In the world of cryptocurrencies, Bitcoin is often considered the king, but Bitcoin Dominance to Decline in 2023.
Bitcoin has been the most dominant cryptocurrency since its inception in 2009. However, in recent years, other cryptocurrencies, also known as altcoins, have emerged and gained popularity. As a result, Bitcoin’s dominance is slowly decreasing, and altcoins are about to catch up.
Bitcoin Dominance
Bitcoin dominance is a term used to describe the percentage of the total cryptocurrency market capitalization that Bitcoin holds. In simpler terms, it is the measure of Bitcoin’s market share compared to other cryptocurrencies. At its peak in 2017, Bitcoin dominance was over 80%. However, as more altcoins entered the market, Bitcoin’s dominance has decreased. As of March 2023, Bitcoin dominance is around 40%, which is a significant drop from its peak.
Altcoins on the Rise
Altcoins are cryptocurrencies that are not Bitcoin. These cryptocurrencies were created to address some of the limitations of Bitcoin and to provide additional features and benefits. Examples of altcoins include Ethereum, Binance Coin, and Cardano. As the cryptocurrency market continues to grow, more altcoins are being created, and they are gaining popularity.
One of the reasons for the rise of altcoins is that they offer unique features that Bitcoin does not. For example, Ethereum and other powerful Layer 1 blockchains like Link and Cosmos, are known for their smart contract capabilities, which allow developers to create decentralized applications.
Binance Coin is used to pay for transaction fees on the Binance exchange and can be used to get discounts on trading fees.
Altcoins Are About To Catch Up
For the longest time, Bitcoin has been the dominant player in the cryptocurrency market. It has a massive market cap, is the most widely recognized cryptocurrency, and is the go-to for most new investors. However, things are starting to change, and altcoins are about to catch up. In this article, we’ll explore why this is happening and what you can do to maximize your returns.
The Rise Of Altcoins
While Bitcoin has been the face of the cryptocurrency market for over a decade, altcoins are starting to take center stage. One of the reasons you may want to consider investing in Layer 1 coins, such as Ethereum, Polkadot, and Cosmos. These coins offer more functionality than Bitcoin and enable developers to build decentralized applications (DApps) on top of them.
This has led to the growth of the DeFi (decentralized finance) sector, which has seen massive growth over the past year – and these decentralized power tools are about to get connected to AI Tools in dramatically more secure ways.
Bitcoin Dominance to Decline in 2023
For years, Bitcoin’s dominance over the cryptocurrency market has moved up and down in waves. And in 2023 this has started to change to a very bullish setup. Bitcoin’s dominance may decline significantly in coming months as the explosive trend in artificial intelligence is expected to gain more traction.
The Role Of Artificial Intelligence
A massive and growing factor that’s contributing to the rise of specific altcoin projects – is the use of artificial intelligence (AI) in combination with smart contracts and blockchain technology.
AI-powered trading bots are also becoming increasingly popular among investors as they can analyze massive amounts of data and trade with better risk management across a diversified strategy to filter out the most profitable trades. As more business processes are improved with AI-powered business smart contracts, we can expect to see more money flowing into altcoins , further increasing their market share.
We can expect to see more money flowing into crypto
because of it’s solid business utility.
Maximizing Your Returns
If you’re looking to maximize your returns in the cryptocurrency market, there are a few things you can do. Firstly, it’s important to have a well-diversified crypto portfolio that includes a mix of Bitcoin and altcoins.
Secondly, you should have a crypto trading plan that includes risk control strategies. This will help you manage your risk and avoid losing money due to market volatility.
Check out our crypto trading plan PDF for an example.
Finally, it’s important to keep up with market trends and news. This will enable you to make informed trading decisions and capitalize on emerging opportunities. You can use resources like Altcoin Opportunities to stay up to date on the latest trends and strategies.
The AltSeason CoPilot
The rise of altcoins has led to the development of a new trading strategy called the AltSeason CoPilot.
This strategy involves trading the ALT/BTC spread, which is the price difference between an altcoin and Bitcoin.
The AltSeason CoPilot uses a simple daily routine to trade this spread and can help anyone achieve more success with their cryptocurrency portfolio management in 2023.
The AltSeason CoPilot is based on a proven crypto trading plan that includes risk control strategies.
Based on the principle that altcoins tend to outperform Bitcoin during altcoin seasons. An altcoin season is a period when altcoins experience significant price increases compared to Bitcoin. This can happen when Bitcoin’s price is stable, rising or decreasing. By trading the ALT/BTC spread during altcoin seasons, investors can take advantage of these price differences and increase their profits.
In conclusion, altcoins are about to catch up with Bitcoin, and it’s essential to have a well-diversified crypto portfolio that includes a mix of both. The rise of Layer 1 coins, the lower barrier to entry, and the use of AI-powered trading bots are contributing to the growth of crypto asset values in 2023 and beyond.