Tone Vays: For 2020, Bitcoin dominance will reach to 85%
The cryptocurrency market is seeing positive changes. With this positive momentum, the Bitcoin price is likely to reach $ 7,700 and $ 7,900 in the next few days. However, like what happened in the past, Bitcoin can still turn around and retest the low price area of $ 6,400 – $ 6,500. Investors need to observe to avoid false signals.
Also, Bitcoin will strengthen its dominance of the cryptocurrency market next year in a new push for Altcoins.
Altcoins will have difficulty with Bitcoin dominance in 2020
In the latest episode of Trading Bitcoin YouTube series on Dec. 22, Tone Vays warns Altcoin traders to face even worse conditions as 2020 begins.
“One of my predictions for 2020 is going to be Bitcoin dominance in 2020 that will reach 85%.”
Vays explained Bitcoin dominance would not stop at the current figure of 69%. It will further strengthen its position in the market and will repeat the increase it has guaranteed this year – the dominance is now 69% compared to 51% in January. With its position in January 2018, Bitcoin dominance has increased by 87%.
In the long run, Bitcoin dominance can expand to its limit. And then, Bitcoin will ultimately occupy the trading market of Altcoins.
“I think Bitcoin dominance has one more push. The way we went from about 50% to 70% in 2019 – I think we have another 10-15% in Bitcoin to gain on the sh*tcoins as it continues towards 90% and 95 % and then 98%.”
Bitcoin dominance 2013 — present | Source: CoinMarketCap
Bitcoin hashrate is an essential factor on the race
The primary factor driving Bitcoin’s success will be the Bitcoin hashrate. Since Bitcoin price hit an all-time high in December 2017, hashrate has increased by 800%. According to Vays, this number is entirely unbelievable because it’s so magical.
Hashrate is the indicator representing the overall computing power miners choose to devote to validating the Bitcoin Blockchain. In spite of lower prices, interest and competition among miners continue to expand, and it also results in a more secure Bitcoin network.
Bitcoin network hashrate one-year chart | Source: Blockchain
“Show me another sh*tcoin that has this kind of hash rate growth.”
Vays has long been famous for not believing in the potential role of Altcoins. According to him, Bitcoin’s Liquid sidechain product will eventually destroy the utility of competitors. And the rivals that Vays mentioned are Ethereum, EOS, and Cardano. These three networks all have accompanying Altcoins for their platform (ETH, EOS, ADA), and they are all ranked among the top twenty leading cryptocurrencies by market capitalization.
Vays are not always clear about the prospects of Bitcoin. In a mainstream media interview involving investor Tim Draper, who predicted a $ 250,000 price prediction for Bitcoin, he stated that such price hikes made him more bearish.
In contrast, according to him, the price of 50,000 BTC in 2023 is still reasonable.
After listening to this $BTC price coverage on @CNBCFastMoney profiling @TimDraper saying #Bitcoin can hit $250k by 2022, I am now way more BEARISH than I was this morning. @fundstrat https://t.co/rOiK0D495p
— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) December 21, 2019
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