Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead?

Bitcoin has made a bit of a recovery today in the wake of comments by US Treasury Secretary Steve Mnuchin. The 8 percent pump has left altcoins in the digital dust again as BTC market share knocks on the door of 70 percent.
Bitcoin Briefly Back at $11,000
This time yesterday Bitcoin was trading very close to $10k after falling below it briefly on Sunday. The king of crypto started to recover during US trading when it tapped $11,000 once again. There was no big dump from resistance and BTC has remained higher than Monday’s levels, trading at around $10,800 at the moment.
Long term trader ‘CryptoFibonacci’ has been eyeing the charts for possible areas of support and resistance and it is clear that just below $11k is one of them. The 50 day moving average is also key and this held during the big selloff over the past couple of days.
“The 38.2 Fib retrace, 10 and 20 ema’s are major resistance. So, it’s pretty simple to me. Get past this, or else.”

Bitcoin as a Hedge Against Uncertainty Is An Overstated Narrative
Wednesday August 14, 2019

Demand for Bitcoin in Argentina and Hong Kong is such that locals are paying up to 10% above market price. The ongoing unrest in both regions has led to soaring Bitcoin demand, as investors...

The post Bitcoin as a Hedge Against Uncertainty Is An Overstated Narrative appeared first on 12bitplay - Bitcoin Play.

$BTC Daily Chart (Coinbase exchange).
The 38.2 Fib retrace, 10 and 20 ema's are major resistance. So, it's pretty simple to me. Get past this, or else.#BTC pic.twitter.com/PYiFnrRZPC
— CryptoFibonacci (@CryptoFib) July 16, 2019

Bitcoin Price Approaches $10,000 24 Hours After $11,000 Falls
Wednesday August 14, 2019

Bitcoin price is nearing closer to psychological support at $10,000 – an important level that was supposed to act as the FOMO trigger taking the price per BTC to a new all-time high –...

The post Bitcoin Price Approaches $10,000 24 Hours After $11,000 Falls appeared first on 12bitplay - Bitcoin Play.

Zooming out still shows an ominous head and shoulders pattern which is traditionally a bearish trend reversal indicator. That said, over the past three months Bitcoin has defied most technical analysis and done its own thing.
BTC Dominance High Is The Norm
Today’s 8 percent pump has lifted market dominance to 69.75% according to Tradingview.com. This equals the high in early December 2017 as Bitcoin was winding up to its big run up to ATH. The previous high was back in July 2017 when market share tapped 77.5%, and before then BTC was the only cryptocurrency.
BTC dominance. Coinmarketcap
Trader and Analyst Luke Martin has pointed out that a high Bitcoin dominance is the norm for crypto markets. For most of its history Bitcoin has dominated over 90% of the market, only in March 2017 did this start to change with the rise of Ethereum and other altcoins.
“$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%. I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier. Alts make a great trade when the macro trend is up.”

Crypto Market and Bitcoin Near Crucial Juncture: BCH, EOS, TRX, ADA Analysis
Tuesday August 13, 2019

The total crypto market cap is testing a strong resistance near the $292.0B level. Bitcoin price is facing a couple of important hurdles near the $11,500 level. EOS price is moving lower and is...

The post Crypto Market and Bitcoin Near Crucial Juncture: BCH, EOS, TRX, ADA Analysis appeared first on 12bitplay - Bitcoin Play.

$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%.
I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier.
Alts make a great trade when the macro trend is up. https://t.co/ixUmWNm3gw
— Luke Martin (@VentureCoinist) July 15, 2019

At the moment the altcoins are still on the floor, very few have made any effort at recovery from yesterday’s altcoin apocalypse. Total crypto market capitalization is $13 billion heavier today but that is nearly all Bitcoin’s doing.
Only Bitcoin’s two siblings, BCH and BSV are making any substantial moves today as the rival coins add around 10 percent each climbing to $310 and $130 respectively.
Image from Shutterstock
The post Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead? appeared first on NewsBTC.

You may also like...