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Bitcoin is in the midst of a rally with a daily high so far above USD 7,500 on Monday trading
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Tone Vays believes Bitcoin supremacy in hash rate will result in 98% dominance and destroy altcoins
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Bitcoin Reddit subscribers jumped by over 20% in 2019 amid an unexpected rally in the year
The Bitcoin bulls are back! Monday trading took an unexpected turn for the better as a rally kicked off basically in Japan session, with at least three spikes each creating a new weekly high, with USD 7,498 (CoinDesk) recorded so far on the third peak, still ongoing right now.
Along with Bitcoin, the rest of the crypto market rode the rising tide, with every coin in the Top 10 by market capitalization seeing positive gains. ETH rose to USD 132, and Ripple (XRP) is now within touching distance of 20 cents. Only TRON (TRX) among the non-stablecoins in the Top 25 (CoinMarketCap) posted a daily loss.
Not everyone believes that altcoins will always benefit from Bitcoin’s boom, of course, as crypto influencer Tone Vays predicts that Bitcoin “incredible” hash rate gains, which have been on a steady rise ever since it was first recorded, will obliterate all other cryptocurrencies.
This Bitcoin maximalist point of view was presented in Vays’s latest Trading Bitcoin YouTube episode, who said that altcoins, already taking a battering since the bull run of 2017, were in for another rough year ahead. He even predicts that Bitcoin dominance in 2020 will touch 85%, en route to an unstoppable and inevitable 98% dominance.
The veteran Bitcoin trader says that this year’s gains only solidifies that case, with Bitcoin’s 69% dominance today already leaving January’s 51% dominance far away in the dust. Bitcoin dominance is up 87% since its position in that month. He explains:
“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%.”
All this, he believes, is down to the hash rate patterns of Bitcoin, which has never gone down beyond temporary dips. Even since dollar value has dropped from an all-time high near USD 20,000, hash rate has only multiplied 800%, meaning to say that more and more miners are securing the network, or are including more machines to the pool, using the awesome computational might to validate transactions and secure the Bitcoin network.
Even with prices declining overall, miners continue to cooperate and continue to show more interest, making Bitcoin’s case as the world’s most secure financial network stronger by the day. There is no comparison in altcoins, says Vays:
“Show me another sh*tcoin that has this kind of hash rate growth.”
He went on to say that Bitcoin’s Liquid Liquid sidechain product would lead to the destruction of utility that competitors so far have as a slight edge, and says that this would present a reasonable USD 50,000 by 2023.
Meanwhile, Bitcoin is also enjoying a boom in Reddit subscribers, according to Jameson Lopp, another Bitcoin maximalist. The cypherpunk said Reddit’s Bitcoin community increased by over 20% this year alone:
“The rate of new subscribers to the /r/bitcoin subreddit accelerated after the exchange rate jumped this summer. It grew in size by 222,000 users – 22% growth in 2019.”
In fact, 1 million people already subscribed to the subreddit in early 2019, so now some 200,000 new people have joined Bitcoiners on the social platform. The platform is popular among enthusiasts of cryptocurrency, with many blockchain firms maintaining a presence there to keep engages with their communities.
Earlier in May, scientists from the University of Notre Dame and the Pacific Northwest National Laboratory published research that found a strong correlation between Reddit conversation volume and their market prices, when looking at data from 2015 to 2018. It is thought that the surge in the price of Bitcoin was buoyed by large market actions, together triggering mass consumer interest in both buying and trading the digital asset.
In turn, this led people to discuss and find out what was going online.
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