Bitcoin Dominance 51% & Dropping
I went down, down, down and the flames went higher! And it burns, burns, burns, the ring of fire!
Normally the crypto market is pumping on Fridays but not today. Oh well, there's always next week.
BTC Dominance Continues To Loose Ground
BTC Dominance is quickly approaching the 50% mark as other major coins continue to outperform Bitcoin.
Keeping an eye on BTC dominance is helpful for understanding where we are in the larger crypto macro cycle. As it stands we are currently dipping our toes into this cycles Alt Season, by pretty much all indicators at this point.
Pending a major reversal that last a number of weeks all signs point to Alt Season being here to stay. That said this is crypto and things can always change quickly.
Johnny Cash - Ring Of Fire
Thought this song might be appropriate today for a number of reasons, BTC dominance going down like a sinking ship, and BTC price crashing nearly 25% in the last week alone.
For more info you can check out this previous post When Alt Season?
What Is Alt Season?
Alt season is a phase within the larger crypto macro cycle when alt coins rapidly increase in price outperforming Bitcoin and the dollar.
There are a few different alt season trackers out there that use a slightly different combination of metrics to track and determine alt season but it all boils down to the BTC market cap dominance loosing ground against other top coins (Top 100?).
The last Alt Season was late December 2017 and into early January 2018 preceding this past crypto winter.
Do you have an alt season strategy? Let me know below..
Ciao for now,
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That is actually a bit higher than Coingecko had it the other day. Bitcoin was under 50% on there.
All immaterial since it is so close. The key is that things keep expanding, thus pushing more decentralization.
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wow ok so we've already seen a dip under 50%. 😃
Always good to see other coins and tech gain momentum and move the space forward!
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This is good news.
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We do like our alts!
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Well, it may fall as a percentage, but honestly some of those market value numbers are questionable. No way doge could sell even a fraction without crashing the market. If a top holder dumped there isn't enough demand.
With few exceptions I believe BTC will remain king, and I have little use for most alta outside of privacy coins and defi platforms. Hive and LEO are the exception since they have a product and I want to have influence here.
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Definitely questionable! BTC will remain king no doubt but other coins will outperform in the short term and I'm looking at DeFi and NFT coins to carry the season.
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BTC still going down hard!!