Over the last two weeks, bitcoin values have been fluctuating between $30,000 and $30,000, with no notable gains. Despite predictions that Bitcoin will fall below $20,000, its market domination appears to be rising. Bitcoin currently holds a remarkable 47.33 percent of the cryptocurrency market, but altcoin prices have recently taken a hit.
Bitcoin will continue to grow in market share, according to Project Syndicate, a trader active on TradingView. He believes Bitcoin will hit a top of 50%, which will further enhance its argument with regulators. If Bitcoin continues to retest the 50% barrier, proponents like Michael Saylor’s arguments may be reinforced.
Last month, the CEO of Microstrategy anticipated a significant uptick in Bitcoin due to a potential business shakeout due to more regulation. According to Saylor, regulation will increase the asset class’s value from $1 trillion to $10 trillion.
Altcoins to Bleed Further?
Altcoins will continue to bleed, according to Project Syndicate, until Bitcoin retests the 50% market dominance level. Altcoin prices have plummeted in recent weeks as a result of the macroeconomic crisis and last month’s Terra collapse.
According to the trader, altcoins will continue to fall until July or August. They added that it does not appear to be a good setup for altcoin traders. Bitcoin’s market share is expected to reach between 40 and 50 percent.
Meanwhile, Bitcoin has been fluctuating in the $29,000-$31,500 band in recent weeks. Historical trends contradict bullish assumptions that the top coin has already bottomed at roughly $29,000. The revenue generated by Bitcoin miners, on the other hand, is continuing to decline. This is continuing even as production costs rise due to the gloomy market mood.
At the time of writing, BTC is trading at $30,505 and is up by 2 percent in the last 24 hours.