Bitcoin dominance could continue to increase in the future – Altcoins lose significantly compared to BTC
More and more traders would invest their Altcoin investments in Bitcoin in the midst of a deepening financial crisis and seek protection, said Qiao Wang, Head of Product at Messari.
The New York-based investor said on Wednesday that he expects Bitcoin's dominance to exceed by the end of the ongoing economic slowdown percent will rise. The term “bitcoin dominance” refers to the market value of bitcoin in relation to the other cryptocurrencies.
I am no maximalist by any standard, but I fully expect Bitcoin dominance to rise above 90% by the end of this economic crisis.
– Qiao Wang (@QWQiao) March 25, 2020
Bitcoin beats altcoins
Mr. Wang's statements came at a time when almost every digital asset was losing to Bitcoin. For example, Ethereum traded more than 18 percent lower than at the beginning of the year. Total flowed from 15. February to date capital of approximately 58 billion dollars from the Altcoin market.
Part of it reached the US dollar market as investors were looking for cash to cover their margin claims. And the other part ended up with Bitcoin, which dominated its market from its YTD low of 61, 98 percent up to 67, 91 percent increased.
Bitcoin's market capitalization, on the other hand, plummeted in the same period of 189 billion dollars on 121 Billion dollars. This shows that cash remains an undeniable hedge against the deteriorating macroeconomic mood.
After the US government's $ 2 trillion coronavirus aid package, DXY is up to 2, 86 percent decreased. At the same time, Bitcoin is only 1, 94 Percent increased.
While central banks and governments are launching large stimulus programs to protect their economies from the corona virus crisis, some top analysts believe that some of the free money will return to the Bitcoin market in the future.
A major bank making the $ btc case. https://t.co/ozleOM31 o8
– Michael Novogratz (@novogratz) March 18, 2020
Proof of text: newsbtc
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