The equilibrium of the two market dominance markers is close to be achieved and since april 2017 it has been working in favor. The btc price is 8 259 63.
Bitcoin dominance has risen higher during the last few.
Bitcoin dominance vs price. The alt market dominance is past its 2018 lows approaching the 2017 levels. Bitcoin is at its lowest market dominance level since september 2020. The market dominance of bitcoin is at a 2019 high having reached the 2018 highs this week.
We calculate bitcoin dominance by dividing the total cryptocurrency market cap with the market cap of bitcoin. This follows a historic price run that took bitcoin to over 40 000. Altcoins have a much higher probability of exponential gains given their low liquidity and high volatility compared to btc.
A decrease in market dominance by 48 97. During long term market shifts the dominance metric can show whether demand for bitcoin remains higher than the market average. But at the same time btc dominance went from 87 62 in january 2017 to 38 65 in december 2017.
According to coinmarketcap btc now dominates 66 45 of the market. Bitcoin dominance chart update btc dominance now 64 58 as i predicted it will fall so finnaly target had been achieved. But this doesn t mean the price of bitcoin is going down.
On november 17 the price of bitcoin touched another 2020 all time high ath when the crypto asset surpassed the 17k price zone on tuesday. The dominance of bitcoin is not rising alongside its value and currently stands at 64 having reached 67 a few days ago on november 23rd and 69 in may. Total market capitalization is 148 74 b.
In fact as we all know bitcoin went from about 1 000 in january 2017 to about 20 000 in december 2017. So the price of bitcoin is rising but not its dominance probably because the other cryptocurrencies are also rising in value with ethereum approaching 500. A 20x growth in price.
That all crypto influencers and channels told you to exit from altcoins but i single told you to enter. To give an example it is far more likely for an altcoin like band to jump from 5 to 15 in a much shorter time frame than for btc to jump from 10 000 to 30 000 in the same time frame. When market value increases btc dominance declines.
I told you to enter in altcoins when dominance was 71 so now almost 6 dominance down. For example if the total cryptocurrency market cap is 100 billion and the market cap of bitcoin is 55 billion btc dominance would be 55. Hope you understand very well.
As bitcoin cools down ethereum defi and altcoins are likely heating up. With the rsi breaking over 70 000 it has completed a cup formation a relief consolidation is expected.