When more than 65% of the total market cap is btc, then the bull market is coming
Bitcoin (BTC coin) is becoming the preferred cryptocurrency for investors. A report released by investment consultancy SharesPost found that 68% of investors believe that Bitcoin has the greatest potential; since January, sentiment has increased, when only 48% considered BTC to be the best cryptocurrency.
The report found that respondents were more favorable to coins with the largest market value. In addition to Bitcoin, Ethereum (ETH), XRP coin and Litecoin (LTC) are popular with investors and consumers. Despite the growing popularity of bitcoin, the ether is still a favorite of investors, but its lead has declined. 87% said ETH was the best cryptocurrency in January; when asked again in July, the number shrank to 71%.
According to the report, “Investors and consumers have overwhelmingly chosen Bitcoin as their top currency, followed by Ethereum, XRP and Litecoin”. “The three currencies provide the greatest potential for long-term success. XRP remains the investor’s first choice for Litecoin currency and Bitcoin cash,” they said.
Among the consumers classified as 18–64 year olds living in the United States, Bitcoin has been considered the best cryptocurrency and has consolidated its lead, further increasing by 6%. More than three-quarters of consumers say BTC will be the most successful coin. Compared with January, the number of people who became the most successful coin in July was slightly less, and the mood fell by 3%.
The survey has more than 2,400 responses, 538 of which are from individuals and institutionally recognized investors.
Since the beginning of this year, the price of the ether has been affected. A recent report showed that interest in initial coin products has diminished, and a reduction in funding targets has meant a reduction in demand for ETH coin; the sale of its ICO funds is also considered a contributing factor.
The SharesPost report also emphasizes that investors and consumers are still optimistic about cryptocurrencies, and some are interested in increasing their holdings. Brave New Coin said that when one day, the market value of BTC accounts for 65% of the total market value, then the market will become very clear, I believe that cattle are not far away. Because history is all the same.