news

bitcoin

1 X bitcoin bitcoin =

Saturday

05 December 2020

Why Bitcoin Dominance Suggests Alt Season Is Still Many Months Out

Why Bitcoin Dominance Suggests Alt Season Is Still Many Months Out


smart summary beta

While much of the cryptocurrency community expects alt season to follow the moment Bitcoin corrects and consolidates, BTC dominance could be forecasting that any improvement in the altcoin trend could be many months out.

Here’s what the metric measuring the first-ever cryptocurrency growing market cap against the rest of the crypto industry has to say about altcoins.

Bitcoin has attracted a new class of investors, who have next to zero interest in most altcoins that don’t have anywhere near the promise, appeal, adoption, and regulatory acceptance as BTC.

The metric measuring Bitcoin against all other altcoins puts the cryptocurrency at about two-thirds of the crypto market’s total market share.

The chart above highlights what appears to be a breakout from a trendline that first let altcoins gain some ground with Bitcoin stretching back as far as early 2017.

Altcoins have never quite recovered since 2018, and the increasing volume above on BTC.D suggests that the trend of favoring Bitcoin over altcoins is only strengthening.

For the naysayers that argue charting dominance is worthless, the ETHBTC chart – often used to gauge altcoins strength or weakness against BTC – gives signals inverse to all the above, pointing to a deep collapse in Ethereum while BTC runs to new all-time highs.

Goto Full Article

bitcoin bitcoin price

$18823.57

24h

Live Average

bitcoin

News Article Sentiment

negative

Score (-0.3)

Article Metadata

author

site

newsbtc
Market data feeds provided by cryptocompare.com
bitsmart 2020