Analysis of Bitcoin and other Altcoins - page 2.

Dave1

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Quote from: mr_ROBOTT on April 10, 2021, 03:24:06 AM

This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.
Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today
What do you think these numbers mean?

It's weekends anyways, maybe this is the reason why the trading volume is small as compare to normal days. In any case, dominance that is above 50% is for me still very high.

Quote from: mr_ROBOTT on April 10, 2021, 03:24:06 AM

Do not sell any currency you have under any circumstances because you will regret it badly.
Well, this decrease in bitcoin dominance and trading volume means that many people are selling their bitcoins and 90% of them are professional. And they are waiting for Bitcoin to fall to the range of $ 55,000, eventually $ 53,600, to the other currencies below, and then they will brutally attack other currencies to buy. and it can really be said that they sweep the floor of the market.

Hmm, that's a high numbers though, maybe 90% are smart investors, but the rest are retail but it doesn't mean they are not making any money. If you go short in this bull run, you will get rekt.

Theb

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Market dominance is something that I don't really dwell a lot since it is one of those metrics that doesn't really show where the asset is heading. Right now if we are speaking about Bitcoin's market dominance you will see that even if you combine the top 2-10 cryptocurrencies in terms of market cap Bitcoin is still far ahead of them. For me market dominance is just a number and we need to accept the fact that Bitcoin won't be hogging all the market cap in the near future as soon as more and more traders become adventurous with other cryptocurrencies and begin to dwell with other opportunities in the crypto market, just think about it like the stock market where a lot of people really don't focus on the top gainers/volume stocks anymore but focus on the small and medium enterprises which has a lot of room for growth.

crzy

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I don’t know where did you base your analysis but I don’t think those are the reason for the possible correction and for the record, there’s no abnormality on the price trend of Bitcoin.

We already reached the possible peak so the next trend is bear, expect a heavy sell load when that trend begin, for now look for good altcoins to hold, they are still on a big bull trend.

adaseb

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Generally before bitcoin hits a top, the dominance usually goes down. The way it works is as follows. Money goes into BTC, then flows into altcoins and then flows back in fiat or tether.

Its concerning to see legacy altcoins like XRP and LTC pumping. When these coins pump it usually indicates a top already occured for bitcoin and we might enter a bear market. Look what happened in 2017 with XRP and LTC. They pumped like crazy and we topped out shortly after. I think if LTC goes to like $1000 and XRP to like $5-10. Then $61K most definately was the top and it might be time to start taking profits.

yhiaali3

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This is the nature of the market cycle, the dominance of Bitcoin will decrease in favor of some other Altcoin, but it will return after a while, this cycle I think will reach its end after a few months as Bitcoin will reach its highest peak and then it will start to correct by about 40-50%, then comes the role of Altcoin To start with a big correction, speculators have to be careful during this period.

Hippocrypto

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Quote from: mr_ROBOTT on April 10, 2021, 03:24:06 AM

This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.
Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today
What do you think these numbers mean?
Do not sell any currency you have under any circumstances because you will regret it badly.
Well, this decrease in bitcoin dominance and trading volume means that many people are selling their bitcoins and 90% of them are professional. And they are waiting for Bitcoin to fall to the range of $ 55,000, eventually $ 53,600, to the other currencies below, and then they will brutally attack other currencies to buy. and it can really be said that they sweep the floor of the market.

This is really interesting for the coming days, and I am looking forward to see another bloody market despite of the massive pumps. Most probably altcoins will have another momentous time, when bitcoin decreases it's dominance but we need to be careful on our every decisions because if you're going to panic everything will be gone in an instant.

livingfree

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Quote from: mr_ROBOTT on April 10, 2021, 03:24:06 AM

90% of them are professional.

How did you know that many of them are professional? do you have a statistics for this? I know that many professionals are into bitcoin but how did you come up with that percentage?

Well, don't worry about bitcoin's dominance. If that's your only parameter to know how much bitcoin will be in the next days then you should use it as your strategy. And what's the problem if bitcoin will go back to those prices knowing that it's very volatile, a tendency might really come that it can go back with those prices.

icopress

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Quote from: mr_ROBOTT on April 10, 2021, 03:24:06 AM

Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today / What do you think these numbers mean?

Let's start with the fact that the lion's share of the daily trading volume on most exchanges is fiction, the real volumes are an order of magnitude less. I don’t remember exactly when CoinMarketCap announced that it would improve the algorithm for recognizing inflated trading volumes, but this is a step in the right direction, (if you're interested, in 2019 the SEC released a report on this topic ..). As for the numbers, if we do not take into account the artificially high volumes, a gradual decrease in volumes is usually a precursor to a change in trend. Which is not really surprising ... just look at the capitalization of top altcoins ... Undecided

Fortify

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Your post seems like it is full of contradiction and selectively chosen information. What do you mean it's used to "cash in on oil, weapons and drugs" because it is such a meaningless sentence, anything can be used to trade for those items and the USD has been the currency of choice - do you think we should somehow ban that because criminals use it too? Your guess at a return to 55,000 might be right because it is a heavily volatile currency, it could just as easily head up to 65,000 instead - it is a pointless prediction that has little basis. Market dominance can also be measured in all sorts of ways, but it is clear that out of the thousands of cryptocurrencies out there that Bitcoin has the most penetration in the minds of the general public and that is arguably the most important metric which is somewhat incalculable. It is like people associating search engine with Google or online shopping with Amazon, they are market leaders and the numbers you cite can be polled in all sorts of different ways. I would love to see the Bitcoin price drop, if only to buy more of this asset that has a relatively limited amount in circulation.

mr_ROBOTT

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This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.
Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today
What do you think these numbers mean?
Do not sell any currency you have under any circumstances because you will regret it badly.
Well, this decrease in bitcoin dominance and trading volume means that many people are selling their bitcoins and 90% of them are professional. And they are waiting for Bitcoin to fall to the range of $ 55,000, eventually $ 53,600, to the other currencies below, and then they will brutally attack other currencies to buy. and it can really be said that they sweep the floor of the market.

Topic: Analysis of Bitcoin and other Altcoins - page 2. (Read 313 times)