Bitcoin currency is the ‘into the ramp’ and ‘out of the ramp’ in the field of cryptocurrency. No matter which cryptocurrency you want to buy, the first step is to convert your legal currency into Bitcoin and use it to trade other assets — or you are a skilled speculative trader, you can use it. High and low spreads to make a profit. The same is true for ‘out of the ramp’: if you want to discount, you must first convert the assets into Bitcoin and then discount them with Bitcoin.
Although this year’s exchange has launched more matching deals for Ethereum and USDT, traders are still more inclined to BTC to USD because of its highest market capitalization. Also for most traders, their goal is to get more Bitcoin than more dollars.
Therefore, Bitcoin participates in most market behaviors, so its occupancy rate should be higher. We will not trace the share of Bitcoin as high as 85% last May. In June this year, everyone was interested in the Ethereum and the hot ICO, and its market share fell to 40%. Today, CoinMarketCap has more than 2,000 other currencies, which not only indicates that there is a huge demand for non-essential ICO, but also indicates that the agreement, decentralized application and token competition are out of control. Anyone can create a new cryptocurrency in an hour and then dilute the Bitcoin market.
Among them, the total market value of more than 1,600 tokens is between 0 and 10 million US dollars, but they lack liquidity and no trading volume. Take Rubycoin and LEOcoin, for example, the market capitalization of the two has reached 10 million US dollars and 13 million US dollars, which is very high in many currencies, but their daily transactions are almost close to zero. There are hundreds of currencies like this, and the Bitcoin share of their own existence is actually in name only.
Some cryptocurrencies will soon disappear, and it is believes that it is good for the entire market, and most of the currencies that only appear on small exchanges will disappear. Binance, OKEx and Huobi may continue to survive due to retail demand. Inevitably, Bitcoin will end this weak market, when new buyers will enter the market.
Other currencies are in good shape, Bitcoin share is falling, other currencies are in a downturn, and Bitcoin share is rising. Bitcoin remains the leader in this market until infrastructure and ecosystems are sufficient to accommodate the separation of Bitcoin and other currencies.
Bitcoin info
Bitcoin price today is $6699.28, rising 2.78%.