Will AltCoins Die? ⚔️
CoinMarketCap published a study of the cryptocurrency market on the example of the largest Coinbase Pro exchange. 🥇
According to CoinMarketCap, on Coinbase Pro, approximately 75% of the trading volume goes exclusively on bitcoin trading.
Since January 2018, when Bitcoin reached its lowest share in the capitalization of the cryptocurrency market, the dominance of cryptocurrency No. 1 began to grow up from a minimum of 33% to the current 68%, and the main increase occurred in April 2019. 🏦
At the time of the publication of the CoinMarketCap report, the daily trading volume on Coinbase was about $ 480 million, of which 75.1% were Bitcoins, 8.8% were generated by Ethereum, 7.5% were covered by Litecoin, Ripple and Bitcoin Cash both gained 2.4 %, and the remaining altcoins account for the remaining 3.9%.
Thus, the volume of BTC trading on Coinbase Pro is now three times higher comparing to all other cryptocurrencies combined. For complete objectivity, it should be noted that CoinMarketCap monitors about 50 exchange pairs on Coinbase Pro, with 15 of them having Bitcoin. ⚔️
Another study made by CoinShares are showing that the Bitcoin rally in the first half of 2019 was mainly driven by institutional investors.
At the same time, Retail interest in bitcoin is relatively cool compared to 2017 and implies that the rally in the first half was largely due to the long-awaited release of institutional money
As evidence, CoinShares notes that the four factors present during the 2017 rally are clearly absent in 2019:
– widespread attention of media; 🔥
– peaks in search of bitcoins on Google search engine; 🔥
– tweet peaks on bitcoins; 🔥
– corresponding altcoins rally. 🔥
CoinShares believes that institutional investors invest in Bitcoins not only for speculative purposes, but also in the form of long-term investments in the growing technology sector.
At my opinion Crypto market within the mass media wants to show the weakness of Altcoins in purpose to dump them in order to offer them on a white plate to Institutional Investors for a very sexy prices. 👛
The same was happening with Dot.coms market before.
However, smart man ones sad that if future there will be just two very expensive things: its Land and Cryptocurrency. 🤔
Altcoin hype is coming. Be hold ! 💰