Btc market dominance
Cryptocurrency combined market cap charts, bitcoin dominance charts, and more. Oct 05, · BTC dominance is the percentage of the total cryptocurrency market capitalization that Bitcoin takes up at any given point in time. But what exactly does this mean? You have probably seen this percentage while you are on Coinmarketcap. BTC dominance is about to make a move. Lets see if it can fall to around 50%, which is in confluence with the % Fib retracement and previous weekly support/resistance levels. It is also touching the upper trendline which acts as a resistance for now and lets .
Btc market dominanceBitcoin Dominance Index Chart — TradingView
Hello, traders! Bitcoin's dominance has tested the Bitcoin absorbed all the liquidity of the market during its rally. Christmas holidays are coming and traders in the stock market prefer to fix their positions.
In case if big players are fixing positions on BTC, the nearest support level is at the price values of Bitcoin dominance touched On the weekly chart, Bitcoin Dominance completed the Elliott wave pattern and now the ABC correction wave is going on. The B wave is completed with a Some Elliott Wave for you. I believe we'll begin to see a significant pullback here now, which will result in the strengthening of the altcoins in Q1 Inversely i've linked a chart to Altcoin dominance below which has just seen a third touch on a long term monthly trend line which gives me added confluence for Finger Crossed.
Anyone that bought the dip on Alts, very ballsy! Hat's off to you if it work out. As bitcoin dominance is going up for past few weeks , now looks its a time for a big pull back and give alts to grow again. D Index Chart. Videos only. Because people started selling and converting their altcoins back to Bitcoin! And I mean literally everyone was talking about Bitcoin when it was rallying and doubling, tripling, quadrupling its value within a week. Because of the fear of missing out FOMO on the gains that they heard stories about on the news, everyone bought in.
And, of course, since the vast majority got their information here, they were aware of pretty much only Bitcoin, since it was the first and biggest cryptocurrency by far; thus, the digital asset that the focus and limelight were on. And so after Bitcoin dominance originally declined because it had to share the market with the new altcoins, it then increased sharply when the masses began creating addresses and buying solely Bitcoin. People heard that it was possible to become a millionaire within a year — heck, even a few months!
And so everyone was sold on this idea and the masses invested. And when this happened, BTC dominance shot back up — almost doubling from the summer of to the end of that year. So what people decided to do was to use their Bitcoin earnings to invest in altcoins. They figured that if they could leverage their BTC gains by converting their highly-valued Bitcoin to a low or even micro-cap altcoin, said altcoin could explode in price and they could become very, very rich.
And so, of course, BTC dominance sharply declined once again, as the people who had Bitcoin sold it off in exchange for another cryptocurrency. When this happened at the end of and the beginning of , the price of Bitcoin came down as quickly as it went up because the money that came in to inflate the price was quickly coming out.
And this increased FUD — fear, uncertainty, and doubt. Now that we know how BTC dominance affects the markets , how do we take advantage of this knowledge? You must understand that the trend I just showed you — what happened in — is a trend.
All we need for Bitcoin to rally again is some sort of catalyst to get people and the media talking once more. When this happens, people will buy into Bitcoin again, and the price and dominance will both rise. Which will make Bitcoin dominance decrease and the price to be readjusted once more — yet, at a higher level than before the rally. Then, with this increased value of Bitcoin at its peak, buy into the altcoins you believe will rally. Then, as the altcoins rise and BTC dominance decreases , you can choose to cash out , HODL, or convert back to Bitcoin when you have made a sufficient amount of profits.
And if you are able to use this knowledge to be one step ahead of the herd, then you, my friend, are laughing straight to the bank. I had no idea what Bitcoin dominance was or how it worked , and I had no idea how valuable analyzing it could be. Just remember that making gains off the fluctuation of BTC dominance is all about timing.
You are armed with the knowledge to now do so, so it is up to you to time the market and invest accordingly. If you have any other topics you would like me to discuss in-depth, please leave a comment on this article and I will get back to you as soon as possible.
In the meaning time, click around our website and find many other useful resources such as this!