Is the bitcoin dominance chart even a good indicator for the overall strength of bitcoin? The reason I ask is because technically over the last couple weeks since people believed it was the return of "alt-season" bitcoins dominance has dropped but if you look at where this money has flowed to its into coins that have came from absolutely nowhere to rise into the top 150 on coin market cap amassing huge market caps!
Bitcoin Gold - 1.2 billion
Bitcoin Diamond - 800 million
WaykiChain - 400million
Just to name a few. CMcap is littered with these types of projects at the moment. So is the bitcoin dominance chart just an indicator as to how speculative the market is currently and not the strength of bitcoin? This is what im beginning to think.
The dominance chart of bitcoin menas the difference of market cap value of bitcoin with the total market value of crypto currencies but we cannot consider this as the strength of bitcoin.Because the dominance level of bitcoin might be reduced even without any fall in the bitcoin because there are lots of new tokens and coins are added into the CMC everyday so which is the reason for the decrease of dominance level. Bitcoin Gold - 1.2 billion
Bitcoin Diamond - 800 million
WaykiChain - 400million
Just to name a few. CMcap is littered with these types of projects at the moment. So is the bitcoin dominance chart just an indicator as to how speculative the market is currently and not the strength of bitcoin? This is what im beginning to think.