Tone Vays claims that the bitcoin dominance over the crypto market in the following year will be followed by a massive blow of the hash rate and the altcoins will likely suffer as we are reading more of his prognosis in the bitcoin price news.
Tone Vays explained that the Bitcoin strengthening in the future will be seen as a strong market position that will echo the gains in the already secured 2019 with a dominance of 69 percent versus the 51 percent back in January. As a percentage against the January position, the Bitcoin dominance is up by 87 percent which is why he stated:
“One of my predictions for 2020 is going to be Bitcoin dominance in 2020 reaching 85%. I think Bitcoin dominance has one more push.
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The way we went from about 50% to 70% in 2019 — I think we have another 10-15% in Bitcoin to gain on the sh*tcoins as it continues towards 90% and 95% and then 98%.”
The main factor that will likely drive Bitcoin’s success will possibly be the hash rate strength and since the BTC/USD pair hit its all-time high back in December 2017, the hash rate increased by more than 800 percent which is something that Tone Vays claims is the most incredible feature of the asset. The hash rate refers to the overall computing power that the miners choose to devote when it comes to validating the bitcoin blockchain. Despite the lower prices and the interest, the miner competition continues to increase and will also likely result in a more secure network. He argued:
“Show me another sh*tcoin that has this kind of hash rate growth.’’
Vays didn’t comment on the further potential role for alternative cryptocurrencies but he did go on to predict that Bitcoin’s liquid sidechain product will ultimately kill the utility of the competitors. Some of the major competitors include Ethereum, Cardano, EOS and all of them have accompanying altcoins for their platforms that are currently in the top 20 cryptocurrencies by market cap. Vays has not always been so clear cut on the Bitcoin outlook and he even responded to a mainstream media interview that covered the investor Tim Draper’s $250,000 BTC price prediction and he claimed such bullish forecasts made him even more bearish. He also told the crypto media network BlockTV on Sunday, that a $50,000 BTC/USD price prediction by 2023 is still reasonable.
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