from in a bubble anyway,
Dont fulfill neither of that criteria. From Greg @marketreport
https://steemit.com/bitcoin/@marketreport/are-you-waiting-for-the-bitcoin-bubble-to-burst-don-t-hold-your-breath-by-gregory-mannarino
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@arcange ·
You have been mentionned in my hit-parade of 2017.05.16
Congratulations @jrcornel!
Your post was mentioned in my [hit parade](https://steemit.com/hit-parade/@arcange/daily-hit-parade-20170516) in the following category:

* Comments - Ranked 10 with 80 comments
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vote details (1)
@asher123 · (edited)
THE CENTRAL BANKERS ARE SCARED OF THE CRYPTO CURRENCY... OH what will they do? IMPOSE THE FDR UPON US! BUT the Bitcoin will forever defeat the enemies of the world which are the central bankers! We are about to see a rough bleakness in these strange times we live in!
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@brianphobos · 
Interesting!  I didn't realize the alt coins gained so much in comparison.
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@jrcornel · 
It has been mind boggling the kinds of moves we have seen over the past couple months. It will be interesting to see if this is the start of a new trend or a just a flash in the pan bubble... I am betting on the former but time will tell :)
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@callmefib3r · 
I think it's normal that the alts are growing. The only thing I don't like is the growing  marketcap of ripple. However I believe it won't get far because it's against everything we stand for as a community.
👍  
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@condra · 
Fascinating stuff. Still plenty to play for, and no point getting FOMO about BTC when there are others with huge potential.
👍  
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@jrcornel ·
$1.10
Yep, I agree. Much of the recent buying has come from Asia. As the rest of the world starts to adopt these types of currencies more I would expect to the see the prices of these things continue to rise...
👍  
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@condra · 
In terms of percentage, I imagine some of the cheaper coins like Litecoin could reap more rewards in the long term. But who knows?
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@cozzasteem · 
I trust in ETH, I'm a programmer and I can understand application and develop, but I think Ripple is the real power. Banks are interested about...
👍  
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@cryptodan · 
What a time to be alive! 
This could indicate that it would be wise to diversify investments across multiple cryptocurrencies and go long.
👍  ,
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@jrcornel ·
$1.14
Yep. I would agree with that.
👍  
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@discernente · 
Good post
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@jrcornel ·
$1.10
Thanks!
👍  
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@dreamon · 
Good news @jrcornel!
I hope to participate in the sharing of pie )
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@jrcornel · 
Same here! Pie for everyone!
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@edobode · 
Ótima matéria !
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@gb4liberty · 
I don't think it's in a bubble because it's not commonly held.  Block chain tech is defiantly a great tool to get out of the system.  Looking at sum alt coins.  

