Bitcoin’s dominance rate is an indicator of what percentage of the money the leading cryptocurrency accounts for in the total cryptocurrency market. The market dominance rate can be used as an indicator that guides the strategies of the traders. But not all market experts support this view.
Su Zhu, co-founder and CEO of hedge fund Three Arrows Capital, recently bitcoin He stated that the dominance rate applies only to billionaires. This statement by Zhu appeals to newcomers who decide to avoid the two biggest cryptocurrencies (BTC,ETH) and prefer risky crypto tokens.
I also agree btcd is irrelevant for anyone not 10figs+
If I were starting out today and looking to run it up hot id own zero btc or eth
Would be in avax sol and their ecosystem plays and it’s not even close
This does not mean btc won’t flip gold or eth won’t go 25k#facts https://t.co/xNuaJavaRA
— Zhu Su 🔺 (@zhusu) September 19, 2021
Earlier in the year, the speculative frenzy fueled retail investors’ desire to make astronomical returns. dogecoin made prank tokens like this popular.
Besides these, Zhu; He puts Bitcoin, Ethereum, these speculative assets aside and says that if he were to start investing in the market today, he would personally invest his money in Solana and Avalanche (as well as their ecosystems).
Still, he remains bullish on both Bitcoin and Ethereum. Earlier, he made an interesting prediction about Bitcoin reaching $2.5 million in the long run.
However, some market experts also cryptocurrency believes that the unit does not have many advantages. For example, economist Alex Krüger recently said that crypto investors looking for “extraordinary” returns should invest their money in another asset rather than Bitcoin.
The only people who can still get rich with bitcoin are service providers. For investors, truly extraordinary returns lie in other crypto assets.
— Alex Krüger (@krugermacro) September 18, 2021
What about Bitcoin dominance?
After hitting a recent month high of 49.25 on July 30, Bitcoin’s dominance reversed course and dropped below 40 percent on September 10. The fact that retail investors turned to Solana and the drop in Bitcoin led to such an outcome.
JPMorgan analysts recently noted that the shrinking market share of the leading cryptocurrency is a sign of extreme foam in the cryptocurrency market (which seems to be starting to rise above its value).
At press time, Bitcoin dominance stands at 43 percent, compared to its high of 73 percent on Jan.