Dominance may be down, but a key bullish sign for BTC!

[cheezcarls]

The long-term chart for the Bitcoin dominance rate reveals weakness and suggests that the rate will fall. However, lower-term timeframes reveal a bullish pattern that indicates an upward move will transpire initially.

The Bitcoin dominance rate has been gradually decreasing since September 5, when it reached a high of 73.44 percent. This has caused numerous traders and influences to call for the beginning of “Altseason” — but, until now, the calls have all been premature.

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Well, well, well, I can't really say that this is the "altcoin" season just yet. I still believe we are in the "shitcoin" era.

I see that Bitcoin's dominance is start to decrease a bit, but it could be a bullish sign for us because of the pattern itself. It will likely go upward for sure, but I would not really count on that just yet.

I still stand with my claim that the market is unpredictable, so there is no guarantee that Bitcoin and other cryptocurrencies may have their "moments" in that specific day, week or so.

The world of crypto is full of surprises, especially unexpected pumping and dumping.

[adaseb]

The dominance is not down, maybe a little. We are at the highest dominance since the crazy fomo bull market started in March 2017. The reason why it decreased a little was mostly due to XRP and Tether gaining a slight percentage.

You need to understand how it works and best is to look at 2017. Basically the dominance back then was over 80% and when the bull market started the dominance went back down because people got better gains in alts like Ethereum and Ripple. Then when BTC peaked in Dec 2017, the dominance went down again substancially because people sold BTC and bought ALTS and later on when the bear market started people basically sold ALTS for tether or fiat and pretty much the cycle will repeat again in the near future.

[pooya87]

there is no such thing as bitcoin dominance rate, there is only market  capitalization of bitcoin versus fake market capitalization of nearly 2000 shitcoins that have been creating a ton of new coins every second. it doesn't show anything about the price or the future of it either. people started looking at market cap as a factor of dominance only because a low quality website called coinmarketcap.com used this term and in 2017 the shitcoin pumpers used this to fool newbies into buying their shitcoin. otherwise it has always been a meaningless percentage.

[Wintersoldier]

there is no such thing as bitcoin dominance rate, there is only market  capitalization of bitcoin versus fake market capitalization of nearly 2000 shitcoins that have been creating a ton of new coins every second. it doesn't show anything about the price or the future of it either. people started looking at market cap as a factor of dominance only because a low quality website called coinmarketcap.com used this term and in 2017 the shitcoin pumpers used this to fool newbies into buying their shitcoin. otherwise it has always been a meaningless percentage.

For me, there is really a relationship between the market capitalization and dominance that we have now on the market. Clearly we can that if there is a huge market cap for a particular cryptocurrency such as bitcoin, it also has a big impact or we can consider it as dominant in the market. How? Most of the transaction was with Bitcoin, it is also the most famous cryptocurrency and no doubt it has the biggest market capitalization today and in the future.

[pakhitheboss]

Never ever believed in Technical analysis.

The market is highly unpredictable and volatile anything can happen now. Since halving is due next year there will be a bull run till that date and afterward, the Bear market will start.

Maybe later next year Altcoin season might start.

I still believe that the price of Bitcoin will go down more before halving.

[oktana]

Never ever believed in Technical analysis.

The market is highly unpredictable and volatile anything can happen now. Since halving is due next year there will be a bull run till that date and afterward, the Bear market will start.

Maybe later next year Altcoin season might start.

I still believe that the price of Bitcoin will go down more before halving.

what happens to the market cannot be separated from TA.

if without that, bitcoin will move in the range of $ 1k-10k very quickly. speculators also still rely on the use of indicators to determine price confirmation technically. what you think is similar to history that happened, but it has become a common understanding. I refocus on the dominance of the BTC, it is likely to become bullish after the end of the national taxpayer limit early next year, I observe the same pattern every year, and altcoin will still be like the previous months. I'm also still waiting for things that make this year a differentiator.

[Upgrade00]

For me, there is really a relationship between the market capitalization and dominance that we have now on the market.

Market capitalization is related to the dominance of a currency, and it is also an important factor, in the forex market the amount of traded currency is recorded per day. In cryptocurrency, those figures can be manipulated by the developers of a certain currency and also exchanges.
It is the multiplication of the value and amount in circulation. So buying a few coins for a certain value boosts the price and then reflects on the market cap, this makes it an unreliable statistics l with which to monitor cryptocurrencies.

[Kprawn]

Why do people care about "Market Dominance" if most of the exchange volumes are faked? In a regulated environment, things like market dominance

would have more credibility, but in Crypto currency markets the accuracy of the statistics are highly questionable. People should also not take any of

these statistics very seriously, because the Bitcoin price is very volatile and speculative. It might show you one thing now and within a couple of hours,

it might go in the total opposite direction. 

[Jet Cash]

Why do people care about "Market Dominance"

I believe that Bitcoin is unique in the crypto world, and I agree that it's dominance over other alts is not relevant. If the BRICS do introduce their own crypto, and/or other global organisations introduce cons, then Bitcoin dominance could drop below 1% by most metrics. However, if this happens, then I believe it will result in a substantial increase in its value. Bitcoin's use case has evolved, and I believe that its relationship to gold and silver is far more important now.

