Topic: Bitcoin Dominance rising again. What is happening? - page 3. (Read 2038 times)
If bitcoin returns to dominate the cryptocurrency market, that's good too! That is a sign for the rise of other cryptocurrencies. What happens when there is more money spent on infrastructure and companies holding the basic value of blockchain in general? Bitcoin is considered a valuable asset, as are other cryptocurrencies like Ethereum. They will also be trusted and better understood by the people.
Honestly this is the only metric I'm watching for figuring out when it's time to buy altcoins. Before 90% dominance there's every chance we're going to see more altcoin price crashes, until we have a clean house. Everyone is realizing their altcoins are dying so they are trading their altcoins for Tether and then buying bitcoin with the Tether. Hence, Bitcoin dominance leads to altcoin rally because after bitcoin dominance reaches to 90% and people make enough profit in bitcoin they spread their money into other assets and then alt season begins.
But it will take for Bitcoin two to four year to reach that dominance, I'd like that percentage it balances on the top coins in the market, 605 Bitcoin dominance means we still can make a profit from many altcoins, not just any altcoins but altcoins that has potential like litecoin who is performing pretty good right now.
Honestly this is the only metric I'm watching for figuring out when it's time to buy altcoins. Before 90% dominance there's every chance we're going to see more altcoin price crashes, until we have a clean house. Everyone is realizing their altcoins are dying so they are trading their altcoins for Tether and then buying bitcoin with the Tether. Hence, Bitcoin dominance leads to altcoin rally because after bitcoin dominance reaches to 90% and people make enough profit in bitcoin they spread their money into other assets and then alt season begins.
It is a fair point, but I think the issue on the topic is that fake volumes in alts are, according to the author, way higher than those on bitcoin (which, by the way, we understood how to isolate), this is why dominance should be higher (even if reading the article current dominance was set at 50%... so way lower).
Fillippone you have a point here, Bitcoin dominance should be higher. Nobody should be surprised with that fact, Bitcoin is the dominant
crypto-asset! And I believe that many alt-coins have a fake volume.
For me rising Bitcoin dominance can be a sign for the next bull run! It's imminent, bull run I mean, and this can be a good sign that
we are on the good direction.
It could be the reason of halving or other global news that could be affecting bitcoin and this is good news for investor since we can take advantage of the price rise. This is the reason on why we need to accumulate bitcoin since it is much profitable for long term.
And we always to check the market's value if its going down or up and majority is affected like the altcoins. The value of bitcoin may rise up high a $9k or $10k it will just depend.
And we always to check the market's value if its going down or up and majority is affected like the altcoins. The value of bitcoin may rise up high a $9k or $10k it will just depend.
It is a fair point, but I think the issue on the topic is that fake volumes in alts are, according to the author, way higher than those on bitcoin (which, by the way, we understood how to isolate), this is why dominance should be higher (even if reading the article current dominance was set at 50%... so way lower).
Another report detailing how Bitcoin Dominacne Should be even greater than that 68.4% we now observe on CoinMarketCap
99% of Ethereum, Litecoin, EOS Volume is Likely Fake: Report
99% of Ethereum, Litecoin, EOS Volume is Likely Fake: Report
Quote
Researcher Koji Higashi late last week blasted off exchanges for faking 99 percent of their Ethereum, Litecoin, and EOS trade volumes. The Japan-based cryptocurrency analyst noted that the degree of fake volume in the altcoins appeared more severe than the one in bitcoin.
I can believe that, but isn't Bitcoin dominance just a function of price/market cap? Why would fake volume matter?
Higashi is basically asserting that fake altcoin volume fools traders into propping those markets up. However, I don't see evidence of that. His claim also implies BTC's value should be lower, since it's also plagued by so much fake volume.
Another report detailing how Bitcoin Dominacne Should be even greater than that 68.4% we now observe on CoinMarketCap
99% of Ethereum, Litecoin, EOS Volume is Likely Fake: Report
99% of Ethereum, Litecoin, EOS Volume is Likely Fake: Report
Quote
Researcher Koji Higashi late last week blasted off exchanges for faking 99 percent of their Ethereum, Litecoin, and EOS trade volumes. The Japan-based cryptocurrency analyst noted that the degree of fake volume in the altcoins appeared more severe than the one in bitcoin.
