Bitcoin Dominance rising again. What is happening?

Vishnu.Reang

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Quote from: freedomgo on January 04, 2021, 09:00:29 AM

That could be the start of the long correction, but who would know, right? Everyone was watching how bullish bitcoin is and now it dump below $30k, that must be something and that might have a significant effect to the next movement.

Yes... this is something that I am worried about. If the prices stabilize, then at least some of those who purchased their coins 2-3 months back would start booking their profits. We can't assume that everyone among the individual investors are in for the long term. But we need to worry about this scenario only if prices remain at the same level for 1-2 months.

KTChampions

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Quote from: freedomgo on January 04, 2021, 09:00:29 AM

Quote from: KTChampions on January 04, 2021, 08:27:39 AM

A 10% drop after such a huge growth is a small thing. It's another matter if it continues. I think the days after the holidays will be decisive when all the major players will return to the market - then we will see the effective price of bitcoin.

That could be the start of the long correction, but who would know, right? Everyone was watching how bullish bitcoin is and now it dump below $30k, that must be something and that might have a significant effect to the next movement.

As I said, it turned out to be an insignificant movement and it has long been played back. The holidays are over and soon we will see some kind of market equilibrium, very likely that it will be above 40K. How long it will last I do not know, but I am sure that there will be a correction too.

freedomgo

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Quote from: KTChampions on January 04, 2021, 08:27:39 AM

Quote from: ?? on ??

Such a massive correction going on right now in the cryptocurrency market. Bitcoin has plummeted from $34,000 to $30,000 in a few hours and its market dominance has fallen from 72% to 68%. I am still not sure about what caused this correction. Probably it is the short term investors indulging in profit booking (which was more or less expected by most of us).

A 10% drop after such a huge growth is a small thing. It's another matter if it continues. I think the days after the holidays will be decisive when all the major players will return to the market - then we will see the effective price of bitcoin.

That could be the start of the long correction, but who would know, right? Everyone was watching how bullish bitcoin is and now it dump below $30k, that must be something and that might have a significant effect to the next movement.

KTChampions

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Quote from: ?? on ??

Such a massive correction going on right now in the cryptocurrency market. Bitcoin has plummeted from $34,000 to $30,000 in a few hours and its market dominance has fallen from 72% to 68%. I am still not sure about what caused this correction. Probably it is the short term investors indulging in profit booking (which was more or less expected by most of us).

A 10% drop after such a huge growth is a small thing. It's another matter if it continues. I think the days after the holidays will be decisive when all the major players will return to the market - then we will see the effective price of bitcoin.

Karartma1

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Even though privacy coins fall into the altcoin subdomain, the whole concept of these coins is very important. Seeing the upcoming tightening in the crypto regulation realm, I truly hope that taproot and schnoor will be tackling this field hard enough for us to preserve a bit of privacy along the way to our financial freedom.

figmentofmyass

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on top of bitcoin smashing through $30k, this is adding more fuel to the fire---bittrex is de-listing privacy coins monero, zcash, and DASH. https://bittrex.zendesk.com/hc/en-us/articles/360054393492-Pending-Market-Removals-01-15-21

XMR dumped 20% on the news.

is this the death knell for privacy coins? it was one thing when a few japanese exchanges removed them. but bittrex? they're in the top 10-15 exchanges in the world, and i have to wonder if they'll be the last to make this move.

in an overregulated industry, the niche for privacy coins might be quite small. they are set to lose a lot of market share. i suppose bitcoin will swallow a good deal of it up.

fillippone

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Quote from: thecodebear on December 30, 2020, 05:01:09 PM

Yeah I think we're moving from the decade of "you can make money on any shitcoin it's all mooning", to "bitcoin and ethereum are globally accepted assets while altcoins are for speculative trading and a few might gain niche useful status".

There, I FTFY:

Quote

Yeah I think we're moving from the decade of "you can make money on any shitcoin it's all mooning", to "bitcoin ~~and ethereum are~~ is globally accepted assets while ~~altcoins~~ shitcoins are for ~~speculative trading~~ losing money ~~and a few might gain niche useful status"~~.

