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For The Market To Be Stable, Ethereum and XRP Need To Be Free Of Bitcoin’s Influence: Coinfield CEO Bob Ras

source-logo  zycrypto.com 02 October 2019 22:30, UTC

Over the last few months, the talk of Altcoins in relation to Bitcoin’s influence on them has intensified, with a lot of people predicting that Altcoins will soon decouple from Bitcoin. Indeed, some even proclaimed this as already happening when Litecoin led the Altcoins on a short surge a few weeks after the crypto winter ended courtesy of Bitcoin’s surge. However, the moment didn’t last, but the advocates of the decoupling haven’t given up hope. 

To some people like Bob Ras, the crypto market being dominated by Bitcoin isn’t a good thing for the longer-term wellness of the industry. Bob is the CEO of CoinFieldEx, a crypto exchange based in Canada. In a tweet, Bob shared a few insights on what he expects to happen if and when Altcoins decouple from Bitcoin.

When #altcoins are completely decoupled from #bitcoin, we will see market stability, rapid adoption, & that’s when the institutional investors will join the game. #BTC dominance shouldn’t be more than 30%. Industry can never grow only with one. BTC can’t do what #XRP & #ETH do.

— ₿ob Ras (@bobrasX) October 1, 2019

Institutional Money To Flow In 

In Bob’s view, institutional investors will be more inclined to have their money flow into the crypto market and precisely the Altcoin market if Bitcoin stops meddling with the rest of the market.

Indeed, a critical look at the market dynamics over the last few years reveals that most investors have ignored the Altcoin market in favor of Bitcoin. The launch of Bakkt, the concerted efforts to get a Bitcoin ETF approved by SEC, and the growing Bitcoin acceptance in various sectors are absolute proofs of this. 

BTC Dominance At 30%

Going forth, Bob projected that if the crypto market is to be properly balanced, Bitcoin’s market dominance should cap at around 30% as opposed to the current high figure. At the moment, Bitcoin’s market dominance stands at 67.5% – according to data on CoinGecko

Embrace Diversity 

For long, Bitcoin has largely been used as a means of payment especially in peer-to-peer dealings. However, of late, there have been serious suggestions that the coin could soon be adopted as a credible asset acting as a store of value – just like Gold.

However, according to Bob Ras, Bitcoin can’t do everything that other cryptos like ETH and XRP do, and that’s why there needs to be diversity among the cryptos as opposed to leaving everything to Bitcoin.

zycrypto.com