- Bitcoin dominance percentage up 17% in 2019 as the ICO boom goes bust, paving the way for a healthier crypto space
In early 2018, the initial coin offering (ICO) boom reached the peak of its speculative frenzy, pushing the Bitcoin dominance percentage as low as 32%. Unfortunately, numerous ICOs ended up being scams or poorly planned, causing untold numbers of investors to be ruined and scared away from the crypto space. As the ICO bubble collapsed, the Bitcoin dominance percentage rose to 51.7% by the end of 2018.
In 2019, the Securities and Exchange Commission (SEC) brought legal action against numerous ICOs, making it clear that they were illegal in the United States, and that any offering that conducts business in the United States will be prosecuted to the full extent of the law. This caused the ICO sector to collapse even further, and Bitcoin’s dominance percentage rose another 17% in 2019, reaching 68.7% currently.
Now Bitcoin reigns supreme, as well as several handfuls of reputable altcoins that are well-built and have solid potential. Compare this to the crypto space in 2017 and 2018, which was filled to the brim with fraudulent ICOs.
This has set the stage for a crypto space rebound, since now only the best cryptocurrencies remain as serious investment options, and the focus has shifted towards developing better infrastructure and increasing crypto adoption, rather than the focus being on scam ICOs.
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