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

[exstasie]

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.

DeFi mania had nothing to do with this decline. If money were flowing into altcoins right now, ALT/BTC pairs would be rising. Just look at ETHBTC: it's been crashing ever since the September 1st top.

This was just a good old shakeout. Bitcoin dumps, altcoins dump harder. Risk assets are all dumping together this week.

I'm sure DeFi will have a huge effect on Bitcoin dominance during the next altcoin bubble, but in my opinion we're nowhere near that point.

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[Silberman]

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!

LOL, I remember those days in which people thought ETH had a chance of taking BTC position, while I have no doubt those that support ETH will like for that topic to comeback just look at what it is happening to ETH now, after some people refused to sell their ETH thinking the party could keep going we are now seeing a 17% drop in 24 hours and BTC has regained some of the market dominance it lost during the last days and as this market turns from extreme greed to extreme fear we could see an even bigger drop during the next days.

[starseeker]

As I see, BTC is following the stockmarket trajectory this time. The markets are down too. Just brace yourself and HODL

[bitgolden]

Market dominance of bitcoin is also very down as well, it is around 55% levels when I last checked it and that is as low as I can remember in a long time, it hasn't been that low for a while now and I can remember about 62% or so just few months ago, which tells me that bitcoin is losing the grip on the market right now and becoming something a bit more seldom.

Obviously that is not a bad thing, this is all crypto and I love it when crypto currencies aside from bitcoin makes their own movements but how sustainable is it though? I can see all the weird stuff like USDT getting higher even though it is a stablecoin and not a crypto currency, stuff like polkadot or yearn.finance getting super high as well, these are all new stuff and fake stuff so I am not sure how long it will continue.

[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!

LOL, I remember those days in which people thought ETH had a chance of taking BTC position, while I have no doubt those that support ETH will like for that topic to comeback just look at what it is happening to ETH now, after some people refused to sell their ETH thinking the party could keep going we are now seeing a 17% drop in 24 hours and BTC has regained some of the market dominance it lost during the last days and as this market turns from extreme greed to extreme fear we could see an even bigger drop during the next days.

I also commented on other thread about the greed and fear index, and it seems overnight, it turn from greed to fear, Lol, that's crypto market, in 24 hours, the tide will suddenly shift without explanation. I don't think that the ETH topic about this so called flippening will come back though. We know that it's not going to happen and ETH will not get close to BTC as far as price goes. 40%-50% dominance of bitcoin? doesn't matter. It might be losing some grip, but it will be somewhat stable around that range.

[noormcs5]

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!

LOL, I remember those days in which people thought ETH had a chance of taking BTC position, while I have no doubt those that support ETH will like for that topic to comeback just look at what it is happening to ETH now, after some people refused to sell their ETH thinking the party could keep going we are now seeing a 17% drop in 24 hours and BTC has regained some of the market dominance it lost during the last days and as this market turns from extreme greed to extreme fear we could see an even bigger drop during the next days.

I also commented on other thread about the greed and fear index, and it seems overnight, it turn from greed to fear, Lol, that's crypto market, in 24 hours, the tide will suddenly shift without explanation. I don't think that the ETH topic about this so called flippening will come back though. We know that it's not going to happen and ETH will not get close to BTC as far as price goes. 40%-50% dominance of bitcoin? doesn't matter. It might be losing some grip, but it will be somewhat stable around that range.

We just need to wait for few more days, as soon as the market will start to recover, we will see the greed fear index turning into greed.

Also everyone should remember that we should sell when every one is greedy and buy when everyone is fearful. So this is the buying time.

[Taskford]

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!

LOL, I remember those days in which people thought ETH had a chance of taking BTC position, while I have no doubt those that support ETH will like for that topic to comeback just look at what it is happening to ETH now, after some people refused to sell their ETH thinking the party could keep going we are now seeing a 17% drop in 24 hours and BTC has regained some of the market dominance it lost during the last days and as this market turns from extreme greed to extreme fear we could see an even bigger drop during the next days.

I also commented on other thread about the greed and fear index, and it seems overnight, it turn from greed to fear, Lol, that's crypto market, in 24 hours, the tide will suddenly shift without explanation. I don't think that the ETH topic about this so called flippening will come back though. We know that it's not going to happen and ETH will not get close to BTC as far as price goes. 40%-50% dominance of bitcoin? doesn't matter. It might be losing some grip, but it will be somewhat stable around that range.

We just need to wait for few more days, as soon as the market will start to recover, we will see the greed fear index turning into greed.

Also everyone should remember that we should sell when every one is greedy and buy when everyone is fearful. So this is the buying time.

