$4,200 Bitcoin Would Cost $7,000 at Pre-2017 Market Dominance: Alistair Milne
Despite Bitcoin circling all-time highs over $4,000, it would cost up to $7,000 if it had its old market dominance, Alistair Milne says.
Bitcoin would already be worth $7,000 if its market dominance returned to pre-2017 levels, calculations suggest.
Findings uploaded to Twitter by investor and entrepreneur Alistair Milne suggest that without “Bitcoin Unlimited” or “forking fears,” Bitcoin would be worth $3,800 more than at present, he says.
If Bitcoin returned to market dominance of ~84% (where it was before the Bitcoin Unlimited/forking fears), the price would be ~$7000 today— Alistair Milne (@alistairmilne) August 15, 2017
BTC’s share of the cryptocurrency market had been steadily declining through 2016, while in 2017 the rate picked up dramatically with the rise of Ethereum and other altcoins.
Brief reversals came with further downturns, with BTC currently sitting at 51.2 percent dominance according to Coinmarketcap, itself a multi-month high.
Despite prices also reaching their highest levels in history this week, Milne joins others suggesting there is still room for growth short-term.
Sentiment seems super bullish on Bitcoin. Many alts bleeding. Just took some BTC profits off the table (to USD) in my trading portfolio.— Tuur Demeester (@TuurDemeester) August 15, 2017
As Cointelegraph reported yesterday, Bitcoin’s growth is likely set to punish altcoin prosperity in the short term, with losses of up to 20 percent forecast by community commentators.
Responding to Milne, others considered it entirely possible for similar prices to appear even if Bitcoin’s dominance “doesn’t go above 51 percent.”