Posted on 05/10/2021 4:44:41 PM PDT by aMorePerfectUnion
Over the last week, the altcoin market has added over $500 billion taking the overall crypto market cap to above $2.5 trillion. Ethereum (ETH), Binance Coin (BNB) and Dogecoin (DOGE) have been the top performers in the crypto market while Bitcoin (BTC) has been consolidating for a long time time.
As altcoins continue to extend their market dominance, Wall Street investors are worried over Bitcoin’s falling market dominance. From over 70% at the beginning of 2021, the BTC dominance has now dropped to under 44%. Strategists at JPMorgan Chase & Co and DataTrek Research LLC calling it a warning sign reports Bloomberg.
In a note to clients last Friday, JPMorgan’s chief strategist Nikolaos Panigirtzoglou noted that Bitcoin’s waning dominance echoes “Froth”. He also noted that the current rally in the altcoin space has been driven more by retail demand.
Well, it is very much clear that Ethereum (ETH) has been continuously gaining dominance over Bitcoin (BTC) in terms of percentage returns. Earlier today, Ethereum (ETH) touched an all-time high above $4150 levels extending its year-to-date gains to a massive 480%. On the other hand, BTC’s year-to-date returns stand just over 100%. Check the below chart of how the ETH price has surged against Bitcoin.
(Excerpt) Read more at coinmarketcap.com ...
I can exchange my crypto into dollars, or just have it transferred into my bank account (for a fee, yes) then pay. Easy.
The fee usually isn’t a big deal, because it’s been a solid investment and has earned me far beyond the dollars I originally spent purchasing it.
Crypto isn’t going away.
Nothing wrong with silver, gold, crypto.
It depends on what you want to accomplish.
My choice is all three.
“ What crypto can claim that?
I think your point has some validity.
Crypto isn’t truly a currency, but an asset.
You can convert assets into US dollars - and taking a bigger view, any major world currency, in any location.
Bingo trendy things draws fools.
The comparison to the dot.com boom is a good one except that the play in tradeable equities back then went through established brokers and there was that pesky SEC reporting stuff.
I think that the US government loves the “crypto” boom. If you ponder it the asset is appreciating like crazy in many cases but it is an asset of zeros and ones. But, once those “crypto” assets are converted in to dollars (or spent on stuff) the dollars being generated are not the same thing as the government printing borrowed fiat currency out of thin air like they have been doing. Frankly, I suspect that the Biden administration and the leftists love “crypto” because it is printing money off the books, so to speak. I’m sure another thing they love is being able to sway the markets by making this threat or that threat thus driving the value of a “coin” down so that they can buy in themselves. Congress has been playing the equities markets (no matter what law they passed saying they can’t says) forever. Now, they have a new toy so I don’t expect BTC or ETH etc. to do anything but hit a high, then adjust downward, then hit another high. When does it end? I don’t know but this game will be played for a lot longer.
Agree - we are in early innings - and not every country treats it like an asset to tax capital gains. Some recognize it as a currency and it is untaxed.
I’m still HODL.
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