{"id":15051,"date":"2018-01-03T00:00:00","date_gmt":"2018-01-02T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2018\/01\/03\/bitcoins-share-of-the-crypto-market-hits-an-all-time-low-as-alt-coins-go-wild\/"},"modified":"2021-09-18T11:38:35","modified_gmt":"2021-09-18T11:38:35","slug":"share","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/share\/","title":{"rendered":"Bitcoin&#8217;s share of the crypto market hits an all-time low as &#8216;alt-coins&#8217; go wild"},"content":{"rendered":"<ul>\n<li><strong>Crypto\u2019s total market cap hit an all-time high above $660 billion on Tuesday as so-called alternative coins, or \u00a0\u201dalt-coins,\u201d charged upwards.\u00a0<\/strong><\/li>\n<li><strong>Meanwhile the largest crypto, bitcoin, lagged behind small rival coins.<\/strong><\/li>\n<li><strong>Bitcoin\u2019s share of the total cryptocurrency market cap hit an all-time low on Tuesday below 36%.<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>With a market share of nearly 90%,\u00a0<a href=\"http:\/\/markets.businessinsider.com\/currencies\/BTC-USD\">bitcoin<\/a>\u2019s dominance over the cryptocurrency space appeared unshakable at the start of 2017.<\/p>\n<p>As the year progressed, and new coins came onto the market, bitcoin\u2019s position dwindled.\u00a0That trend has continued into 2018.<\/p>\n<p>Bitcoin\u2019s market capitalization as a percentage of the total crypto-market hit an all-time low below 36% on Tuesday as smaller so-called alternative cryptocurrencies rallied, according to data provider\u00a0<a href=\"https:\/\/coinmarketcap.com\/all\/views\/all\/\">CoinMarketCap.com<\/a>. That\u2019s down from 65% at the start of December.<\/p>\n<p>To be sure, bitcoin gained an eye-popping 1,300% in 2017. Still, over the past month many alternative digital currencies have far outpaced bitcoin, thus cutting into bitcoin\u2019s share of the overall market.<\/p>\n<p>Ripple, Stellar, and Cardano were all up more than 80% over the last week, for instance. Meanwhile, bitcoin was trading down more than 6% over the same period. What\u2019s striking is that typically when bitcoin is down, the entire market takes a hit. But even as bitcoin lagged, crypto\u2019s total market cap soared above $665 billion as alts charged upwards.\u00a0<img decoding=\"async\" src=\"http:\/\/static2.uk.businessinsider.com\/image\/5a4bf0f37101ad460b649b05-1055\/screen%20shot%202018-01-02%20at%20101256%20am.png\" alt=\"Screen Shot 2018 01 02 at 10.12.56 AM\" \/>CoinMarketCap<\/p>\n<p>John Spallanzani, the chief macro strategist at GFI Group, told Business Insider that a healthy shift from bitcoin to other cryptocurrencies has been taking place in the space.<\/p>\n<p>\u201cRotation is good,\u201d he said in a Twitter direct message.\u201dIt\u2019s healthy when money moves around, goes to where it is treated best.\u201d<\/p>\n<p>Ryan Taylor, the CEO of cryptocurrency Dash, told Business Insider that bitcoin\u2019s market share will continue to decline as more cryptocurrency projects enter the market.<\/p>\n<p>\u201cIt is inevitable,\u201d he said. \u201cOne blockchain cannot be all things or address all market needs optimally.\u201d<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/static3.uk.businessinsider.com\/image\/5a4bf0f47101ad460b649b06-1200\/crypto-gains-v2.png\" alt=\"crypto gains v2\" \/>Andy Kiersz<\/p>\n<p>Ripple\u2019s XRP, for instance, is designed to improve international money transfers. As for Dash, it seeks to act as a convenient vehicle of exchange in ecommerce. Those use-cases, according to Taylor, have been attracting investors to alts.<\/p>\n<p>\u201cWhile bitcoin is increasingly viewed as digital gold, other blockchains are focused on delivering smart contracts, tracking logistics data, serving specific industries, or facilitating transactions,\u201d Taylor said.<\/p>\n<p>David\u00a0S\u00f8nsteb\u00f8, the founder of cryptocurrency IOTA, said bitcoin\u2019s identity crisis has allowed new projects to eat its lunch. Power brokers in the bitcoin community have squabbled over its purpose for years. Some have said it is better suited to behave as a store of value \u2013 sort of like a digital gold \u2013 whereas others see it better suited as a payments network. Investors, \u00a0S\u00f8nsteb\u00f8 said, will pour into those cryptocurrencies with a clear use-case.<\/p>\n<p>\u201cI believe 2018 will be the year where crypto has to prove its utility beyond a speculative asset, and bitcoin cannot do that today,\u201d\u00a0S\u00f8nsteb\u00f8 said. \u201cI don\u2019t even like calling projects \u2018alts\u2019 anymore, rather bitcoin was a prototype and now we are seeing the future incarnations being built.\u201d<\/p>\n<p>Still, not everyone thinks market capitalization is a meaningful indicator. Jimmy Song, a bitcoin developer, said the data is unreliable and doesn\u2019t paint a precise picture of what\u2019s going on in the cryptocurrency market.<\/p>\n<p>\u201cLike with most things, Bitcoin Dominance is a very crude metric and one that\u2019s unfortunately very easy to manipulate,\u201d\u00a0<a href=\"https:\/\/medium.com\/@jimmysong\/why-the-bitcoin-dominance-index-is-deceiving-80ae324ee2ac\">he said in a Medium post<\/a>.<\/p>\n<p>Some coins, such as Ripple, are pre-mined. As such, the entities behind the coins can increase or decrease the supply as they see fit.<\/p>\n<p>\u201cThis isn\u2019t anything new and in the stock market, stocks that play float manipulation games generally become juicy targets for short-sellers,\u201d he wrote. \u201cAlt-coins like Gnosis, for example<a href=\"https:\/\/cointelegraph.com\/news\/icos-get-dedicated-nyc-conference-as-gnosis-quarantines-95-of-tokens\">only floated 5% of their coins<\/a>, so ask yourself, how much of Gnosis\u2019s $115 million market cap as of this writing is real?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<ul>\r\n<li><strong>Crypto\u2019s total market cap hit an all-time high above $660 billion on Tuesday as so-called alternative coins, or \u00a0\u201dalt-coins,\u201d charged upwards.\u00a0<\/strong><\/li>\r\n<li><strong>Meanwhile the largest crypto, bitcoin, lagged behind small rival coins.<\/strong><\/li>\r\n<li><strong>Bitcoin\u2019s share of the total cryptocurrency market cap hit an all-time low on Tuesday below 36%.<\/strong><\/li>\r\n<\/ul>\r\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s share of the crypto market hits an all-time low as &#039;alt-coins&#039; go wild - Dash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dash.org\/news\/share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin&#039;s share of the crypto market hits an all-time low as &#039;alt-coins&#039; go wild - Dash\" \/>\n<meta property=\"og:description\" content=\"Crypto\u2019s total market cap hit an all-time high above $660 billion on Tuesday as so-called alternative coins, or \u00a0\u201dalt-coins,\u201d charged upwards.\u00a0 Meanwhile the largest crypto, bitcoin, lagged behind small rival coins. 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