Binance Research, the research arm of global crypto exchange Binance, has collated a series of predictions that Bitcoin market dominance will reach a figure of around 80% by the year 2020.
In this Q2 survey, it said that more than half of all the VIP and institutional clients it surveyed believed that Bitcoin dominance would be in the 40-60% range by the end of this year alone. This signals that most believe it will peak and that altcoins will also have their turn in rising price, just as they did during the last crypto bull run.
But a further 30% predict that this figure will not only maintain this year but rise up in the next year to as high as 80%. According to Binance Research this “illustrates the special status of Bitcoin as the bellwether of the cryptocurrency and digital asset industry.
As reported by BitcoinNews.com yesterday, Bitcoin market dominance has already risen above 60% in the midst of this current bull run for the world’s most used crypto, a figure not seen since almost two years ago in 2017.
According to figures from CoinMarketCap, dominance, measured by a digital asset’s share of the total crypo market capitalization, is counted only for Bitcoin, and it has been on a slow but steady uptrend since August last year, when it first broke 50% on the way to its current levels.
The same survey found that over 56% of significant Bitcoin investors hold positions for an average position of over a week, although many would disagree that this defines them as holders. A fifth (22%) of all respondents were high-frequency traders, who held positions for an average less than an hour.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Image Courtesy: Pixabay
