Bitcoin Tanks to $10.4K; ETH Market Dominance at 2020 High

[kolbalish]

Bitcoin continues to slide while ether has a larger share of the crypto market than it has had in years.

Bitcoin (BTC) trading around $10,726 as of 20:00 UTC (4 p.m. ET). Slipping 6.1% over the previous 24 hours.
Bitcoin’s 24-hour range: $10,468-$11,474
BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

Bitcoin continues its downward trend Thursday, with prices descending as low as $10,468 on spot exchanges such as Coinbase. While it has recovered a bit, traders selling for profits has certainly been the theme right now.

Reference: https://www.coindesk.com/market-wrap-bitcoin-eth-dominance?amp=1

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[slaman29]

Surely we're not talking about another round of flippening talk? I mean, sure Defi will grow and grow and some day unlimited supply means it will eventually get closer to BTC but bubbles burst eventually, and Bitcoin doesn't need a defi craze to grow!

[STT]

ETH isnt the reason for BTC to pull back, its already exceptional that BTC recovers this fast this year.   Both BTC and ETH can do well and have done well historically, I dont see them as opposed exactly more likely ETH now catches up from a lower point due to its ICO deleveraging effect.
   The point for BTC to watch over a wider period is 10500 which was a previous ceiling, we are back below that point now which is important to note.   I do wonder if we drift back over the border somehow for the weekend, or it might be more strictly patrolled then this.

[cryptomaniac_xxx]

Surely we're not talking about another round of flippening talk? I mean, sure Defi will grow and grow and some day unlimited supply means it will eventually get closer to BTC but bubbles burst eventually, and Bitcoin doesn't need a defi craze to grow!

There could be some ETH enthusiast you might be talking about flippening, but I don't think it will gain traction though. And no, it won't happen, one thing that it experience, similar to bitcoin is the exorbitant gain fees lately, even higher that BTC itself. And we all know what's fueling the altcoin bubble, the Defi madness.

@STT - I'm inclined to believed that we might see BTC going sideways this weekend.

[Yaunfitda]

Surely we're not talking about another round of flippening talk? I mean, sure Defi will grow and grow and some day unlimited supply means it will eventually get closer to BTC but bubbles burst eventually, and Bitcoin doesn't need a defi craze to grow!

There could be some ETH enthusiast you might be talking about flippening, but I don't think it will gain traction though. And no, it won't happen, one thing that it experience, similar to bitcoin is the exorbitant gain fees lately, even higher that BTC itself. And we all know what's fueling the altcoin bubble, the Defi madness.

As far as I can remember, the so called Flippening is based on price, meaning Ethereum price should be at par or higher than Bitcoin. And obviously, Ethereum is not even closed. But I do agree that the sudden dominance of Ethereum or at least some major altcoins are due to the Defi craze. Interesting to see what will happen to Bitcoin though, seems the decline has stop a bit, $10,300 is more likely we are going to settle for this week.

[600watt]

I don’t think you can use the word „dominance“ for something that has no dominance. It has either to be more than 50% or it has to be the way biggest of lots of small contenders. Bitcoin is both, eth is none of these.

Soooo.... you should re-name it into ETH-inferiority

[Saisher]

Please do check the dominance level before shilling Eth it's not what half of what Bitcoin has I am also a big supporter of Ethereum but to say that Bitcoin is losing it's dominance and Ethereum is fast moving and big threat is not true.
Dominance:
BTC 55.6%
ETH 12.6%
USDT 4.04%

[mk4]

Surely we're not talking about another round of flippening talk?

Oh we have A LOT of that. Check out Reddit r/cryptocurrency and Crypto Twitter(from those so called "cRyPtO iNfLuEnCeRs") if you want to lose a good amount of your brain cells. Thankfully were mostly bitcoin-bulls here on Bitcointalk.

[Oasisman]

I don't see it that way. ETH in market dominance? Look at how ETH is also lossing more than 6% under 24hrs.
Bitcoin is just having a correction after a long period of the bullish run after recovering last March during the rise of pandemic.
Remember this, even If Bitcoin is down below $10,000,a huge recovery and a potential bullrun that might reach new heights. Everyone is expecting a bull next year, It doesn't matter whether Bitcoin tanks or not.

[GreatArkansas]

I don't see it that way. ETH in market dominance? Look at how ETH is also lossing more than 6% under 24hrs.
(....)

But if we check the chart of Ethereum, it's kinda good for Ethereum since if you can see the recent horizontal support on Ethereum, it's still not broken, Ethereum is still above on it, compare to Bitcoin.
But it still okay for me now that Bitcoin will not below $10, 000 because for sure, Ethereum will follow too even there is DeFi trends these days.

[exstasie]

Surely we're not talking about another round of flippening talk?

Let's compare to 2017. The ETH and token bubble began in March 2017, right when the Winklevoss ETF was first rejected by the SEC. BTCUSD dumped hard at that time while ETHUSD surged in value.

