Current scenario of Bitcoin Dominance

dragonvslinux

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Quote from: pooya87 on July 26, 2020, 10:07:21 PM

Quote from: Lasky366 on July 26, 2020, 03:08:04 AM

big marketcap coin like ETH Already pumping hard.It's already crossed $300+ level.

no that is not a pump, in fact in most cases that is a moderately big dump even if it doesn't look like it.
what happens is that whenever bitcoin price goes up, all these shitcoins like ETH have to do is to remain close to their previous value against bitcoin so that it looks like they are pumping.
for example if a shitcoin is worth 0.1BTC and bitcoin is worth $100 that shitcoin is $10 and when bitcoin goes up to $120 and that shitcoin dumps down 10% to 0.09BTC it shows a gain since it would be worth $10.8 but in reality it did dump.
in this scenario a pump would have been if it gained more than 20% to stay with bitcoin rise not lose -10%.

I'm confused at what you're saying here, quick maths says that last week:
BTC +7.9% and ETH +30.3%. So ETH up 20+% against BTC. Coin go up.

So Ethereum did gain more than 20% than Bitcoin last week, not lose -10%?

Quote from: pooya87 on July 26, 2020, 11:49:42 PM

when a project promises a lot of things that delivers the exact opposite, that project is garbage.

I'm not so convinced, I still think Lightning Network is pretty good to be honest, even if there's still a lot of hot air surrounding it.
Even if there's already a dozen shitcoin defi protocols with more liquidity, I like to look at the longer-term picture personally.

pooya87

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Quote from: Lasky366 on July 26, 2020, 11:10:43 PM

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Well I can agree with it's not a pump logically you wanna say it's dump that's fine but how the hell you can say ETH is a shitcoin?Did you meant indirectly all ETH based tokens are shitcoin?Because we know Children are always like their mother.

when a project promises a lot of things that delivers the exact opposite, that project is garbage. ETH promised decentralization, immutability, fast transactions, security, ASIC-resistance, cheapness, utility, and a lot more and failed on all of them. it also has one of the biggest premines and has been only getting pump and dumps for its entire existence.
that is the definition of a shitcoin.

Lasky366

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Quote from: pooya87 on July 26, 2020, 10:07:21 PM

Quote from: Lasky366 on July 26, 2020, 03:08:04 AM

big marketcap coin like ETH Already pumping hard.It's already crossed $300+ level.

no that is not a pump, in fact in most cases that is a moderately big dump even if it doesn't look like it.
what happens is that whenever bitcoin price goes up, all these shitcoins like ETH have to do is to remain close to their previous value against bitcoin so that it looks like they are pumping.
for example if a shitcoin is worth 0.1BTC and bitcoin is worth $100 that shitcoin is $10 and when bitcoin goes up to $120 and that shitcoin dumps down 10% to 0.09BTC it shows a gain since it would be worth $10.8 but in reality it did dump.
in this scenario a pump would have been if it gained more than 20% to stay with bitcoin rise not lose -10%.

Well I can agree with it's not a pump logically you wanna say it's dump that's fine but how the hell you can say ETH is a shitcoin?Did you meant indirectly all ETH based tokens are shitcoin?Because we know Children are always like their mother.

pooya87

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Quote from: Lasky366 on July 26, 2020, 03:08:04 AM

big marketcap coin like ETH Already pumping hard.It's already crossed $300+ level.

no that is not a pump, in fact in most cases that is a moderately big dump even if it doesn't look like it.
what happens is that whenever bitcoin price goes up, all these shitcoins like ETH have to do is to remain close to their previous value against bitcoin so that it looks like they are pumping.
for example if a shitcoin is worth 0.1BTC and bitcoin is worth $100 that shitcoin is $10 and when bitcoin goes up to $120 and that shitcoin dumps down 10% to 0.09BTC it shows a gain since it would be worth $10.8 but in reality it did dump.
in this scenario a pump would have been if it gained more than 20% to stay with bitcoin rise not lose -10%.

bbc.reporter

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Quote from: dragonvslinux on July 24, 2020, 07:07:39 AM

Quote from: davis196 on July 24, 2020, 06:47:27 AM

Who the hell still cares about the Bitcoin market cap ratio(or so called "bitcoin domination")?

One word: Speculators.

I disagree. Speculators only care about pumps and bitcoin's price in fiat and how much they can make in fiat.

Also, it appears that our friends from Bitfinex has signalled their readiness to begin the bull market hehehe. Be ready for the big short, however.

In March 2020 we hit a big milestone as our market capitalization hit $5 billion. Now only four months later we’ve surpassed a $10 billion market capitalization

Another huge accomplishment for 2020, solidifying $USDt place as one of the most liquid, stable & trusted currency!

