Bitcoin’s Dominance: Keiser’s Bold Prediction
Max Keiser, the enthusiastic Bitcoin maximalist and former Wall Street trader, has stirred up the crypto community with his firm assertion that Bitcoin’s dominance will soar to 80%. When he tweeted on August 6, he emphasized the declining state of altcoins, asserting, “#Bitcoin dominance 68.2% — heading to 80% — as alts die in favor of BTC.” This provocative statement has left many crypto enthusiasts pondering the future of altcoins and the likelihood of Bitcoin holding the crown.
The Current State of Bitcoin and Altcoins
Data from Coin360 indicates that at the time of writing, Bitcoin’s market cap stands approximately at $210.4 billion, boasting a dominance rate around 69.2%. With a total crypto market cap of around $303.9 billion, it’s clear that Bitcoin is carrying a significant weight. But what does this mean for altcoins? Are they truly on their way to becoming the ‘walking dead’ of crypto?
Ethereum: The Outlier Among Altcoins
Despite Keiser’s claims, not all altcoins are created equal. The San Francisco Open Exchange (SFOX) brings a new perspective, indicating that Ethereum (ETH) might not be in as dire straits as suggested. According to the report, “BTC has a much larger correlation with ETH than other altcoins.” This raises an interesting point: is it time to reclassify Ethereum as something greater than just an ‘altcoin’? If Ethereum continues to thrive, could it escape the reaper’s scythe that looms over its peers?
Keiser’s Price Predictions Fueling the Fire
Just days before his dominance declaration, Keiser made waves with another bold prediction: Bitcoin could hit $15,000 this week. He passionately stated, “I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.” While some may quibble over his confidence levels in government institutions, it’s hard to ignore that such statements could rally the Bitcoin faithful.
The Broader Context: Geopolitical Effects on Bitcoin
Circle CEO Jeremy Allaire offers an interesting take that collides with Keiser’s thoughts. He suggests that geopolitical conflicts and rising nationalism could fuel Bitcoin’s growth. “Rising nationalism, rising amounts of currency conflict, trade wars, these all obviously are supportive of a non-sovereign, highly secure digital store of value,” he stated. It seems Bitcoin isn’t just riding the waves of market trends; it’s positioning itself as a safe haven amidst global discord.
