Current scenario of Bitcoin Dominance

dragonvslinux

legendary

Activity: 1722

Merit: 2213

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

legendary

Activity: 3472

Merit: 10611

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

~
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

member

Activity: 280

Merit: 43

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

legendary

Activity: 3472

Merit: 10611

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

legendary

Activity: 3122

Merit: 1492

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

hero member

Activity: 1806

Merit: 672

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

legendary

Activity: 2996

Merit: 1132

Leading Crypto Sports Betting & Casino Platform

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

full member

Activity: 1316

Merit: 108

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

full member

Activity: 2268

Merit: 121

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

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

sr. member

Activity: 1666

Merit: 276

Vave.com - Crypto Casino

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

member

Activity: 280

Merit: 43

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

legendary

Activity: 3472

Merit: 10611

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

hero member

Activity: 2660

Merit: 551

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

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

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

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

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

legendary

Activity: 1722

Merit: 2213

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

hero member

Activity: 3164

Merit: 937

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

hero member

Activity: 1778

Merit: 520

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

legendary

Activity: 2506

Merit: 1394

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.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

If it does lose more dominance it won't be like the last alt season though, or will it? We now see ETH at 10% dominance (at least according to some data and news and I believe there is some truth, minus the ponzi dapp volume of course) and everyone remembers how Flippening theories led to alt season.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

I don't think that it is reasonable to draw TA analysis on bitcoin dominance chart. This chart is going 100% random since it is not driven by supply and demand. It can be distorted by DeFi hype, new coins listings, shitcoin no-volume scam pumps.

Quote from: Lasky366 on July 23, 2020, 04:58:56 AM

if the support zone breaks then there is a big possibility to start the bull run on Bigmarketcap $ALT Coins.

I would reverse that by saing "If Bigmarketcap $ALT Coins start bull run than we will see support zone break". Since i strongly believe that bitcoin dominance chart is only the resultant of what is happening on the market not the cause because there is no buying/selling volume associated with this chart. No over-leveraged shorts/longs that could be liquidated, no stop-loss set on 64% support that could affect in pump/dump because no one is trading/holding bitcoin dominance.

dragonvslinux

legendary

Activity: 1722

Merit: 2213

This is also what the TD Sequential is suggesting on the Weekly chart; a bounce upwards from the buy signal (sell alts signal). Dominance is also finding support from the 100 Week MA, therefore a break back above the 200 Week MA around 64% would give it a chance to move back upto 67-68% to re-test resistance trend-line, 50 Week MA & VPVR point of control:

Long-term I don't believe Bitcoin deserves more than 50% of market dominance, cryptocurrency is meant to be decentralized finance, not a centralized monopoly dominated by ideologies such as maximalism. The majority of investors don't believe in the "all eggs in one basket" investment theory, period. This doesn't mean alts are better investments, far from it, but that there needs to be a healthy "turnover" of alts going from Top 10 to worthless, this is how markets work (especially crypto): it's the survival of the fittest natural order.

It does seem likely Bitcoin can re-test higher to 80-90% dominance, slowly move back towards $20K, before another alt season and losing half it's dominance again within a year. Even if this view does completely contradict the very bearish 200 Week MA that's sloping downwards and therefore acting as resistance. MAs say lower lows, but I say higher highs.

Lasky366

member

Activity: 280

Merit: 43

Little discussion above Current Bitcoin Dominance.

Well there are strong support zone between 63.2-62.2 level.There is a good chance to bounce the Price upto 70-70.7 level.As a result of this $ALT Coins might dump hard.But more chances to breakdown the support zone then it can test 64-64.5 level.So if that support zone broken down Bitcoin dominance can drop upto 14%.

As you know if the dominance drop 2% $ALT Coins heavily pump approximately 20-30%.So in my opinion if dominance can break 63.2-62.2 zone then there is a big possibility that $ALT coins can give us return upto 2X-3X Profit.

If the support zone breaks then there is a big possibility to start the bull run on Bigmarketcap $ALT Coins.

If BTC plus big marketcap $ALT coin go sideways then there is a chance to move small cap $ALTs.This is what called the cycle of market.

For more Logical Speculations

★📉 Lasky366 Technical Speculations📈★

Topic: Current scenario of Bitcoin Dominance (Read 331 times)