Dear Steemians,
almost unnoticed, the market capitalization of Bitcoin went below the psychologically important 50% mark and is currently at 48,4%.
The big difference compared to mid June 2017 (when the BTC dominance fell below 40%) this time is, that there is no single alt coin threatening BTCs dominance, like it was Ethereum last time. The second biggest digital currency is Ethereum with just 13%.
So no "flipping" in sight (the switch to a certain coin having a dominance of 50%).
The reason? No clue. We currently see a massive pump into almost any crypto (including Steem fortunately!). The total market cap (incl. BTC) tripled over the last 4 weeks from 200B$ to >600B$. Truely amazing and not expected by anyone as far as I know!
I guess lots of FOMO going on as crypto starts to reach mass adoption and everybody wants to get in. Certainly unhealthy, especially the ridiculously high transaction fees of BTC are not helping.
My advice: follow closely and prepare to switch into the selloff mode! Set limit orders to be on the safe side.
What is your guess for the years end BTC price? Will it go back to 19K?