Tony Vays Says Bitcoin’s ‘Incredible’ Hash Rate Boom Outpace Altcoins
By Luke Flowers – Crypto Broker
Veteran crypto and former Wall Street trader, Tone Vays, believes Bitcoin will assert its control over the crypto markets by next year in a refreshed blow to altcoins, as reported to Cointelegraph. This is a warning Vays gave out to altcoin traders in his popular YouTube series' latest episode ‘Trading Bitcoin’ on December 22 as he believes many will return or choose to buy Bitcoin.
He said, "One of my predictions for 2020 is going to be Bitcoin dominance in 2020 reaching 85%." There will either be a huge number of users buying Bitcoin or those cashing out of there altcoins for Bitcoin to achieve this level of dominance.
The main driving force behind the success of Bitcoin would have to be the strength in its hash rate. Since Bitcoin hit record highs back in December 2017, the hash rate has increased by a stunning 800%.
This speaks more to the passion of those powering the network than the price of the asset as many looked to sell Bitcoin, supressing the price. Hash rate is referring to the computing power that is donated to the network to validate transactions. This much higher hash rate suggests an increased interest and competition amongst miners.
He further stated that with Bitcoin growing stronger in its market position, it could attract even more gains than what it is already gotten this year. At present its dominance stands at 69% vs. 51% in January. Compared to its position back in January 2018, the dominance of Bitcoin is now up by 87%. If the level of dominance continues snowballing, more and more could be enticed to buy and sell Bitcoin for everyday use.
To Vays, that figure could expand even further in the future. Vays firmly believes Bitcoin could have just one more push for dominance as suggested by its recent gains from 50% to 70% throughout the beginning of this year. Vays has even suggested that users could continue to buy Bitcoin increasing dominance of the markets beyond 90%.
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