You are correct so best not to get affected when someone getting panic of situation of the market since whenever there's a dump the pump will follow so best to see the market at this point and monitor on when to enter since whenever we spot the dip then buy in a right time for sure we will earn some profits in the long run. I believe that the current price is still in decent shape and there's nothing to worry about it.

[onecall123]

~snip~

We just need to wait for few more days, as soon as the market will start to recover, we will see the greed fear index turning into greed.

Also everyone should remember that we should sell when every one is greedy and buy when everyone is fearful. So this is the buying time.

A simple rule of a good return from any situation. And there is green back into the market. needs to keep moving.
Most of us we do opposite practice. This is an opportunity. If you're not accumulating in right time then how you gonna make profit? That's make pretty sense, nah!

[exstasie]

I also commented on other thread about the greed and fear index, and it seems overnight, it turn from greed to fear, Lol, that's crypto market, in 24 hours, the tide will suddenly shift without explanation.

A $2,000 (~17%) drop in 48 hours would explain it! Not to mention how harshly altcoins dumped.

I forgot all about the Fear & Greed index. Didn't realize we were in "extreme greed" just 3 days ago! Sometimes it really pays to keep track of this stuff.

We just need to wait for few more days, as soon as the market will start to recover, we will see the greed fear index turning into greed.

Also everyone should remember that we should sell when every one is greedy and buy when everyone is fearful. So this is the buying time.

Keep in mind, the market can become much more fearful than it currently is.

This past February after a 2-3 month rally, the index switched to "fear" on Feburary 20th in the $9,000s. The market dumped to the $3,000s by March.

[pixie85]

As I see, BTC is following the stockmarket trajectory this time. The markets are down too. Just brace yourself and HODL

Exactly. I must have repeated this at least 5 times in different threads where clueless people were writing stupid questions like "is bitcoin dying?" or "did the whale manupulate the market?".

The stock market regained a lot after the corona crash and people are taking profits now especially since a second wave of corona is expected to appear. Bitcoin was rejected at 12k and is not strong enough to ignore stocks and go up.

ETH might be high in dominance but it still falls when Bitcoin falls. It's too weak to ignore Bitcoin like all other major altcoins.

ETH went down from $480 to $350 so it lost more than BTC. How is that a strong, dominant coin?

[Gaaara]

As I see, BTC is following the stockmarket trajectory this time. The markets are down too. Just brace yourself and HODL

Exactly. I must have repeated this at least 5 times in different threads where clueless people were writing stupid questions like "is bitcoin dying?" or "did the whale manupulate the market?".

The stock market regained a lot after the corona crash and people are taking profits now especially since a second wave of corona is expected to appear. Bitcoin was rejected at 12k and is not strong enough to ignore stocks and go up.

ETH might be high in dominance but it still falls when Bitcoin falls. It's too weak to ignore Bitcoin like all other major altcoins.

ETH went down from $480 to $350 so it lost more than BTC. How is that a strong, dominant coin?

That is no dominance, the fact that ETH continued to go down has been bothering since the moment it hit a certain point it goes down as fast and goes lower than the recent ceiling, thus dominance is rather an absurd word to use I would call it redemption since it is going well at least like it used to, since the moment it hit $1,4k in 2017 it suddenly goes down then in 2019 the highest is $800 then it slowly went downwards and never really had a chance to go back from the same level as those years.

[pixie85]

That is no dominance, the fact that ETH continued to go down has been bothering since the moment it hit a certain point it goes down as fast and goes lower than the recent ceiling, thus dominance is rather an absurd word to use I would call it redemption since it is going well at least like it used to, since the moment it hit $1,4k in 2017 it suddenly goes down then in 2019 the highest is $800 then it slowly went downwards and never really had a chance to go back from the same level as those years.

I wrote about dominance in reference to the market cap. It's still dominating the altcoin market despite the losses.
XRP with the second market cap among altcoins barely has 30% of ETH in that matter it is dominance for sure.

We can argue that market cap doesn't mean anything because it really doesn't, but it is an indicator many people watch and one that ranks coins.

[Sanitough]

As I see, BTC is following the stockmarket trajectory this time. The markets are down too. Just brace yourself and HODL

Exactly. I must have repeated this at least 5 times in different threads where clueless people were writing stupid questions like "is bitcoin dying?" or "did the whale manupulate the market?".

The whale could manipulate the market but bitcoin is not dying or will not die.

The stock market regained a lot after the corona crash and people are taking profits now especially since a second wave of corona is expected to appear. Bitcoin was rejected at 12k and is not strong enough to ignore stocks and go up.

ETH might be high in dominance but it still falls when Bitcoin falls. It's too weak to ignore Bitcoin like all other major altcoins.

ETH went down from $480 to $350 so it lost more than BTC. How is that a strong, dominant coin?

