Tone Vays warns of the danger of Bitcoin hash rate boom

Yesterday, December 22nd, veteran crypto trader Tone Vays published the latest episode of his YouTube series, Trading Bitcoin. In the episode, however, he announced some grim news for the altcoin market, stating that Bitcoin’s dominance is likely to deliver a major blow to the altcoins in 2020.

As altcoin traders undoubtedly know, the altcoin market did not perform nearly as well as Bitcoin did in 2019. Now, Vays predicted that BTC dominance is likely to hit 85% in 2020, he warned.

He pointed out that the coin’s dominance has already grown by almost 20% throughout 2019. At the moment, it is currently at 69%, while it started the year with only 51% back in January. If this growth of BTC dominance continues, Vays expects that BTC will eventually completely usurp the altcoin market.

He specifically pointed out that he believes that BTC dominance has one more push, which will likely take it all the way up to 90%, 95%, and finally 98%. Vays also openly admitted that a dominance growth of this strength is incredible, which is the same that can be said for the strength of its hash rate.

He noted that the hash rate strength is likely the reason why the coin has been so successful recently. The hash rate has grown by 800% in the last two years, since Bitcoin reached its all-time high in December 2017. What that means is that Bitcoin’s miners continue to grow in number, despite the low prices, competition, and interest.

As a result, the BTC network is also much more secure, which is a great thing for Bitcoin, if not for the altcoins.

Vays’ opinion on BTC price

Of course, it should be mentioned that Vays is not exactly a believer in the altcoin market. He expects that Bitcoin’s Liquid sidechain will eventually make the utility of its competitors useless. On the other hand, he is also not overly bullish on Bitcoin’s price, claiming that predictions such as the one made by Tim Draper, which claims that BTC will hit $250,000 are making him even more bearish.

Still, he expects that the price of $50,000 per BTC by 2023 would be reasonable.