There is a buzz in the digital currency space today. The dominance of the world’s most dominant digital currency is drastically reducing. The dominance of Bitcoin (BTC) just tested a new low which it hasn’t seen since August last year. Google trends revealed that interest in Bitcoin (BTC) had not been this low since April last year. This has led many to wonder if we are in the quiet before the status quo or storm. With the decrease in dominance, will the bullish Bitcoin price predictions 2019 still come to pass?
Bitcoin (BTC) Dominance Falls to 50%
The dominance level of Bitcoin (BTC) is now hovering around 50 percent. Bitcoin (BTC) dominance is reducing because of the increasing competition in the market. More altcoins are emerging almost every day. This is not 2015 or 2017; the digital currency market is now more crowded. When the dominance level of Bitcoin (BTC) use to be very high, there were not many digital currencies in the market then.
Nevertheless, some analysts have attributed the plunging dominance of Bitcoin to several factors. Some analysts said that the plunging dominance preceded a significant bull run in the past. Whereas, others say that the rise and fall of the coin coincided with the first major bull run when BTC soared to $1k after plunging below $100.
The crabby effect of Mt. Gox is one thing that was left out of that analysis. The first major BTC crash was as a result of the failure of Mt. Gox. Mt. Gox was a major BTC trading platform, the collapse of the platform scared investors. Nevertheless, in the last bull run, things like that didn’t occur. Pinpointing a single catalyst for the selloffs is difficult. Interest started dropping. Double-figure percentage declines scared investors and resulted in a massive dump.
Will Bitcoin (BTC) Recover?
It is a sign of virtue that BTC scares away investors. It is difficult to remain invested in the space except if the philosophical distrust of the fiat system is an aspect of your fundamental principles. The surge towards the $20k level is what got some long-term HODLers to move their funds. According to reports, some of them have reinvested at lower prices.
Over the past couple of months, making money on Bitcoin (BTC) investments takes a lot of work. You must be very reasonable and careful in timing your buys and sells. However, there several bullish Bitcoin price predictions 2019 out there. Mike Novogratz – a Bitcoin (BTC) bull – said that the value of Bitcoin (BTC) would hit $10k before the end of the year. Earlier last year, the BTC bull predicted $25k for BTC. However, the year came to an end with BTC losing more than 80 percent of its value from its all-time high.
Nevertheless, he as not given up on his $25k prediction for Bitcoin. He still believes the digital currency would test the $25k level in the near future. There are lots of other BTC price predictions out there, and investors are hoping for the best.
Bitcoin (BTC) Price Today – BTC / USD
At press time, Bitcoin (BTC) is changing hands at $4,060 after a decrease of 0.75 percent over the past twenty-four hours. The current market cap of the digital currency is $70.08 and its trade volume over the past day is $8.81 billion.