Quote
Many often-quoted data sources such as CoinMarketCap and Coinhills are inaccurate and/or outdated
Filtering fake volume, the Bitcoin’s market dominance becomes even more obvious. Bitcoin’s true spot volume market share is estimated 70% vs nominal(reported) market share of 50%
China still dominates Bitcoin spot trading via USDT with almost 50% of market share. USD is second place around 20–25% while JPY and KRW hover around 10–15%
Filtering fake volume, the Bitcoin’s market dominance becomes even more obvious. Bitcoin’s true spot volume market share is estimated 70% vs nominal(reported) market share of 50%
China still dominates Bitcoin spot trading via USDT with almost 50% of market share. USD is second place around 20–25% while JPY and KRW hover around 10–15%
Dominance is now just below 70%, at the moment is 68.8%:
BTC retracted a little bit during last month, so Shitcoins bloodbath was inevitable.
BTC retracted a little bit during last month, so Shitcoins bloodbath was inevitable.
There needs to be some sort of balance between bulls and bears, there needs to be balance between short and long as well. Short could be bear or bull, it could go down or up, we don't know what will bitcoin do in the short term, it is always volatile. However in the long term can you tell me bitcoin doesn't look bullish? I mean we are talking about bitcoin here, who could really say bitcoin will be less than what it is right now in 10 years? Everyone thinks it will be higher in the long term.
So, it all depends on why you want to buy bitcoin, if it is to get rich quick than you need a short term huge bull and that is very risk and very low chance, if you want to just invest for long term then it is great. I am a permabull in the long term but I know reality is not like that in short term, we have to accept that.
So, it all depends on why you want to buy bitcoin, if it is to get rich quick than you need a short term huge bull and that is very risk and very low chance, if you want to just invest for long term then it is great. I am a permabull in the long term but I know reality is not like that in short term, we have to accept that.
Apparently Plan B wasn't right (he cannot always be, and I prefer him being right on Stock to Flow model!)
Dominance is taking a breath:
ETH is going up, I don't know why.
The dominance of bitcoin keeps falling gradually. By the time ethereum dominance slowly rising. This is a relief for most of the altcoin holders, because most of the altcoins gets impacted by the growth happening with ethereum. I believe there is more chances for price of ethereum cross $200 shortly, further there seems to happen some large scale growth.Dominance is taking a breath:
ETH is going up, I don't know why.
If this rise can converted to rally then we can surely see $20K by the end of year, no wonders!
Not likely. It's so funny how people always behave the same---we have gone through a major correction in the last months, but every minor increase (such as today) makes people regain their confidence in the market.If it was any other investment, I wouldn't have predicted it to go 250% by just seeing 6% increase. But this is Bitcoin and most of the Bitcoin investors are immature traders. They are very easy to manipulate. This is one of the most prominent reason why prices of Bitcoin fluctuate so much. Don't expect that Bitcoin will follow the trade cycle of Rise-Peak-Fall-Bottom, it mostly move randomly. So even if we seen correction for most of the times in August-Sept, just 2-3 more increase of 6-10% and Bitcoin market will easily turn to bullish one!
Yesterday people were overly bearish, today people are overly bullish. Make sure to keep an eye on the moving averages to see where we close today. No bullish close means that it isn't likely going to be followed up by more increases
This is called overreaction, isn't it?
Don't pay attention to perma bulls who always rehash the same bull crap narrative---people need to be made aware of the different phases in a market, and that it doesn't always look rosy in the short to mid term
The same is equally true with respect to permabears
Who are eager to reshuffle their old stories about Bitcoin going down to zero soon. And so what? Even if so, enjoy the ride while it lasts (taxi drivers' motto). We are heading to the next Bitcoin halving, and if anything, this is a strong fundamental (unless it is going to fall flat on its face like it happened with Litecoin's halving last time), no matter what moving averages are telling us right now. Fundamentals rule the world and conquer the markets
On a side note, we just all need to remember how bad dominance is as an indicator of Bitcoin supremacy over other cryptos.