[pundit]

Crypto market is still Bitcoin dominant. If there is increase in Bitcoin price, many altcoins start increasing, here I am not talking about "shitcions". It is also  true that most of the altcoins today are shitcoins in terms of their market value but some of these coins are backed by good projects, value of these coins may increase in bull run. I still believe that there will BTC bull run shortly. I am waiting for that moment to come.Bitcoin is still the king of ccrypto market.

[Tipstar]

Dominance is not a measure of success but price mostly is. If bitcoin  becomes able to break the resistance and rise above $10K, that would make many people believe in it.
This would benefit the new investors as they would be in position to cash profit or wait for more profit.

[samuraijin]

consciously I believe bitcoin is not worthy of being a short-term investment, because I learned from this forum, bitcoin is more worthy of a long-term investment, that's what I know, to hell who dominates all this, maybe we don't know much about the price of bitcoin too difficult to predict but believe me bitcoin still has plenty of time to go through the highest price, always remember bitcoin always comes with surprises

[ChrisPop]

Look at the weekly bitcoin dominance chart. It looks like we're in a bullish flag pattern. That means we're consolidating there and the probabilities are higher to go another big leg up than break down the pattern. Always zoom out to get the full picture, don't get stucked in the lower timeframes. The alts had a little bit of bounce the recent time, but in my opinion is just temporary and that they will go sideways or we'll see even more downside for couple of months.

[BrewMaster]

i don't know about "down" because whenever i check the bitcoin dominance status i see it has increased a lot. for example last time i checked bitcoin price was still rising while all the other altcoins without exception have fallen and never recovered.
or for example when i look at adoption bitcoin is the only cryptocurrency that is used in real world. there were some tiny usage for some altcoins which is dead now as they got dumped and forgotten over the past 2 years.

[fiulpro]

The thing is when we talk about dominance we talk about Bitcoin Vs other altcoins and there are like 1000"s of them , actually the dominance can never be down if we start taking them individually .
Bitcoins are the most dominant of them all and trust me it's gonna stay like that , I think it's better to just wait for them to rise Because history knows it goes down when we think it's gonna go up and it goes up when we think it's dead.
It doesn't depend on anything man for 90% of the time.

[pixie85]

It's a good indicator of a bitcoin bull market. Usually in a bear market bitcoin dominance rises because altcoins get hit harder than Bitcoin and people escape to fiat and bitcoin to minimize losses. In a bitcoin bull market dominance decreases as people invest some of their profits in altcoins that tend to pump more than Bitcoin.

What we're seeing now is too small to call it an altcoin season but maybe just big enough to be the beginning of a bitcoin season.

[pooya87]

there is no such thing as bitcoin dominance rate, there is only market  capitalization of bitcoin versus fake market capitalization of nearly 2000 shitcoins that have been creating a ton of new coins every second. it doesn't show anything about the price or the future of it either. people started looking at market cap as a factor of dominance only because a low quality website called coinmarketcap.com used this term and in 2017 the shitcoin pumpers used this to fool newbies into buying their shitcoin. otherwise it has always been a meaningless percentage.

For me, there is really a relationship between the market capitalization and dominance that we have now on the market. Clearly we can that if there is a huge market cap for a particular cryptocurrency such as bitcoin, it also has a big impact or we can consider it as dominant in the market. How? Most of the transaction was with Bitcoin, it is also the most famous cryptocurrency and no doubt it has the biggest market capitalization today and in the future.

what you are referring to is only hype that people feel when looking at that arbitrary ranking system used by coinmarketcap.com website. and hype is not something that can last for long, it always ends. but you are correct, for example when some shitcoin has a high market cap just because of its fake huge supply, it gets more hype so more pumps even if it is a centralized garbage coin with no use. evidence is most of the top 10 altcoins! but at the same time we can see that these types of pump never last long.

[hugeblack]

I think it is a psychological indicator more than mathematical analysis. It is a measure of how willing people are to invest in altcoins, and therefore either they have lost hope in the bitcoin’s appreciation or that the value of BTC is (high & hopes are high) and therefore it is better to try other alts.
The real ratio is much higher, but current measures give a mistake in that.

[Cacingkemi]

of course as we have felt before or what we have experienced in previous years after a continuous decline in bitcoin, a bullish signal will occur. but the cryptocurrency market cannot be predicted with certainty always providing unexpected surprises for its users. I am sure most of us when in 2018 yesterday many predicted that market prices would rise sharply this year, but in reality these predictions did not occur and the fact that until now there has not been a sharp rise even on the contrary that we experience today

[samuraijin]

all crypto exchanges will continue to be dominated by bitcoin, so even if it goes down there is no problem if some of them turn towards altcoin which of course is also not shitcoin, but all other crypto currency exchanges remain dominated by bitcoin which holds the key when it has to go up and when it has to go down, even though the price of bitcoin is currently down does not mean that the dominance of bitcoin over other cryptocurrency is also a big problem, everything follows bitcoin