By Leah Hutton (Luxembourg)
The prominent global exchange Binance is very hopeful that the time for bitcoin is up and counting is started to see the dominant altcoins markets. According to them, the dominance of bitcoin will drop below 60%.
Boom in Altcoins Dominance
According to the research conducted by the exchange under the umbrella of the analytics arm of the platform, the hype created for the dominance of BTC is temporary and is not going to sustain more.
The staff members accepted that traders and investors are investing more wealth in the altcoins since most of the cryptocurrencies are not showing good performance to date.
The dominance of BTC remained below the figure of 60% for consistently two years. The boom is seen in the past three months. It recovered so sharply lagging behind the other digital currencies that had saddened the traders and investors.
According to Experts
Some analysts are very pessimistic about this abnormal movement stressing that there are no signals about the pumping of the crypto markets. This analysis given by experts is further strengthened by the current behavior of 20 cryptocurrencies hovering at their lowest points since the inception. In the list of dumped digital coins, XRP has also made its position.
Also read:The negative viewpoints of analysts about the future of altcoins will not press the prediction of Binance. It is worth seeing whether the argument of Binance’s officials will come true or not. They are busy in the promotion and adoption of exchange’s native token named as BNB.
It is also said that this is only an illusion created by the Binance for the promotion and marketing of BNB coin by creating hype among the crypto fans. However, the entrance of more digital assets such as Libra and Chinese cryptocurrency has attracted investors. So, more investment in cryptocurrencies excluding bitcoin is expected.
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