Bitcoin’s Dominance: A Clear Vision for 2020
According to renowned trader Tone Vays, Bitcoin (BTC) is set to reinforce its reign in the cryptocurrency world, leaving altcoins scrambling for relevance. In a recent episode of his Trading Bitcoin YouTube series, Vays forecasted that Bitcoin’s market dominance could reach a staggering 85% in 2020.
The Numbers Don’t Lie
With Bitcoin currently holding a 69% dominance—a significant leap from its 51% share in January—Vays is optimistic about BTC’s trajectory. He noted that Bitcoin’s dominance has surged a whopping 87% since January 2018. If that’s not a sign that Bitcoin is the unfazed king of the crypto jungle, we’re not sure what is!
The “98% Goal”: A Realistic Expectation?
What’s more ambitious? Vays asserts that Bitcoin could surge towards a jaw-dropping 98% dominance over the crypto market. He believes there’s one last push left in Bitcoin before altcoins face an avalanche of obscurity. “I think we have another 10-15% to gain on the sh*tcoins,” he boldly predicts.
Why the Hash Rate Matters
The secret sauce behind Bitcoin’s growing dominance? Its hash rate. Vays pointed out that since hitting its value zenith in December 2017, Bitcoin’s hash rate has ballooned by an incredible 800%. This feat showcases the expanding interest among miners to validate the Bitcoin blockchain, which not only amplifies security but also solidifies Bitcoin’s market position. Vays quipped, “Show me another sh*tcoin that has this kind of hash rate growth!”
Battle of the Blockchains: Can Altcoins Compete?
Vays is not one to mince words when discussing the competition. He is adamant that Bitcoin’s Liquid sidechain product could drastically affect the utility of alternative cryptocurrencies, singling out platforms like Ethereum, EOS, and Cardano. With each of these altcoins draped in the glory of high market cap, the question remains—can they either keep up or even survive the Bitcoin onslaught?
Bullish or Bearish? A Trader’s Dilemma
Interestingly, Vays has had a change of heart regarding Bitcoin’s price predictions. After a media showcase of Tim Draper’s eye-watering $250,000 Bitcoin prediction, Vays admitted that lofty estimates make him “more bearish.” However, he casually maintained that expecting Bitcoin to hit $50,000 by 2023 is still within the realm of reason.
Conclusion: The Future of Cryptocurrency
The landscape of cryptocurrency is shifting. Tone Vays paints a picture where Bitcoin remains unchallenged, while altcoins might find themselves facing a period of relative obscurity. Whether you’re a staunch Bitcoin believer or an avid altcoin enthusiast, one thing’s certain: watching this saga unfold will be nothing short of entertaining.
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