In an interview with CNBC, Tom Lee of Fundstrat noted that bitcoin regains market share in the cryptocurrency market. The analyst is still a bull.
At the beginning of 2017, Bitcoin’s capitalization accounted for around 80 percent of the entire digital currency market. Only a year was enough for investors to change into other crypto-assets. Thus, the share of bitcoin has shrunk to 36 percent. This was obviously due to the fact that the main cryptocurrency was strong. The market decided that bitcoin is too expensive and preferred to buy altcoins.
Now the situation is changing. Lee notes that the market share of Bitcoin has been increasing for several weeks. Currently, it is already around 48 percent.
“I think the dominance of bitcoin shows that the cryptocurrency market reacts to what is happening. The news we have heard from the SEC messages that bitcoin is a commodity increases trust, and investors are increasingly convinced that it is the best shelter in a tough market, “says Lee.
Currently, bitcoin actually stabilized after strong fluctuations that we could observe from December 2017. After the exit from the ATH level – USD 19,500 – the exchange rate was characterized by considerable volatility. At the end, the price was USD 6,000 to reach USD 8,400 in July. We are now again welcoming around 7,000 USD.
“Bitcoin is still doing well, if it stays on these levels. I think people are afraid that its price will fall below USD 6,000 and will never come back to this level again “- estimates the moods in the Lee markets.
It is worth recalling that Lee has recently suggested that by the end of 2022, you will have to pay $ 125,000 for one Bitcoin.