Bitcoin (BTC) dominance still has room for growth, according to an analysis. Samson Mow, a pro-Bitcoin investor and CEO of Jan3, pointed out on the 19th via X (formerly Twitter) that when converting altcoin prices to the same token supply basis as Bitcoin, Bitcoin's dominance is underestimated. He warned about the structural inefficiency of the entire market, stating that unit bias assigns distorted value to novice investors.
Unit bias is a psychological bias that makes investors misunderstand assets with lower prices as having higher potential returns, meaning that as Bitcoin is traded for tens of thousands of dollars, capital tends to flow into altcoins that appear relatively cheaper. Mow criticized, "Unit bias is completely mesmerizing investors who still do not fully understand the market."
Based on Bitcoin's total supply of 21 million, he presented how prices of other major coins would be calculated under the same supply assumption. According to this calculation, Ethereum (ETH) would be $9,200 (about 13.45 million won), XRP would be $5,800 (about 8.47 million won), and Solana (SOL) would be $3,400 (about 4.97 million won). This is approximately 278,746%, 470%, and 2,328% higher than their current market prices, respectively.
Mow emphasized that "altcoins have no reason to have this value. It is not reasonable" and suggested that Bitcoin's market dominance will increase further. In fact, Bitcoin's dominance has already exceeded the peak expected by the end of 2024, increasing the possibility of market restructuring.
The market is re-examining Bitcoin's stability and scarcity, with projections that BTC's superiority could be further strengthened alongside Trump's pro-cryptocurrency stance. Experts are watching for the possibility of short-term overvaluation of altcoins based on unit bias being adjusted.
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