In 2017, the coin had a dominance of 80% in the cryptocurrency market and during the same year, the dominance fell to 37% because of the rise in ICOs and new projects.
While the cryptocurrency industry enjoys great news related to the announcement from the New York Stock Exchange in conjunction with Microsoft and Srarbucks, the market itself does not work very well.
The price of Bitcoin had been in a downward trend since last week after its failure to break the resistance level at $8,400.
The news that we have seen, from the SEC saying bitcoin's a commodity, to ... the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market.Despite the decline in price, Bitcoin's dominance is rising - a sign, that gives him reasons to consider that the cryptocurrency will begin recovering.
In late July, Hayes said that BTC will likely test support levels in the $5,000 to $6,000 region before initiating a major rally, as it needs to flatten out and demonstrate some stability before climbing to previous highs.
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Despite the positive changes in the industry, in the OTC market, it seems that traders massively sell cryptocurrency, and it takes time for the changes to affect it.
Lee went on to bring attention to the so-called "Bitcoin Misery Index (BMI)", which aims to encapture what a "holder of Bitcoin would be feeling" at any point in time. The BMI indicator tends to be a contrarian indicator, added the analyst, with an under 27/100 rating often catalyzing a Bitcoin uptick, instead of a downtrend as some would rightfully assume.
"Bitcoin isn't broken if it's holding at these levels. But come back in Q3, Q4, I think is when the party is going to start again", said Hayes. Taking these cycles into account, the panelist went on to query Lee on whether he sees 2018's drawback as out of the ordinary in any matter.
Tom further states that Bitcoin is much bigger and a "show me token" right now. He said that Bitcoin is dependant on the new fiat inflows and whether the Asian and the traditional investors want to buy the cryptocurrency.
"I don't actually think we've seen the worst".