I post the latest in the meme war and about the economy and markets.  Check out my page if you like what I post feel free to follow, re-steem, or comment.... Follow me I dare ya......
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@jrcornel · 
Good point. When the masses start talking about bitcoin perhaps that is near it's "top". Although I have noticed bitcoin being mentioned on the finance channel more than I have ever heard before... now we just need the masses to get involved in a large way. That may be what is happening right now...
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@jamisonic · 
This is great news! I'm new to the whole Crypto world. It's a long rabbit hole for sure
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@jeff-kubitz · 
Your report is excellent my dear friend @jrcornel but hopefully for my sake, the two cryptocurrencies that skyrocket are Bitcoin and our beloved Steem.  You probably know Ripple (XRP) is one to cry over since I sold it at $0.2 and it continues to march forward like a big dawg.  Please keep up your informative posts and may all your dreams come true
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@jrcornel ·
$1.36
Haha thank you! I hope your dreams come true as well. Especially since I think we have the same dream of $10+ Steem ;)
👍  ,
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vote details (2)
@jeff-kubitz · 
So true, and maybe Bitcoin prices for the Steem?  I heard Korean shop owners are now accepting Steem and Steem dolllars?  What if...Amazon accepts Steem?
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@timsaid · 
Yes, please! :)
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@jtest · 
Back in FEB. BITCOIN was over 87%.
I wonder how much will flee back to bitcoin once the 95% who have never even heard of it, start rushing into it.
![1images.jpeg](https://steemitimages.com/DQmdLkGKytk7EnC72euAUGq6NdzrE5K79CFr9Xyp7dUjUSm/1images.jpeg)
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@jrcornel ·
$1.04
I am not sure what will cause it, but I am sure people will flee back into Bitcoin at some point. I do think that it's days of over 90% plus total market cap of the space are over though. Too much good technology being developed.
👍  ,
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vote details (2)
@jtest · 
History will reveal it... but people fearing the banksters causing a market crash will be how & why.
GREECE
CYPRUS
VENEZUELA
INDIA
Take your pick.
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@knowledgesausage · 
Thanks for sharing! Your observation is right and the pie is definitely going to grow **bigger**.  The question is which are the Altcoins one should hold for future value and I am talking really **long term** here. There's a lot that needs to happen to attract more participants. I am putting my money in bitcoins, ether, litecoin, and XRP for that matter. Each one of them satisfy the transactional needs for different purposes, and despite all the attractive returns in the past years, I do believe that this is still the **beginning*. I have also discussed that why it would be a good idea to buy XRP - https://steemit.com/cryptocurrency/@knowledgesausage/can-xrp-ripple-be-your-ticket-to-milliondom. Would love to see your comments @jrcornel
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@lazariko12 · 
That Bitcoin is crazy, it will rule the world someday :)
Thanks for posting this awesome article, jrcornel! Upvoted this post.
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@jrcornel ·
$1.10
Thank you! And yes it just might... :)
👍  
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@mahaelsayed · 
i think bitcoin is future coin
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@nenio · (edited)
I consider that many altcoins are in a bubble. Their markecaps have rising too much too fast. The points 2 and 3 in the text just emphasize my view.
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@jrcornel · 
Good point. I think we are as well, the question is how long will the bubble last before it bursts? I happen to think it has a lot of runway out in front of it...
👍  
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@nenio · 
Yes, I think so. As in all bubbles that have occurred in history, nobody knows for how long it will last.
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@nschairer · 
It is about time! Finally room for other alt coins
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@jrcornel · 
Yep. Hopefully this is the start of a shift in the way business and people transact and not something more short term.
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@oldmancrypto · 
It's not surprising Bitcoin is losing it's dominance. The number of new currencies is rising at a brisk pace. Bitcoin is still the jefe.
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@prakashghai · 
"that is great news for anyone involved in other blockchain projects, such as steem."
Glad you mentioned that. Steem should be in the Top 5 Cryptos.
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@jrcornel ·
$1.11
It is right now on Poloniex ;) But yes it should be in top 5 for total market cap as well!
👍  
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vote details (1)
@prakashghai · (edited)
:) yes...hope it happens sooner than we expect.
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@richardcrill · 
Whose an altcoin now!
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@jrcornel ·
$0.04
Haha! I like it! Ever seen the movie "The New Guy"?
👍  
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vote details (1)
@rockstedy44 · (edited)
The New People to the space are spending new money. BTC at 1766.00 per coin is more money than they are willing to pay. If you look at XRP, ETH, Steem, and Lite coin you can do quite a bit with just 100.00 dollers. Some people don't want to use BTC to buy anything. The want a Crypto to pump and dump with so they can have a chance to play the game on the exchanges.
Just 20 min Later: $0.006750 (236.35%) 
0.00000389 BTC (235.72%)
What In The World!
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@royalmacro ·
$0.12
it's good for rising bitcoin. We expect Bitcoin price will hit $10K very soon.
👍  ,
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vote details (2)
@jrcornel ·
$1.21
Yea it is impressive that Bitcoin is losing it's dominance while also increasing in value. That just goes to show how much money is pouring into this space right now...
👍  , ,
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vote details (3)
@royalmacro · 
And I suspect the current hike of ripple, ethereum, steller lumens & even Dogecoin etc. (which coins circulation is vast) is artificial. They are being pumped by Poloniex's inside job. I just doubted it.
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@sevinwilson · 
This is a milestone in the cryptocurrency space! I thought it would take longer for this threshold to be broken!
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@jrcornel · 
I did as well... it's really all happened in the last 3 months or so.
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@sevinwilson · 
Yeah! That is when Ethereum and many of the other alts started to take off!
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@siddartha · 
Hmm, that's surprising. But if any coin deserves to replace Bitcoin, then it is surely Steem. Most other coins are based on mere speculations while Steem is based on the  real thing, that is the users.
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@thereceptionist · 
Nice informative post. 
Although Bitcoin reigns supreme at the moment, there are many underdogs about (*Steem for one* 😉). 

Its all so interesting to watch it all happen before my eyes now being involved in crypto 😊
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@jrcornel ·
$1.07
Yep. This is a great time to be involved in the space!
👍  
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vote details (1)
@wct · 
In my opinion Bitcoin will fail. Can you trust a currency that is reliant on vulnerable technology?? With the creation of a number of new competing cryptocurrencies being developed and eventually diluting the market. If a cyber attack occurred would your Bitcoin be safe. Would you intrust thousands of dollars to the system? How long before Government infiltrate this technology and causes it to fail? Why would Government do that? Because central banks will not tolerate a currency that they do not have complete control over, thats why. If they cause a failure in the system, then people will lose confidence in them, unless of course the federal government comes to the rescue and offers to insure the currency FDICA baby. Look what they did to Precious metals. The feds found a way to manipulate it and fix it. The banks simply print and sell enough paper contracts to dilute the market. Some say that there are up to 200 hundred paper contracts per ounce of gold. The silver and gold markets are easily moved by the simple push of a computer key. They must regulate it in order to keep the value of the dollar intact. The same is true with cryto. If they let the market run, paper currencies would diminish in value. Is it possible that the cryptocurrency was ordained by the central banks as a trail to see if people would buy into this type of monetary system? But for now enjoy the wealth it has created, just don't think they will let the party continue.
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@whatageek · 
I was going to do a post on this as well when I saw it on the market cap. The best part is that bitcoin has been kicking ass in value and is still less than 50% of the market, that means a lot of money is entering the cryptocurrency market
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@jrcornel ·
$1.07
Bingo! My thoughts as well.
👍  
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vote details (1)
@oldtimer · 
And keep in mind that total market cap of all Crypto it's not even a drop of  water in the sea of global economy.
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