Declining Altcoin Twitter Sentiment Mirrors Rising Bitcoin Dominance
A widely-followed Bitcoin and crypto asset market analysis Twitter account has been conducting a poll over the last few months. DonAlt asks followers “How much of your portfolio is in altcoins?”
Sentiment appears to have changed about the altcoin market on the social media platform in tandem with rising levels of Bitcoin dominance. Bitcoin now accounts for almost 70 percent of the cryptocurrency market, having started the year at around 51 percent.
Is Crypto Becoming All About Bitcoin Again?
Much of Bitcoin’s price rise during 2019 appears to have been the result of an exodus out of alternate crypto assets, or so-called altcoins. When Bitcoin prices have pumped this year, altcoins have increased by lower percentages. Equally, when the Bitcoin price has crashed, other crypto asset prices generally suffered larger drops.
This has led to Bitcoin rising to its current level of almost 70 percent. The metric has not been this high since prior to the late-2017 speculative mania that saw Bitcoin almost hit $20,000. As altcoins have lost market share to Bitcoin, sentiment relating to non-Bitcoin crypto assets supports the theory that investors have had enough of altcoins in favour of Bitcoin rather than price rises being caused by huge sums of new money entering the market.