- https://academy.binance.com/en/glossary/bitcoin-dominance
Most of trader using as indicator before trade on altcoin. and i never know people using btc dominance for mining
Topic: BTC Dominance & Trading/Mining (Read 263 times)
as far that I know bitcoin dominance is " the Bitcoin dominance is described as the ratio between the market cap of Bitcoin to the rest of the cryptocurrency markets." "Bitcoin dominance is often affected by the so-called “alt seasons”, in which altcoins gain market share relative to Bitcoin, thus reducing Bitcoin’s dominance. Note, however, that Bitcoin dominance is not always directly affected by bull or bear markets because it is a ratio, not an absolute term."
- https://academy.binance.com/en/glossary/bitcoin-dominance
Most of trader using as indicator before trade on altcoin. and i never know people using btc dominance for mining
- https://academy.binance.com/en/glossary/bitcoin-dominance
Most of trader using as indicator before trade on altcoin. and i never know people using btc dominance for mining
Bitcoin dominance is part of the technical analysis according to Google it is a BTC market cap/ total crypto market cap x 100 it's a percentage value that measures how dominant BTC is compared to the total market.
So it is a metric that calculates Bitcoin's current share of the global crypto market cap.
TradingView has this metric/Chart that you can find here https://www.tradingview.com/symbols/BTC.D/
I don't think you can use it for mining But I think you can use the concept of Bitcoin dominance to Bitcoin mining(Bitcoin difficulty, Total hash rate, BTC value, or value of ASIC units).
So it is a metric that calculates Bitcoin's current share of the global crypto market cap.
TradingView has this metric/Chart that you can find here https://www.tradingview.com/symbols/BTC.D/
I don't think you can use it for mining But I think you can use the concept of Bitcoin dominance to Bitcoin mining(Bitcoin difficulty, Total hash rate, BTC value, or value of ASIC units).
Hello everyone! I've seen people use Bitcoin Dominance to plan their trades. I'm not sure I understand BTC Dominance and was wondering if this is correct. If so, can it also be used for Bitcoin mining? If yes, how so?
There are ot of things that to be considered and these are just listed blow. 1) Hash Rate of Your equipment
First thing is that how much your mining rigs or Graphics Cards are installed. And this more your mining machines, more you have hash rate and more earnings. And thus this is very important thing to be considered.
2) How Much Investment?
2nd thing is just how much you have invested and in hoe Much time you will be able to get back As ROI( Rate of Investment). And thus investment is a key to success and in which part you have invested.
3) What Is BTC price and In which price you want to Sell
And that is also more important cause if you are generating 1 Bitcoin per quarter than you would have to sure that at how Much price you want to sell and also if you want to see at regular basis and all depends upon you.
It doesn't make sense to use expired metrics, Bitcoin dominance isn't the future. OP must use modern methodology for realistic outputs.
So it's a complete mess, to be honest, if you want to use it, you would need to find a way to exclude every stablecoin, and then it will be as helpful as it was 4 years ago.
However, when it comes to mining, assuming you managed to catch the market bottom, it was would be a terrible idea to buy a mining gear, it's a lot better to invest in BTC, mining is best when the markets are not doing anything, it's the only team when mining easily beats buying BTC.
However, when it comes to mining, assuming you managed to catch the market bottom, it was would be a terrible idea to buy a mining gear, it's a lot better to invest in BTC, mining is best when the markets are not doing anything, it's the only team when mining easily beats buying BTC.
Hello everyone! I've seen people use Bitcoin Dominance to plan their trades. I'm not sure I understand BTC Dominance and was wondering if this is correct. If so, can it also be used for Bitcoin mining? If yes, how so?
Bitcoin dominance "was" a thing in previous cycles, it simply tracks people's willingness to ride/leave risky trains, when the dominance goes down it means that people are leaning more towards altcoins and the opposite is true, however, now things have changed because of the stable-coins, USDT and USDC alone make roughly 30% of BTC market cap, so looking at BTC dominance chart now will give you the indication that people are still heavily invested in altcoin which is true if you consider those stable coins to be altcoins, but then it takes away from the fact that people are actually running away from altcoins (the non-stable ones).
So it's a complete mess, to be honest, if you want to use it, you would need to find a way to exclude every stablecoin, and then it will be as helpful as it was 4 years ago.
However, when it comes to mining, assuming you managed to catch the market bottom, it was would be a terrible idea to buy a mining gear, it's a lot better to invest in BTC, mining is best when the markets are not doing anything, it's the only team when mining easily beats buying BTC.
BTC Dominance can't be the best metric. If you're planning trades you're better off looking at ways Bitcoin_Arena suggested.
You would rather use metrics like the network hashrate, Spike or decline in average network transaction fees, and even just Bitcoin market season (Bull run = high mining profitability, the best time to sell. Bear market = low mining profitability, the worst time to sell). BTC dominance is a tricky one. It's mostly used to signal altcoin season and maybe the beginning of a bear market.
Hello everyone! I've seen people use Bitcoin Dominance to plan their trades. I'm not sure I understand BTC Dominance and was wondering if this is correct. If so, can it also be used for Bitcoin mining? If yes, how so?
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