Bitcoin Dominance rising again. What is happening?

[Zemomtum]

This might continue for long if not forever, this is not by any means a surprise since it is the genesis of the blockchain revolution.

[Branko]

Look at this graph, thats whats happening
(check blue line closely)

https://coinmarketcap.com/currencies/tether/

[fillippone]

At 70.1% according to https://coinmarketcap.com/ data, bitcoin dominance is at the highest value since Mar'2017.




This time alts aren't rallying together with Bitcoin.

Somewhat disappointing for many alt traders seeing their shitcoins not rising with the high tide. But eventually the XRP disaster lifted the veil on the fact that many useless tokens are, actually useless, bar the HFT purpose when not plain scam.

[thecodebear]

At 70.1% according to https://coinmarketcap.com/ data, bitcoin dominance is at the highest value since Mar'2017.




This time alts aren't rallying together with Bitcoin.

Somewhat disappointing for many alt traders seeing their shitcoins not rising with the high tide. But eventually the XRP disaster lifted the veil on the fact that many useless tokens are, actually useless, bar the HFT purpose when not plain scam.

Yeah I think we're moving from the decade of "you can make money on any shitcoin it's all mooning", to "bitcoin and ethereum are globally accepted assets while altcoins are for speculative trading and a few might gain niche useful status".

[fillippone]

Yeah I think we're moving from the decade of "you can make money on any shitcoin it's all mooning", to "bitcoin and ethereum are globally accepted assets while altcoins are for speculative trading and a few might gain niche useful status".

There, I FTFY:

Yeah I think we're moving from the decade of "you can make money on any shitcoin it's all mooning", to "bitcoin and ethereum are is globally accepted assets while altcoins shitcoins are for speculative trading losing money and a few might gain niche useful status".

Why should we be interested in a "niche useful status"? One of the most important feature of an efficient Mean of Exchange is it sealability and adoption. I am not a fan of DentaCoin. If you are referring to "niche useful status" as Monero's ability to transact anonymously, well I think that Bitcoin, via future upgrade, for sure will be able to give it's user a bigger fungibility.

[figmentofmyass]

on top of bitcoin smashing through $30k, this is adding more fuel to the fire---bittrex is de-listing privacy coins monero, zcash, and DASH. https://bittrex.zendesk.com/hc/en-us/articles/360054393492-Pending-Market-Removals-01-15-21

XMR dumped 20% on the news.

is this the death knell for privacy coins? it was one thing when a few japanese exchanges removed them. but bittrex? they're in the top 10-15 exchanges in the world, and i have to wonder if they'll be the last to make this move.

in an overregulated industry, the niche for privacy coins might be quite small. they are set to lose a lot of market share. i suppose bitcoin will swallow a good deal of it up.

[Karartma1]

Even though privacy coins fall into the altcoin subdomain, the whole concept of these coins is very important. Seeing the upcoming tightening in the crypto regulation realm, I truly hope that taproot and schnoor will be tackling this field hard enough for us to preserve a bit of privacy along the way to our financial freedom.

[KTChampions]

Such a massive correction going on right now in the cryptocurrency market. Bitcoin has plummeted from $34,000 to $30,000 in a few hours and its market dominance has fallen from 72% to 68%. I am still not sure about what caused this correction. Probably it is the short term investors indulging in profit booking (which was more or less expected by most of us).

A 10% drop after such a huge growth is a small thing. It's another matter if it continues. I think the days after the holidays will be decisive when all the major players will return to the market - then we will see the effective price of bitcoin.

[freedomgo]

Such a massive correction going on right now in the cryptocurrency market. Bitcoin has plummeted from $34,000 to $30,000 in a few hours and its market dominance has fallen from 72% to 68%. I am still not sure about what caused this correction. Probably it is the short term investors indulging in profit booking (which was more or less expected by most of us).

A 10% drop after such a huge growth is a small thing. It's another matter if it continues. I think the days after the holidays will be decisive when all the major players will return to the market - then we will see the effective price of bitcoin.

That could be the start of the long correction, but who would know, right? Everyone was watching how bullish bitcoin is and now it dump below $30k, that must be something and that might have a significant effect to the next movement.

[KTChampions]

A 10% drop after such a huge growth is a small thing. It's another matter if it continues. I think the days after the holidays will be decisive when all the major players will return to the market - then we will see the effective price of bitcoin.

That could be the start of the long correction, but who would know, right? Everyone was watching how bullish bitcoin is and now it dump below $30k, that must be something and that might have a significant effect to the next movement.

As I said, it turned out to be an insignificant movement and it has long been played back. The holidays are over and soon we will see some kind of market equilibrium, very likely that it will be above 40K. How long it will last I do not know, but I am sure that there will be a correction too.