The world’s largest cryptocurrency exchange Binance shared his forecast on the situation on the market of cryptocurrencies. According to the results of the analysis, the share of Bitcoin in the capitalization of the stock market will soon decline due to the season altcoins, that is, the increase in their prices. September 4 analytical unit of the exchange Binance Research has introduced a new report, and revealed details.
According to representatives of the exchange, they already fix the interest on the part of investorswishing to buy alternative crypto-currencies at lower prices.
We have previously argued that the index of dominance of Bitcoin in the cryptocurrency market will drop to 50-60 per cent. And we still believe in this forecast, in part because of the dominance of Bitcoin for a long time did not exceeded 60 percent. At least, the situation has not changed much from may 2017 to June 2019. The index began to grow only in the last couple of months, and now we all are just hostages of the situation.
Let me remind you that the real share of Bitcoin in the market may be 90 percent, not 70. At least this figure by computing the cunning managed to research firm Arcane Research.
The market decline altcoins for quite some time hotly debated in cryptosuite. For example, as reported by sources Bitcoinist, a well-known industry representatives do not believe in the uprising of altcoins against Bitcoin.
Many altcoins of the top twenty are now at the lowest elevations in relation to the first cryptocurrency. At the same time, the price in dollar terms leaves much to be desired. Particularly affected XRPinvestors which even threatened to seize power over the project. And partly the culprit for this is the company and largest holder of tokens, XRP, Ripple Labs.
In an absolute collapse of the market of altcoins believe more and more people. Not so long ago a well-known Bitcoin maximalist and a former trader on wall street Max Keiser also expressed uncertainty about the viability of altcoins.
#Bitcoin dominance 68.2% — heading to 80% as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.
— Max Keiser, tweet poet. (@maxkeiser) August 6, 2019
Here he declared that the era of hardporno and altcoins has already ended.
Binance is betting on a boom in altcoins
Interest in the so-called season altcoins have Binance is. Now the exchange is on the verge of launching new separate ecosystems on Bitcoin and alternative cryptocurrencies. Just yesterday, the platform has launched the second round of work Binance Lending platform with something on the type of cryptocurrency deposits. The coins joined Cardano, Ethereum and Bitcoin.
For the most part, the exchange’s management was particularly interested in the PR of its own token Coin Binance (BNB). This is one of the few assets that can compete with the Bitcoin profitability over the last year.
In the second half of 2019 Binance plans to join the list of operators of futures contracts on Bitcoin. In honor of this the company even distributes 225 thousand dollars. Moreover, one of the projects of the exchange clearly confined to competition with steilcoom Libra on Facebook.
That is, the interest of the exchange in such prophecies too.
Yesterday, however, “futures division” of the company encountered some difficulties of legal nature. The exchange was accused of plagiarism. More specifically, the project documentation was almost completely copied from BitMEX giant market of financial derivatives. Here’s the tweet, which talked about the fact of copying. Compare the text from BitMEX and Binance in the screenshots.
Congrats on the Testnet Futures launches @binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it! pic.twitter.com/lLzcLcX6t4
— BitMEX (@BitMEXdotcom) September 4, 2019
CEO Binance, also in cryptocurrency circles known under the name of CZ, even apologized for the incident.
Shame on us. ? Sorry about that. Missed this in the DD process before the acquisition (didnt read the BitMex docs ourselves). Will fix/remove ASAP.
The official docs of Futures A platform (developed internally) are here: https://t.co/TPjvYgB2hr for your review.
— CZ Binance (@cz_binance) September 4, 2019
And now about the Outlook for Binance Aldona and the share of Bitcoin in the market.
I believe that it is impossible to completely eliminate the recovery of the market of altcoins at least because of the banal strategy of diversification — that is, investors simply want to play it safe and invest in something else besides Bitcoin. Of course, once the first coins they will be more selective in the choice of alternative crypto-currencies, among which will be distributed to the portfolio. Indiscriminate injections as during the bubble ICO to expect just not worth it. So even if the season altcoins will be, among those coins which are the real developers.
In our cryptodata you will find lots of other useful information. Waiting for you there.
Subscribe to our channel in the Telegram. Here soon!