The suggestion seems to be that Bitcoin will squeeze other cryptocurrencies out of existence—or at least marginalize them. Programmable blockchains e. According to one cryptocurrency expert, Bitcoin dominance could lead to the destruction of altcoins.
Market dominance
For much of the year, crypto bitcoin altcoin dominance have been clamoring for an alt season that promises unheard of returns across the entire space. Talk of 10x returns during the hunt for the next Bitcoin and becoming rich overnight fill social media feeds. However, Bitcoin dominance has only grown since it broke out of the deepest depths of the bear market back in early Aprilkicking off a parabolic run that has yet to see any significant correction. Altcoins are in their longest accumulation phase yetand talk of an alt season continues to permeate across the market. Good looking flags.
Understanding Bitcoin dominance
Bitcoin now represents almost 70 percent of the entire crypto market. Its dominance rate currently sits at Altcoins continue to get crushed, especially when trading against Bitcoin. The cryptocurrency market has gone through many different cycles in its relatively brief existence. At some moments, it was even well-balanced.
Long-Term Altcoin Support
For much of the year, crypto analysts have been clamoring for an alt season that promises unheard of bitcoin altcoin dominance across the entire space. Talk of 10x returns during the hunt for the next Bitcoin and becoming rich overnight fill social media feeds.
However, Bitcoin dominance has only grown since it broke out of the deepest depths of the bear market back in early Aprilkicking off a parabolic run bitcokn has yet to see any significant correction. Altcoins are in their longest accumulation phase yet domimance, and talk of an alt season continues to permeate across the market. Good looking flags. But all look horrible versus BTC. The strength versus the dollar is purely a function of Bitcoin doing well, do not be deceived in thinking total market cap up is money flow into entire sector.
This is why when Bitcoin rises or falls, altcoins can often be pulled right along with it. Other times, altcoins diverge, which causes a rise in Bitcoin dominance. The trigger that causes this varies, but the likeliest factors influencing this trend change are the focus on Bitcoin over altcoins from institutions, and the recent news that Binance would be blocking US customers from its regular exchange and launching a Altclin version sans bitcoin altcoin dominance of the assets that made the platform attractive to investors in the first place.
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Why BTC Dominance important and how it affects the alts?
Bitcoin Dominance Değeri Ne İfade Eder?
Analysts have weighed in. Binance Researchthe market research and analysis arm of Binancereleased a new report that studied the correlations between Bitcoin, Ethereum, and other cryptocurrencies during the third quarter ofin the context of the continued dominance of Bitcoin in market capitalization and trading activity. We use cookies to give you the bitcoin altcoin dominance online experience. Read More Read Less. Nick Chong 4 months ago. What has been interesting to watch since the beginning of September, is the fact that altcoins have been constantly outperforming Bitcoin — which is unusual in times when BTC tanks. Therefore, it looks as if altcoins could outperform BTC during the upcoming months. Assets listed on Binance displayed greater correlations than with the cryptoassets not listed on Binance. Get Started Now. You see, the world is believed by many — everyone from cryptocurrency proponents to central bankers and Wall Street investors — to be heading into recessionary territory. That advantage is great for Bitcoin bulls, but it comes at a price. However, the USD value of the total altcoin market cap does not look as great.
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