A Death for the Altcoin Market? Is Bitcoin the only hope for Crypto Space?

Bitcoin has become the 11th largest money in the whole world, and this explains it’s 70% dominance at the global level as compared to all the other cryptocurrencies. This dominance in the market has left crypto analysts and investors worried about the future of altcoins and how they are planning to survive in such a vast market.

Image Credits: CoinTelegraph.com

In the last week, we have seen a growth in the bitcoin price charts as it continues to climb up towards the $12000 milestone, and this gain has lead to an increase in the dominance. The total market of cryptocurrencies is worth $303,923,701,331, and Bitcoin alone has a market cap of $210,442,145,970 and increasing. These figures have left people wondering, and investors have suggested people change their altcoins to BTC and make up for the losses they have faced.

On the 6th of August, we noticed the halving of litecoin, which went from 25 to 12.5, but there was no change in the prices of litecoin. The halving for litecoin is done after every 840,000 blocks, and this time, there was no significant change in the price. For today Bitcoin holds 70% of the total market, followed by Ethereum and XRP that make about 7.50% and 4.28% of the market respectively. Rest 18.22% of the market is taken up by the remaining altcoins but the way things are happening, we can expect that percentage to reduce more in the future.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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