Why should we be interested in a "niche useful status"? One of the most important feature of an efficient Mean of Exchange is it sealability and adoption. I am not a fan of DentaCoin. If you are referring to "niche useful status" as Monero's ability to transact anonymously, well I think that Bitcoin, via future upgrade, for sure will be able to give it's user a bigger fungibility.

thecodebear

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Quote from: fillippone on December 30, 2020, 09:30:05 AM

At 70.1% according to https://coinmarketcap.com/ data, bitcoin dominance is at the highest value since Mar'2017.

This time alts aren't rallying together with Bitcoin.

Somewhat disappointing for many alt traders seeing their shitcoins not rising with the high tide. But eventually the XRP disaster lifted the veil on the fact that many useless tokens are, actually useless, bar the HFT purpose when not plain scam.

Yeah I think we're moving from the decade of "you can make money on any shitcoin it's all mooning", to "bitcoin and ethereum are globally accepted assets while altcoins are for speculative trading and a few might gain niche useful status".

fillippone

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At 70.1% according to https://coinmarketcap.com/ data, bitcoin dominance is at the highest value since Mar'2017.

This time alts aren't rallying together with Bitcoin.

Somewhat disappointing for many alt traders seeing their shitcoins not rising with the high tide. But eventually the XRP disaster lifted the veil on the fact that many useless tokens are, actually useless, bar the HFT purpose when not plain scam.

Branko

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Look at this graph, thats whats happening
(check blue line closely)

https://coinmarketcap.com/currencies/tether/

Zemomtum

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This might continue for long if not forever, this is not by any means a surprise since it is the genesis of the blockchain revolution.

kapalmabur

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only one thing that happens, Bitcoin is still in a super bullish,
we will not be able to see a decline in bitcoin dominance if Bitcoin is still not saturated,
even though dominance is back at support, it will definitely go back up again, it is not certain when the bullish switch to altcoin.

fillippone

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Quote from: El duderino_ on December 27, 2020, 07:23:49 AM

<...>

This!

I I think it was my third post here on bitcointalk:

Quote from: fillippone on June 26, 2018, 12:47:54 AM

preface:
I think ALL altcoins are basically worthless.
<...>
Bitcoin is a huge bet but while I don’ know if in 10 years bitcoin would be worth 1 million or zero (or course I have an idea), I am absolutely sure that in 10 years every present shitcoin (all of them, but bitcoin) will be worth ZERO.

After so many years I understood the single use case for every shitcoin: trading.
Apart from this, where everything that moves with high volatility would suffice, I still believe my above statements are hugely correct, and nobody has been capable to change my mind, yet.

El duderino_

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Quote from: fillippone on July 14, 2019, 02:54:33 AM

What are your toughs?

freedomgo

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Quote from: Febo on January 12, 2020, 12:19:15 PM

Quote from: Darooghe on January 11, 2020, 07:08:25 AM

Before 90% dominance there's every chance we're going to see more altcoin price crashes, until we have a clean house.

That is way to extreme. In a way as CMC currently measure will crypto dominance we never see Bitcoin at 90% again. Probably 75% is its limit. And after Bitcoin reach new ATH at $20000 it will start drastically decrease.

I also think so, currently, BTC dominance has already climbed to 70% as per CMC and altcoins are still lagging behind, if it will reach to 80%, I don't know how would altcoins will look like, the weak will not survive while the major altcoins will certainly struggle.

fillippone

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Bend the knees to the King bitcoin:

The futility of the shitcoin has been confirmed on this triple ATH.

Dominance is rising, and other coins are struggling to get lifted, if not properly sinking, like XRP.

Market dominance has been constantly for the last months, and now has just passed 70% for the first time in many months.

