Wherever the big guy goes, the little guys will follow. That seems to be a pretty good analogy for how Bitcoin directs the pace and direction of the cryptocurrency space in general. But how does Bitcoin dominance actually affect the overall picture and what am I talking about to begin with eh?
To get technical with folks, Bitcoin (BTC) dominance is the percentage of cryptocurrency’s total market capitalization accounted for by Bitcoin. And guess what folks, it has reached a 3 month high...
According to CoinMarketCap, BTC dominance is now 42.6% of the market, its highest since April 15th. Its increase has occurred at the same time as the market’s total value experienced a downtrend.
Since the 9th of June, cryptocurrency’s total market cap has fallen by around 25% from around $340bn to its present valuation of $256bn: a near $100bn loss. BTC dominance has risen by 3% in the past two weeks and by around 4% since the beginning of the month.
So, now we must ask, how can this information benefit us in any way shape or form? Or is this simply an uncorrelated event we should ignore?
Bitcoin's recent decline from $7,603 to $6,600 is below that of the market in general meaning alts took a much harder beating. This suggests investors are buying more BTC than other cryptocurrencies.
It is important to note that Bitcoin is often the ‘gateway coin’ for a lot of investors; they buy BTC before purchasing other coins. So if you want to buy anything in the market, you must first buy Bitcoin.
We may be looking at a little bounce before continuing with the bear market that has plagued the space all year or this may be the beginning of recovery. Time will tell..
Now I want to turn the tables and ask readers what they expect to see for the last half of the year in regard to Bitcoin and other cryptocurrencies.
Please leave your thoughts and comments below.
Source:
Why Bitcoin Dominance Is A Big Deal - Cryptobriefing
Image Source:
Cryptobriefing
Bitcoin is the king of crypto and in fact, BTC is the mother of all crypto that is why most crypto were based on primarily in bitcoin then eth, litecoin & etc but the main thing is that BTC started it way back in 2009 by the mysterious Satoshi Nakamoto.
Thanks for the history lesson ;)
Blockchain is the future ....hope btc will shine again soon
Blockchain is blockchain. The future is the future. Blockchain and the future may parlay and become one in the same...
@techblogger I think, bitcoin er rate may have been more down, but July 1st will start uptrend from August,Starting from now, the blockchain will be used, and on the next day the blockchain will be used everywhere, what do you think???
Sounds like a guess based on pure something... Hoping for sources / educated opinions. Good try though!
It was a good example for cryptocurrency
Cryptocurrency sets a good example.
You are right! thanks for post
Feels good to be right!
For the longest time ( till last year) I thought crypto currency = Bitcoin , it was only after some reseasrch that there are lots of alt coins ( and a crap ton of shit coins)
Yah don't feel bad. I learned about BTC in about 2012 or something and tried to buy some only figuring out there was no way to do it at the time or no way easily available to me. Then I sort of forgot / gave up. Wow, crazy to have this gut instinct that I needed to own a bunch of these little digi-coins and then ignore it and then find out my gut knew it all along. Some things just aren't in the cards eh?
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