Over the past two weeks, the value of bitcoin has been fluctuating between $30,000 and $30,000, with no notable gains. Its market dominance continues to grow despite predictions that Bitcoin will drop below $20,000. Bitcoin currently holds a remarkable 47.33 percent of the cryptocurrency market, but altcoin prices have been in decline recently.
According to Project Syndicate, a trader active on TradingView, bitcoin will continue to grow in market share. He believes that bitcoin will hit the top 50%, which will further enhance his argument with regulators. If bitcoin continues to reclaim the 50% barrier, supporters such as Michael Sayer’s argument could be strengthened.
Last month, the CEO of MicroStrategy expected a significant increase in bitcoin due to a potential business shakeout due to more regulation. According to Saylor, the regulation would increase the value of the asset class from $1 trillion to $10 trillion.
Altcoins To Bleed Further?
According to Project Syndicate, altcoin bleeding will continue until Bitcoin regains the 50% market dominance level. Altcoin prices have fallen in recent weeks as a result of the macroeconomic crisis and the collapse of Terra last month.
According to the trader, the altcoin will continue to decline till July or August. He added that this does not appear to be a good setup for altcoin traders. The market share of bitcoin is expected to reach between 40 and 50 percent.
Meanwhile, bitcoin has been fluctuating in the $29,000-$31,500 band in recent weeks. The historical trend contradicts the bullish assumptions that the top coin has already dropped below around $29,000. On the other hand, the revenue generated by bitcoin miners continues to decline. This continues even when the gloomy market mood has led to an increase in the cost of production.
At the time of writing, BTC is trading at $30,505 and is up 2% in the last 24 hours.