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Bitcoin Dominance going to 75% After Meteoric Rise to 2019 HiOn April 23, the crypto markets took a turn that have some questioning the outlook on altcoins. While the altcoin market has been holding its own against Bitcoin, with currencies like Binance Coin posting 300 percent gains since the start of the year, the market appears to be swaying in favor of Bitcoin. Long time cryptocurrency investors will be familiar with the the tug-of-war price movement between Bitcoin and altcoins. At times, the entire cryptocurrency marketplace buoys on positive sentiment and increased investment. However, a shifting between the pool of capital in alts and Bitcoin is also a common occurrence. For one, investors avoid the headache generated by taxes and capital gains by trading between currencies. But for the most part, investors have recognized that Bitcoin tends to be a more price stable currency relative to the rest of the market, while also offering the ability to appreciate during periods of positive price movement–a feature that stablecoins are unable to offer. In times of bullish market sentiment, such as what is brewing for the industry at present, investors grow fearful of missing out on massive BTC leaps, such as the epic run which took Bitcoin to $20,000 in December 2017. Despite the development interest and growth into platform currencies such as Ethereum, EOS and TRON, the marketplace for cryptocurrency continues to flow through the original cryptocurrency. Bitcoin holds a wide margin in market capitalization over the second highest coin Ethereum, a gap that is greater than $80 billion. In addition, Bitcoin market dominance has continued to climb throughout 2019, up from 51 percent at the start of the year to over 53 percent. Today’s price action has taken BTC dominance to just under 54 percent, its highest point since September 2018. In fact, Bitcoin dominance has largely been on the rise over the last 12 months, with the coin reaching a relative low of 35 percent dominance in May 2018. While BTC experienced a slight retraction during the market fall of last December, the coin is making a recovery that could be trending towards the >80 percent dominance the coin historically experienced prior to early-2017. More than likely, Bitcoin will not be able to eclipse its 2017 dominance of 85 percent, given the changing landscape of cryptocurrency. While BTC is by far the most recognizable currency in the industry, with Bitcoin holding household-name status familiarity (the coin is largely synonymous with cryptocurrency in mainstream markets), altcoin projects like Ethereum and EOS have carved out a substantial amount of developer interest. With Bitcoin yet to overcome the hurdle of scalability, its price is likely to stall again at upper limits in the absence of a solution like Lightning Network. Cryptocurrency, assuming it can gain price traction again as in 2017, is still in need of proven usability. Investors and speculators may continue to drive up the price of Bitcoin and contribute to its market share dominance, but the entire landscape of currencies have to generate scalability in order to become an accepted technology.
CRYPTOCAP:BTC.DLong
by DavidRose02
Total Cryptocurrency Market Cap Analysis Yesterday after holding the 136b support and closing above the 3 day range, we finally broke through the 140b level and surged higher. This being the total market cap gives you a sense of what the overall market was doing. Giving no regard to the 145b and 150b minor resistance region, we continued higher and closed above the crucial 160b level. Which ended up 16%+ for the daily session. For now it is difficult to determine the next short term move, after such a dramatic movement. Which is why I usually step back from the charts and let the market breath for a day or 2 before re entering any margin trades. However the medium term bias for the time being is still bullish, especially after a strong close across the board as shown on the total market cap. As long as we remain above the current 160b support level I believe we should see a continuation to the further upside targets at 175b and 188b. However if we do lose the current support I believe a retest lower to the 155b price level is orderly and healthy for higher price discovery. *This is NOT financial advise and intended for educational purposes only*
CRYPTOCAP:TOTALLong
by YMI
BTC total market cap - big hint at bull market?!I have never traded BTC total market cap so I am not sure how much relevance it is to chart it. However, if you look at the large black box, the total market cap broke down below the descending triangle into this range, signaling an incoming drop. Now the total market cap seems to have drifted outside of the range. Could this be a similar hint for large movement ahead? Blue triangle indicates the current range. Green box is buy. Red box is sell. Blue line indicates major resistance. This is a log chart.
CRYPTOCAP:TOTALLong
by Halams
2
Altseason imminent, here's why...Hello everyone! This chart is the total cryptocurrency market cap excluding Bitcoin, therefore it is the market cap of Altcoins. It is looking extremely bullish after managing to close above the bearish pennant structure, breaking a higher time frame downtrend and testing it as support before moving higher. So long as Bitcoin remains stable, we can expect Altcoins to rally further, possibly beginning a movement similar to that of late 2017 & early 2018. Altseason is ready for you, are you ready for it? Let us know your thoughts in the comment section below. Remember to LIKE this & FOLLOW us if you want more analysis like this! Axsonex Team ------------------------------------------ DISCLAIMER: Axsonex are not registered financial advisors and no information we provide is intended as financial advice. It is our opinion and nothing more. This report is for informational use only. Trading and investing in Cryptocurrencies is extremely high risk. Ensure that you conduct your own due diligence before deciding to invest in any asset. We have not/will not be(en) paid to endorse this project. You are responsible for all actions you take as a result of reading/viewing this page. Sources used: binanceinfo
CRYPTOCAP:TOTAL2
by Axsonex