Last week Forbes reported that Bitcoin’s Dominance* is thought to be more than 90%.
CoinCorner’s CEO, Danny Scott, commented
Our view at CoinCorner is that rather than compare Bitcoin against altcoins as a flat value, it logically makes sense that the Forbes report has taken liquidity into consideration. For example, imagine trying to sell $100 million worth of Dogecoin in a very short period of time — the price would evaporate very quickly, whereas with Bitcoin, it would be a drop in the ocean.
Altcoins are slowly dying out in respect of interest when compared to Bitcoin — and as always in this industry, it eventually comes back to Bitcoin.
At CoinCorner, our numbers also correlate with the 90% Bitcoin dominance figure. Last year, we introduced support for a number of altcoins — Ethereum, Litecoin and Ripple XRP— alongside our Bitcoin offering as a result of customer demand. This demand for altcoins followed the Bitcoin “hype” in 2017 that saw the price of Bitcoin hit nearly $20,000.
Looking back on the last year, we believe that the demand for altcoins was caused by the sudden increase in initial coin offerings (ICOs) and that the buzz around these pushed many people to experience FOMO, hoping that altcoins/ICOs would be the next Bitcoin.
We always knew that this would not be the case and our data supports this — 93% of customer transactions on CoinCorner are for Bitcoin, leaving the other 3 altcoins to make up the remaining 7%.
*What is Bitcoin Dominance?
Aka circulating supply of Bitcoin vs. altcoins in the market.