Assets without a strong ideological base disappear. There's not enough conviction to step in and buy the dip
It’s near unfathomable to think some 1s and 0s made on the corner of the internet can take down govt backed currencies
Yet buyers continue to come back
This is why the top 10 changes so dramatically, but BTC remains on top
Dominance in terms of market cap % is a terrible metric. What matters is the asset that is #1. And BTC hasn’t had 1 day without being the top asset by both market cap and liquidity.
BTC % “dominance” has trended down but its dominance today is orders of magnitude higher
It describes why the best money is the largest and the most liquid. Why BTC has and will continue to remain the #1 asset. And the positive feedback loops that will continue to ingrain this dynamic.
Crypto crashes strengthen this case.
The top 10 today will look as ridiculous as the one from 2013.