Some altcoins are overtaking Bitcoin this year
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Bitcoin's dominance is hovering below 65%, but it's likely to fall, says Pantera Capital, as extra money continues to flow into altcoins
In 2020 Bitcoin is predicted to be surpassed by altcoins, especially as banks still print money, consistent with a survey by cryptocurrency investment company Pantera Capital.
In its June Blockchain Letter published Wednesday, the hedge fund said that while a 2017-sized altcoin Bull Run is unlikely to happen again, we are within the middle of a market cycle - and can continue in one until subsequent year.
Bitcoin is already being overtaken by Ethereum and other cryptocurrencies in 2020, which trend will continue, the investment company said.
Currently, the worth of Bitcoin has increased 34% this year - but Ethereum has appreciated 88%, while 0x and Augur have appreciated 98% and 97%, respectively. Ripple's XRP, still the third largest cryptocurrency by market cap, fell 2% this year.
"During bullish cryptocurrency markets, we expect assets outside Bitcoin (alt-coins or alts) to outperform," said the report. "Overall, they're stronger beta assets and other people tend to shop for them after buying Bitcoin, which is typically their first purchase of cryptocurrency assets."
Bitcoin's share of the entire cryptocurrency market - "Bitcoin Domain" - is currently hovering below 65%, but is probably going to fall, Pantera said. this is often because other cryptocurrencies will start to realize more traction.
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The growing interest in Bitcoin and other cryptocurrencies may be a reaction from investors frightened by the excessive printing of cash by central banks, the report said.
"Bitcoin was created in reaction to the previous printing of cash ," explained Pantera. “Bitcoin's price has risen exponentially during that 10-year period from what was then an unprecedented impression of cash . what's happening within the world today is an order of magnitude greater. "
“The cash tsunami has raised the worth of cryptocurrencies generally . We use Bitcoin as a proxy for the market, because it's better known. "
Pantera added that next year, when the market matures, altcoins are expected to realize even more significant market share compared to Bitcoin.