I know the bitcoin maximalists might not be happy about this reduction in dominance as it brings btc close to altcoins hehe.
I do not really see NFT sustaining the initial hype they had a few months ago, I see Defi continuing with the upward boom.
The defi boom will see a further reduction in bitcoin dominance and that dominance being eaten up by Ethereum(that just made a new ATH a few hours ago) and BNB.
I also see more TVL in BSC than in Eth in a few months because of the low fees in the BSC and this might threaten Ethereum's place!!
Do you think BNB can surpass ETH in the market in the short or long term period??
Anyway, all in all, these developments show the true power of decentralization where any token that brings more value gains more attention.
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I think it could be possible. It will all depend upon how quickly Ethereum is able to address the issues they have. If they can get them under wraps rapidly, then it might be tough.
However, if the fees remain elevated for some time and BSC keeps pushing forward, I think it can radically alter the makeup of DeFi.
Hopefully we will see HSC within a few months and that will start the process of putting Hive's hat in the ring.
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Ethereum seems unbothered by the high fees though from the look of things.
The Eth guys would have solved the fees issue by now especially after the emergence of BSC, but I do not see anything happening(by Eth guys).
Anyway if Eth works on their fees, it will become competitive and hence give users a choice.
Right now the whales(over $5K transactions) use Eth for their defi and we the rest(as low as $10 investments) use BSC!!
We should all know that the $10 guys are many compared to the $5k folks and this is working in favour of Binance!!! Anyway, let us wait for what the next months will offer.
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That is true. The $10 really outnumber the $5K. However, the numbers of the later can get really big. It takes a lot of $10 trades to equal $5K, let alone a few million dollars.
It is good to have choices. The price of ETH is unaffected by the fees because they are not a problem to ones playing with millions of dollars. Hence, they will keep catering to that market until the fees are under control (which could take a while, like a few years).
Choices are good and I foresee BSC only picking up more activity and TVL being locked. The majority of the people coming to crypto will be of the $10 variety.
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