Source https://twitter.com/tether_to/status/1285849977290457089

Harlot

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If you notice for the past couple of months you will see that even if Bitcoin's dominance in the market is increasing relatively in the charts you will still see most of the top cap cryptocurrencies also going up relatively on where Bitcoin is moving. So really the ones who are affected by Bitcoin slowly taking up the market share in the crypto market are altcoins who have relatively low market cap and I think this was inevitable to happen when Bitcoin was the first one to recover in the crypto market after the FUD that happened in March because of the pandemic, these just made it a lot easier for hodlers to liquidate their portfolio from having alts to top cryptocurrencies like Bitcoin as it is a fast mover in the market.

bitgolden

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Well, it all depends on the price of bitcoin versus altcoins as well. Look at the price when this post was created and look at the price right now, and look at the dominance, we can calculate something out of that.

For example, when this post was created the dominance was higher, price was lower (bitcoin price) and right now bitcoin price is higher but the dominance is lower. How did bitcoin price went up but the dominance went down? One possibility only; altcoin prices went up even higher than the bitcoin price increase, that is what made the dominance of bitcoin go up.

Now, what does that tell us about the new money coming in? It means there is some money coming into bitcoin, but even more money leaving bitcoin to altcoins to increase their prices at the same time as well.

Spaffin

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According to popular cryptocurrency analyst Benjamin Blunts, Bitcoin's dominance may decline significantly by the end of 2020 In 60%, because it is the altcoin that will perform better. But nevertheless, a long-term analysis showed that by the end of 2021 or until the beginning of 2022, Bitcoin dominance weather will increase to 86%. Therefore, it is quite possible that in the middle of 2021 the real consequences of the 2020 halving will appear.

lepbagong

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Quote from: Zackgeno96 on July 24, 2020, 03:49:04 AM

Quote from: GreatArkansas on July 24, 2020, 03:04:14 AM

If we break out below 60% much early, then it is very a huge effect for altcoins, a mini alt season? hmmm.
Your chart is really good especially spotting that major support around the 62% (A and C).
I am expecting a huge move of altcoins here once we break below, especially those altcoins that around top 50+ market cap.

All this dominance will go to Ethereum as the 2.0 upgrade is going to be released soon and so people are trying to capitalize on it. But another alt season without bitcoin being pumped is a little bit difficult to happen and surely if the update isn't rolled out soon then the lost dominance of bitcoin will again be added back to it and we can see a pump in the bitcoin price soon enough. It will be beneficial for the whole community if the bitcoin price increases and then there will be alt season next, rather than an altcoin season without a pump in bitcoin price(which will be harder to achieve).

the dominance of bitcoin still plays an important role in the improvement and movement of all altcoins no exception to ethereum. I agree with those who say that with the absence of a pump against bitcoin, altcoin is also certain it cannot move freely. all of them are still completely affected by the movement of bitcoin, it is inevitable if you see ethereum can increase precisely because of the fairly good bitcoin movement. all altcoins will also experience the same thing as ethereum because the results of the movement towards the positive of bitcoin, it will continue to move until next year.

AjithBtc

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Quote from: btc_angela on July 25, 2020, 09:09:15 PM

Quote from: GreatArkansas on July 24, 2020, 03:04:14 AM

If we break out below 60% much early, then it is very a huge effect for altcoins, a mini alt season? hmmm.
Your chart is really good especially spotting that major support around the 62% (A and C).
I am expecting a huge move of altcoins here once we break below, especially those altcoins that around top 50+ market cap.

ETH already break it's very big psychological barrier which is $300, so this could be the start of a alt coin season. And we should go back to where we at during 2017's ATH. Bitcoin's dominance is around 40-50% and the rest is all alt coin market. So if the dominance is reduced, we may, at least see some of the top alt coin moving again.

During the year of bitcoin reaching its ath, the dominance level of altcoins kept growing. This is all because of the hype that the ICO's bring into the market. Slowly the dominance level of ethereum kept falling and following is the rest of the altcoins. Once again this year the bitcoin dominance is growing slowly, also a strong $300 for ethereum adds more and more power to altcoins.

Lasky366

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Well,During last update I was saying that now there are more chance to break Dominance level 63.It's brokendown the daily & wick touched 59.6.But weekly still not broken yet.If tomorrow it stay lower than 63 zone then it will break the weekly as well.Then big money will enter from Bitcoin to $ALT coins if Big market cap coin stay remain stable.Already you guys know that big marketcap coin like ETH Already pumping hard.It's already crossed $300+ level.If BTC dominance keep dropping like this then we will see even more pump on $ALT coins.

pooya87

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altcoin pumps don't happen based on bitcoin "dominance" because nobody cares at all about this factor which is in reality a simple market cap ratio of one coin versus 2500+ shitcoins.
instead the pump and dump of shitcoins only happen for 2 main reasons.
1. whenever bitcoin price is stable and the bitcoin day traders can't make that much profit and prefer migrating to shitcoins where they can easily pump them and take the money out of the hands of a bunch of newbies before coming back to bitcoin again.
2. whenever there is a shitcoin hype going on for whatever reason and they can fool more newbies into buying that shitcoin before unloading on their heads.

btc_angela

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Quote from: GreatArkansas on July 24, 2020, 03:04:14 AM

If we break out below 60% much early, then it is very a huge effect for altcoins, a mini alt season? hmmm.
Your chart is really good especially spotting that major support around the 62% (A and C).
I am expecting a huge move of altcoins here once we break below, especially those altcoins that around top 50+ market cap.

