Global cryptocurrency exchange Binance believes that Bitcoin market dominance will drop below 60 percent sometime soon. According to Binance Research, the analytics arm of the popular exchange, Bitcoin’s dominance of the cryptocurrency environment is just for the short term and is not going to last forever.
The exchange’s officials claim that investors are now putting their money in altcoins since most alternative cryptocurrencies are currently at their lows.
Bitcoin dominance had been below 60 percent for more than 2 years and has increased only in the past three months. Bitcoin’s sudden increase without taking the altcoin market with it has rendered many altcoin investors miserable.
Is Binance’s expected altcoin boom possible?
A lot of experts had given their opinions on it, with most of them agreeing that the altcoin market is not going to recover from these all-time lows.
This sentiment is backed by the fact that most of the top 20 altcoins have fallen to record lows against Bitcoin in recent months. Topping the list is XRP, which also suffered a dip as Ripple Labs, the biggest holder, sold off a sizeable amount of the cryptocurrency.
While many critics and analysts do not believe that an altcoin boom will be possible, this has not stopped Binance from anticipating one. Binance executives are actively promoting the company’s native cryptocurrency, Binance Coin (BNB). And the hard work has paid off, with Binance Coin managing to deliver rare gains against Bitcoin.
However, Binance’s expected altcoin boom may be a marketing strategy to perpetuate support for its own coin.