Not only the infamous BitWise Report already shed some light on the volume rigging procedures from many exchanges, but also now other indexes are proposed.
o
One of the latter is this, very simple conceptually from Kyle Torpey:
Forget the Bitcoin Dominance Index and Track This Instead
Just some food for thoughts.
Not only the infamous BitWise Report already shed some light on the volume rigging procedures from many exchanges, but also now other indexes are proposed.
o
One of the latter is this, very simple conceptually from Kyle Torpey:
Forget the Bitcoin Dominance Index and Track This Instead
Quote
With all of this in mind, it may be wise to ignore the BDI completely and replace it with something more practical, such as a comparison of the Bitcoin and gold markets. Bitcoin's utility as an apolitical, uncontrolled form of digital money is still the main, proven use case of this technology, which is why it was given the "digital gold" nickname.
Quote
The combination of Bitcoin's digital gold properties with the size of the entire store of value market is behind some of the most bullish Bitcoin price predictions for the next five to ten years, such as the $100,000 price predicted by Morgan Creek Digital Partner Anthony Pompliano for the end of 2021. But of course, for Bitcoin to hit those numbers, it needs to increase the kind of Bitcoin dominance that really matters: Bitcoin vs. gold, not Bitcoin vs. altcoins. Bitcoin has already started to chip away at gold’s role as a global, apolitical store of value, and that trend is likely to continue over the next five to ten years as all aspects of society become increasingly digitized.
Just some food for thoughts.
Apparently Plan B wasn't right (he cannot always be, and I prefer him being right on Stock to Flow model!)
Dominance is taking a breath:
ETH is going up, I don't know why.
The dominance of bitcoin keeps falling gradually. By the time ethereum dominance slowly rising. This is a relief for most of the altcoin holders, because most of the altcoins gets impacted by the growth happening with ethereum. I believe there is more chances for price of ethereum cross $200 shortly, further there seems to happen some large scale growth. Dominance is taking a breath:
ETH is going up, I don't know why.
If this rise can converted to rally then we can surely see $20K by the end of year, no wonders!
Not likely. It's so funny how people always behave the same---we have gone through a major correction in the last months, but every minor increase (such as today) makes people regain their confidence in the market.Yesterday people were overly bearish, today people are overly bullish. Make sure to keep an eye on the moving averages to see where we close today. No bullish close means that it isn't likely going to be followed up by more increases.
Don't pay attention to perma bulls who always rehash the same bull crap narrative---people need to be made aware of the different phases in a market, and that it doesn't always look rosy in the short to mid term.
After 2018 decline where many altcoins died, people started shifting towards Bitcoin because it is comparatively safe and more trusted. Also, in 2019 itself, when the price went up by almost 50% in April, the increase in dominance became more sharp and parabolic. Now, when the BTC price dropped by almost 30%, the volume started shifting towards altcoins. But since bitcoin pumped again, I doubt there will be any significant change in dominance.
People have high hopes about bitcoin. we in the fourth quarter of this year 2019 and people are expecting this year to be like 2017 where bitcoin price skyrocketed from roughly $5,000 to almost $20,000 within a very small period of time. People are investing more in bitcoin that why the price is going upwards.
You maybe right. Bitcoin has already started showing signs similar to 2017. It first went to $13K from $6K and then corrected to $8K. Once it found bottom at around $8K, it once again started rising. It gained 4.5% in last 3 hours and already above $8.5K. If this rise can converted to rally then we can surely see $20K by the end of year, no wonders!
People have high hopes about bitcoin. we in the fourth quarter of this year 2019 and people are expecting this year to be like 2017 where bitcoin price skyrocketed from roughly $5,000 to almost $20,000 within a very small period of time. People are investing more in bitcoin that why the price is going upwards.
Apparently Plan B wasn't right (he cannot always be, and I prefer him being right on Stock to Flow model!)
Dominance is taking a breath:
ETH is going up, I don't know why.
Dominance is taking a breath:
ETH is going up, I don't know why.
This was pretty awesome, and for so long time eth showed an unexpected movement, as well as demand was merely involved. However we really need a lot of serious ways to have the best chance that could help eliminate ethereum resistance that tend to make the price suppressed towards cheaper value. Bitcoin could be our trigger starter this time, don't be surprised if eth also had been performing amazingly.
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