ETH already break it's very big psychological barrier which is $300, so this could be the start of a alt coin season. And we should go back to where we at during 2017's ATH. Bitcoin's dominance is around 40-50% and the rest is all alt coin market. So if the dominance is reduced, we may, at least see some of the top alt coin moving again.

uneng

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Altcoins bull season currently depends on defi - dapps projects trend. That is the only way I see bitcoin dominance can decrease on short run.
But it's still a mistery if these decentralized applications came to stay, if so, they really need to offer security and practical advantages compared to other altcoins. Is that the case already or just a new hype after icos' melancholic end?

el kaka22

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Okay what now? Drop to 14%? Did you mean 54% or something? Because I do not see bitcoin dominance going to 14% anywhere in that chart plus it is also logically impossible at this point as well. We are talking about 14% here, not 64%, not 54%, not even 44% but 14%, please tell me that was a typo.

I feel like the most probably scenario would be the dominance staying still while price goes up all together. Bitcoin and altcoins all together goes up, dominance stays same because of it, since bitcoin went up but altcoins went up as well there is really no way that dominance would move too much, if one goes up while other down that would mean dominance would change but I do not see it happening anytime soon. But that is just me, I don't know if that will happen or not, I just assume.

dragonvslinux

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Quote from: davis196 on July 24, 2020, 06:47:27 AM

Who the hell still cares about the Bitcoin market cap ratio(or so called "bitcoin domination")?

One word: Speculators.

Quote from: davis196 on July 24, 2020, 06:47:27 AM

The only thing crypto market cap is good for,is to give a hint about the appetite of risk that the crypto traders currently have.

Also known as speculation. Hence it's relevant, it has in the past indicated whether another Bitcoin bubble is coming or in motion.

Quote from: davis196 on July 24, 2020, 06:47:27 AM

If the Bitcoin domination ratio grows,that means that most of the traders are selling altcoins and buying BTC,which is considered more stable than the altcoins.

Not considered more stable, more like statistically and historically proven to hold it's value much better in the long-term.

Quote from: davis196 on July 24, 2020, 06:47:27 AM

If the domination ratio goes down,the traders "are buying more risk",which means they are buying more altcoins and expecting bigger profits and bullish rallies.

I think you answered you own question as to "who still cares", it's people who are looking to identify bullish rallies on the horizon Wink

davis196

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Who the hell still cares about the Bitcoin market cap ratio(or so called "bitcoin domination")?
We can't predict the Bitcoin and the altcoin prices based on the Bitcoin market cap movements,because the Bitcoin market cap is simply a result of the Bitcoin price movements,thus it gives no important data about the market.
The only thing crypto market cap is good for,is to give a hint about the appetite of risk that the crypto traders currently have.
If the Bitcoin domination ratio grows,that means that most of the traders are selling altcoins and buying BTC,which is considered more stable than the altcoins.
If the domination ratio goes down,the traders "are buying more risk",which means they are buying more altcoins and expecting bigger profits and bullish rallies.

Zackgeno96

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Quote from: GreatArkansas on July 24, 2020, 03:04:14 AM

If we break out below 60% much early, then it is very a huge effect for altcoins, a mini alt season? hmmm.
Your chart is really good especially spotting that major support around the 62% (A and C).
I am expecting a huge move of altcoins here once we break below, especially those altcoins that around top 50+ market cap.

All this dominance will go to Ethereum as the 2.0 upgrade is going to be released soon and so people are trying to capitalize on it. But another alt season without bitcoin being pumped is a little bit difficult to happen and surely if the update isn't rolled out soon then the lost dominance of bitcoin will again be added back to it and we can see a pump in the bitcoin price soon enough. It will be beneficial for the whole community if the bitcoin price increases and then there will be alt season next, rather than an altcoin season without a pump in bitcoin price(which will be harder to achieve).

GreatArkansas

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If we break out below 60% much early, then it is very a huge effect for altcoins, a mini alt season? hmmm.
Your chart is really good especially spotting that major support around the 62% (A and C).
I am expecting a huge move of altcoins here once we break below, especially those altcoins that around top 50+ market cap.

Topic: Current scenario of Bitcoin Dominance (Read 321 times)