Has The FTX US President Predicted Bitcoin's Market Share Loss to Altcoins in Near Future?
After the fame gathered by Bitcoin (BTC), altcoins were introduced into the crypto space. They became the finest alternative cryptocurrencies in the cryptocurrency market to address Bitcoin’s drawbacks and provide better alternatives to various new versions.
It has been seen that altcoins are gradually gaining control of the cryptocurrency market. According to Harrison, the popularity garnered by Bitcoin's competitors and the trend of BTC's waning dominance over the crypto market will most likely continue.
As he discusses Bitcoin dominance, he states that
"The percentage of market cap and market moves coming from Bitcoin has been plummeting down over time."
An asset like Ether, various alternative proof-of-stake assets such as Solana (SOL), and many other altcoins are all assisting the increase in market capitalization. The cryptocurrency market has been experiencing the advantageous benefits of Altcoins.
This is beneficial for investors to reap rewards of smart functionalities like improving Bitcoin flaw that includes mining cost, creating space or new competition to the Bitcoin system, and creating a more secure blockchain with lesser transaction fees.
Harrison feels like the crypto space will observe a drastic decrease in the percentage of the entire market share coming from just one asset, i.e., Bitcoin alone. He discusses the issue of institutional investors not being divided quickly into the crypto space as anticipated initially.
FTX US CEO Sam Bankman-Fried states that the wealthiest investors across the globe are awaiting more regulatory clarity before investing in crypto assets. They mention the hundreds of conversations they have had with,
"Pension funds, family offices, and large banks that want to get into crypto, all of their employees are privately into crypto, but the actual companies themselves aren't yet."
Continuing further, in their opinion it is only a matter of compliance and regulations. They feel that like them many others as well are sitting tightly to pull the trigger for more regulatory clarity in the US and around the exchange.