According to data provided by Coin360’s summary table, BTC is sitting at a dominance of around 69.2% at press time, as its market cap is $210,422,145,970 out of a total $303,923,701,331.
Bitcoin maximalist and former Wall Street trader Max Keiser has recently claimed that Bitcoin dominance is heading to 80% and that altcoins are dying, further urging the public to rotate out of other crypto assets and into BTC.
In regards to Keiser claim that altcoins are dying, recent analysis from the San Francisco Open Exchange (SFOX) suggests that perhaps this is compatible with Ether (ETH) continuing to thrive.
Keiser announced his latest views in a Twitter post on Aug. 6:
“#Bitcoin dominance 68.2% – heading to 80% – as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.”
In the SFOX report, the author wrote that BTC has a much larger correlation with ETH than other altcoins, further arguing:
“This may support the idea that Ethereum is coming into its own as a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to categorize Ethereum as an ‘altcoin’ on a par with other cryptoassets that are not Bitcoin.”
Another prediction from Max the maximalist
As previously reported by Cointelegraph, Keiser made a bullish BTC price prediction on Aug. 3. Keiser also addressed his audience on Twitter, claiming that he believes BTC will cross $15,000 this week. Keiser wrote:
“I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.”
While perhaps not agreeing with Keiser’s claim that the public’s confidence centralized governments and financial institutions are at an all time low, Circle CEO Allaire similarly commented that geopolitical conflict boosts BTC growth:
“You can very clearly see some macro correlation there. I think the broader theme of, you know, Bitcoin specifically, crypto more broadly participating in these global macro forces is becoming more and more clear. Rising nationalism, rising amounts of currency conflict, trade wars, these all obviously are supportive of a non-sovereign, highly secure digital store of value.”
MakerDao Brings Bitcoin to the Ethereum Blockchain
MakerDao governance, a decentralized community of MKR token holders that govern the Maker Protocol, has voted to pull Bitcoin onto the Ethereum blockchain by accepting Wrapped Bitcoin as a new collateral asset in the Maker Protocol, according to the official announcement on May 3. For the uninitiated, wBTC is the first ERC20 token backed 1:1 with Bitcoin.
WBTC marks the fourth collateral asset type to be added to the MakerDAO DeFi ecosystem. The former three included ETH, BAT, and USDT. wBTC will now be able to open Maker Vaults in order to generate Dai. The report added that:
“WBTC will help bring greater liquidity to the Ethereum and decentralized finance (DeFi) ecosystems, and to decentralized exchanges (DEXs).”
Pulling Bitcoin to the Ethereum blockchain
Bitcoin holders can trade their BTC to open a vault and generate Dai through wBTC.
The process of opening a vault can be done on Oasis Borrow – a decentralized finance platform. The conversion takes 5 steps to complete. First users sign up to Coinlist, complete KYC, wrap BTC to wBTC, send wBTC to a compatible wallet, and then create a wBTC vault to generate new DAI, according to the report.
As Cointelegraph reported in early February, more than $1 billion U.S. dollars worth of assets resides in DeFi protocols. Crypto experts were reportedly sceptical about early adoption of Bitcoin within DeFi protocols, but also curious and interested to see how the future would evolve.
