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When it comes to cryptocurrency, Bitcoin (BTC) has been the dominating force since Day 1. Competitive options have cut into this early monopoly over the past few years in the form of altcoins, but bitcoin remains the market leader by a rather wide margin.
Max Keiser made a name for himself as a Wall Street trader. He gravitated towards cryptos in recent years and remains one of the industry’s most vocal bulls. A recent post on www.cointelegraph.com offered his perspective on the cryptocurrency industry as a whole.
Keiser recently stated that BTC’s market dominance is approaching 80 percent. He also stated that altcoins are a dead-end investment that should be converted to bitcoins. An Aug. 6 Twitter post read as follows:
“#Bitcoin dominance 68.2%– heading to 80%–as alts die in favor pf BTC.The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.”
These are pretty strong assumptions even for a BTC bull, but he does back it up with some facts and figures. Using data from Coin360’s summary table, BTC’s 69.2 percent dominance is up one percent from Keiser’s recent projection. The BTC market cap is $210 billion verse the total market cap of $303 billion for all cryptos.
A recent market analysis from the San Francisco Open Exchange (SFOX) still has Ether (ETH) as a viable altcoin. The report suggested that BTC has a much larger correlation with ETH than other altcoins. In a direct quote this analysis stated:
“This may support the idea that Ethereum is coming into its own as a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to categorize Ethereum as an ‘altcoin’ on par with other cryptoassets that are not Bitcoin.”
The market value of BTC has been on a wild roller-coaster ride since mid-July. As recent as Aug. 3, Keiser continued is bullish stance by predicting values above $15,000 this month. The current value topped $11,500 in recent trading. He cited continued declines in public confidence in centralized governments.
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