No point in diversifying in crypto. High correlation, higher volatility, lower returns.

dragonvslinux

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Quote from: exstasie on July 30, 2020, 06:44:41 PM

Quote from: fillippone on July 30, 2020, 05:28:42 PM

On https://bitcoindominance.com we see a new, improved computation of dominance based on the Real Bitcoin Dominance Index:

Quote

The Real Bitcoin Dominance Index calculates Bitcoin's market share among proof of work coins attempting to be money. It excludes all ICOs, stablecoins and other centralized projects.

BAsically, leaving only PoW coins and exluding ICO and Stablecoins (+Ethereum as an options) this index tries to compute only the true decentralised projects. The only one that matters in terms of cryptocurrencies.

Doesn't seem very useful to me. Removing everything but POW coins is just a way for Bitcoin maximalists to feed their biases. It doesn't tell me anything useful about the market in terms of trading and hedging.

The point of measuring dominance is to give a holistic view of global trends in the altcoin market, not to make political statements about decentralization.

Just seems a bit odd to me, and clearly doesn't include all POW coins (which would take forever to research) but instead less a dozen. See: https://www.crypto51.app/

It is almost interesting though, I felt (real) BTC dominance had a good chance of re-testing the 2016 lows around 80% before further downside, but this other chart now makes it look less likely. It shows these lows instead at 83% and dominance already re-testing these levels and facing harsh rejection. The only bullish view for this so-called dominance chart is removing ETH from that index which paints a completely different picture, and does make it took like the Top 11 POW altcoins will face more downside. If the point of that chart is to show that the (generally) older generation of altcoins get swept away by the newer generation, then I guess it's valid, but better ways to represent this imo.

I'd only really be curious to see where the bearish sloping 200 Week MA is on that chart, and whether price is above it also or getting knocked down by it.

exstasie

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Quote from: fillippone on July 30, 2020, 05:28:42 PM

On https://bitcoindominance.com we see a new, improved computation of dominance based on the Real Bitcoin Dominance Index:

Quote

The Real Bitcoin Dominance Index calculates Bitcoin's market share among proof of work coins attempting to be money. It excludes all ICOs, stablecoins and other centralized projects.

BAsically, leaving only PoW coins and exluding ICO and Stablecoins (+Ethereum as an options) this index tries to compute only the true decentralised projects. The only one that matters in terms of cryptocurrencies.

Doesn't seem very useful to me. Removing everything but POW coins is just a way for Bitcoin maximalists to feed their biases. It doesn't tell me anything useful about the market in terms of trading and hedging.

The point of measuring dominance is to give a holistic view of global trends in the altcoin market, not to make political statements about decentralization.

ultrloa

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Quote from: okala on July 26, 2020, 11:13:49 AM

I am not surprised seeing bitcoin dominating the market again and again. It is the best cryptocurrencies that we can see has lasted long term and having consistently progress. If you had of cryptocurrencies the number one thing that always comes to your mind is bitcoin.

Actually this series has been repeatedly happening in the market scene so provably people those see this as new thing in the market except for those new people coming here, so for this we can really trust bitcoin simce whenever downfall came a golden opportunity will came for us to recover its just we need patience and long hold for this to gain profit and success.

fillippone

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Jameson Lopp has something to say about dominance:

Quote

A fresh new take on Bitcoin Dominance that makes it a slightly less stupid metric. https://bitcoindominance.com

https://twitter.com/lopp/status/1288812356190048262?s=20

On https://bitcoindominance.com we see a new, improved computation of dominance based on the Real Bitcoin Dominance Index:

Quote

The Real Bitcoin Dominance Index calculates Bitcoin's market share among proof of work coins attempting to be money. It excludes all ICOs, stablecoins and other centralized projects.

Quote

What Makes this Dominance Index Different than CoinMarketCap?
The Real Bitcoin Dominance Index only includes coins using proof-of-work that are attempting to be money.

It does not include ICOs or stablecoins.

BAsically, leaving only PoW coins and exluding ICO and Stablecoins (+Ethereum as an options) this index tries to compute only the true decentralised projects. The only one that matters in terms of cryptocurrencies.

Topic: Bitcoin Dominance rising again. What is happening? (Read 2122 times)