Grayscale research director: Bitcoin market share may stabilize rather than sharply decline

On May 17th, according to Decrypt, Zach Pandl, the head of Grayscale Research, stated that "when the market focuses on macroeconomic instability and risks facing the US dollar, Bitcoin's dominant position may rise; while when the market focuses on various applications of blockchain technology and innovation in the field of encryption, Bitcoin's dominant position may decline. Bitcoin benefits from being seen as a "non sovereign asset" similar to gold, while also absorbing most of the capital inflows in the cryptocurrency market through products such as ETFs approved last year. In the next 9 to 12 months, Bitcoin's market share is more likely to stabilize between 60% and 70% of the overall cryptocurrency market, rather than experiencing a significant decline. This judgment is not easy, as both Bitcoin and altcoins have different positive factors that may play a role. From a macro perspective, we hold a bullish attitude towards Bitcoin; From the perspective of technological development and user adoption, we are also optimistic about altcoins. My basic assumption is that the dominance rate of Bitcoin will stabilize from now on