That isn't what is happening at all this time. BTC and ETH crashed together in lockstep 2 days ago. That tells me this isn't a bubble and we are nowhere near the "flippening" stage yet. For me, all signs still point to 2020 being a parallel for 2016. A bull market, but not a bubble.

I am confident we'll have another "flippening" phase too. Just not yet.

[LogitechMouse]

I already said it in my previous posts days ago that I'm expecting for Bitcoin to go down at least near the $10,000 or below that price since it has been going upwards for days already.

Now it happened already. We can say that the investors are selling Bitcoin to join in the DeFi hype but still I already expect that this will happen . I think that we will stay between the $10,000 to $11,000 for some time though but if it goes below the $10,000 price, ready your money .

[Slow death]

but if it goes below the $10,000 price, ready your money .

it is better for people to keep their eyes open because the price dropped to $9800 and then went back to above $ 10,000, if the price stays for a long time at $10400 without increasing, then we will see another dump and this time it will break the $ 9800, so people must prepare to see lower prices


this Is another one of those articles that the person reads and then says: "this author is a person who wrote the article based on feelings"

[GreatArkansas]

Please do check the dominance level before shilling Eth it's not what half of what Bitcoin has I am also a big supporter of Ethereum but to say that Bitcoin is losing it's dominance and Ethereum is fast moving and big threat is not true.
Dominance:
BTC 55.6%
ETH 12.6%
USDT 4.04%

These numbers are great, watching in market dominance is quite good. I am not a supported of Ethereum, since I am a trader, I am more on technical analysis part.
I tried to compare the recent drop of Bitcoin and also Ethereum when Ethereum reach around $470+ and now we are now below $400.
The recent drop is quite good. And you got some point especially in the market dominance of Ethereum, it is rising but what I am worried about tis the volume of Ethereum, I am not satisfied, it's still quite low.

[Oceat]

It's the reaccumulation phase again and within this year we might see a continuous support of trying to break the 15k resistance but obviously something is stopping it when it hits at 12k. This might be a playground for 10k for a couple of weeks or before either going up or down we'll surely see this 9k or 11k figure in no time.

[Zemomtum]

DeFi mania is what is causing the sharp decline in the BTC price and might eventually draw a large portion from BTC dominance. ETH is also not doing bad taking a look at the recent rise in price, this correction is due for a health uptrend and next move will be $500 per ETH.

[Raflesia]

Please do check the dominance level before shilling Eth it's not what half of what Bitcoin has I am also a big supporter of Ethereum but to say that Bitcoin is losing it's dominance and Ethereum is fast moving and big threat is not true.
Dominance:
BTC 55.6%
ETH 12.6%
USDT 4.04%

These numbers are great, watching in market dominance is quite good. I am not a supported of Ethereum, since I am a trader, I am more on technical analysis part.
I tried to compare the recent drop of Bitcoin and also Ethereum when Ethereum reach around $470+ and now we are now below $400.
The recent drop is quite good. And you got some point especially in the market dominance of Ethereum, it is rising but what I am worried about tis the volume of Ethereum, I am not satisfied, it's still quite low.

In my opinion, the comparison of Bitcoin and Ethereum will not be the same because it will still dominate the price of bitcoin if both experience a great decrease then this will remain the same, but Ethereum will not be able to go higher first.

Isn't Ethereum volume also higher in second place is that not low enough?
Look at the market, some of it has returned to green. Will the coin be like it was before?

[tbterryboy]

I am very excited about the situation with ETH, it has been a favorite of mine for years and it is great to see it coming back. I have told people even back when it dropped to 100 dollars that it shouldn't be around that level and people should invest to it heavily because there is no way ethereum could be that low and it was criminally undervalued, I am so happy that I actually saw that and bought as much eth as I can find.

However it is sad what is going on with bitcoin obviously, I still have my btc and I hate it when it drops. This is not a big drop, it is definitely a drop we can afford, but I would rather not have it drop like this anyway even if it is just small. This could be just accumulation phase and I am sure it will recover and go higher very soon.

[k3rnel31]

I am very excited about the situation with ETH, it has been a favorite of mine for years and it is great to see it coming back. I have told people even back when it dropped to 100 dollars that it shouldn't be around that level and people should invest to it heavily because there is no way ethereum could be that low and it was criminally undervalued, I am so happy that I actually saw that and bought as much eth as I can find.

However it is sad what is going on with bitcoin obviously, I still have my btc and I hate it when it drops. This is not a big drop, it is definitely a drop we can afford, but I would rather not have it drop like this anyway even if it is just small. This could be just accumulation phase and I am sure it will recover and go higher very soon.

I totally agree with you. Eth went from 235 to 420.. people starts selling then wen to  to 480 people sold their coins wich results on drop to 380 -396 so other people panic and sold again .. wich results to crash ..just like 2017 with btc ... Eth will bull run very soon. Im glad we get rid of fud people and short time investors .now hodlers will win as always

[TopTort777]

Recent price drop is an excellent opportunity to get some ethereum. This could be your last chance. I dont think that is a drop down. Probably a long waited correction (market can not just grow all the time). I dont call to buy now, but placing smart buy orders will be wise.