Bitcoin's Dominance Could Be Returning to 90%, Blockstream CEO Says

Michael LaVere
  • Blockstream CEO Adam Back predicts bitcoin is reverting to a mean of 90 percent market dominance.
  • Bitcoin has continued to gain on altcoins throughout 2019.

Blockstream CEO Adam Back claims that bitcoin is reverting to its mean in market dominance, which will take the asset’s share back to 90% of the total market capitalization of cryptoassets.

According to Back, bitcoin is gaining ground in market dominance at the expense of altcoins, leading to price depression for the latter. The CEO made his comments in reply to a tweet from Primitive Fund co-founder Dovey Wan, who was questioning the decoupling of bitcoin’s price from altcoins. 

In August, Back published a tweet supporting the idea that bitcoin has experienced a transient dip in market dominance over the last 2.5 years, which will correct to 90% or more as the currency reverts to its means. 

Other crypto analysts have been equally skeptical of altcoins gaining market dominance on bitcoin, including industry veterans Max Keiser and Peter Brandt.

While BTC market dominance dropped to a relative low of 33% in early 2018, bitcoin has continued to gain market share throughout the year and is hovering just under 70%. 

 

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