You are right, bitcoin falls, ETH falls or the rest of the coins falls, that's what we have seen before the price started to recover again.
Currently, bitcoin dominance is 57%, that's still huge compared to ETH which only has 12%, so even if ETH dominance will rise, it can never get close to bitcoin's dominance as it's not only ETH that has rise, lots of coins as well.

[Ridwan Fauzi]

The head and shoulders pattern hasn't been filled maybe there will be another dump for bitcoin technically. But who knows? There is no certain strategy which have 100% accurate.

Also, I heard a new yesterday which stated that Warren Buffet has diceded to sold their 100 portfolio in stock marker which can affect for bitcoin and gold and we have seen a little surge increase a few time ago.

[Kelvinid]

The head and shoulders pattern hasn't been filled maybe there will be another dump for bitcoin technically. But who knows? There is no certain strategy which have 100% accurate.

No strategy will work for this. The market still never shows strong market resistance in which we could expect Bullish but that seemed hopeless and not a thing we have to expect this time. But I was not thinking also that we get back to 4 digits instead of keeping at above $10k until we end this year.

Also, I heard a new yesterday which stated that Warren Buffet has diceded to sold their 100 portfolio in stock marker which can affect for bitcoin and gold and we have seen a little surge increase a few time ago.

Warren Buffet? You better not to listen with him coz there is no truthfulness with his words when talking about crypto. He's dragging only to hell than saying good for it. Besides, if that is true, he's not only a bag holder and that means that even he sold his Bitcoin (if he has) won't certainly give a huge impact on the price.

[lepbagong]

The head and shoulders pattern hasn't been filled maybe there will be another dump for bitcoin technically. But who knows? There is no certain strategy which have 100% accurate.

Also, I heard a new yesterday which stated that Warren Buffet has diceded to sold their 100 portfolio in stock marker which can affect for bitcoin and gold and we have seen a little surge increase a few time ago.

there is still a long time for bitcoin to make improvements and the possibility of going up and down will continue and this is the umpteenth time bitcoin has experienced this, because the momentum for bitcoin to move up has not happened, which is for sure next year.

opportunity for short-term investment if you want to run because indeed bitcoin will continue to move like yesterday for several times, and at the end of the year may start to stabilize. There are still 3 months left and the possibility of ups and downs will continue to occur rapidly.

[el kaka22]

I am pretty sure that all the wait for the bitcoin halving craze wasn't for today, that can't happen this quickly, I know it has been a few months and people have been expecting a rise because of that reason, however that is not logical to think like that because halving is not something that changes prices instantly, it is a long term thing. Think of it like lower inflation, it is a good thing, with lower inflation your money keeps its value longer, but it is not one time quick change, it is a long term years thing.

Bitcoin had halving and miners makes less bitcoin which means they get to sell less bitcoin and that means there is less money sold and that will change over time. Obviously it may take long time, maybe it will take another whole year? Who knows.

[Silberman]

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!

LOL, I remember those days in which people thought ETH had a chance of taking BTC position, while I have no doubt those that support ETH will like for that topic to comeback just look at what it is happening to ETH now, after some people refused to sell their ETH thinking the party could keep going we are now seeing a 17% drop in 24 hours and BTC has regained some of the market dominance it lost during the last days and as this market turns from extreme greed to extreme fear we could see an even bigger drop during the next days.

I also commented on other thread about the greed and fear index, and it seems overnight, it turn from greed to fear, Lol, that's crypto market, in 24 hours, the tide will suddenly shift without explanation. I don't think that the ETH topic about this so called flippening will come back though. We know that it's not going to happen and ETH will not get close to BTC as far as price goes. 40%-50% dominance of bitcoin? doesn't matter. It might be losing some grip, but it will be somewhat stable around that range.

That is because right now they have no argument, bitcoin has 4.5 times the market cap of ethereum so it is not like they can claim they are getting close to that happening, but if for some reason this DeFi hype and bubble somehow continues you can bet they will begin to talk about it as a form to try to keep hyping ETH, personally I do not mind as I know it will not happen no matter what but what bothers me about this is that some newbies may believe it and they may take bad investments decisions because of it.

[LUCKMCFLY]

Bitcoin will always be the leading influencing factor in the market, if bitcoin goes down like this, ETH rises, it will fall anyway, because the only one that has a life of its own is bitcoin, both ETH and any altcoin will always depend on the movements of bitcoin. There are exceptions, there are some currencies that survive from the pump and dump, but the price of bitcoin influences the same way.

[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!

LOL, I remember those days in which people thought ETH had a chance of taking BTC position, while I have no doubt those that support ETH will like for that topic to comeback just look at what it is happening to ETH now, after some people refused to sell their ETH thinking the party could keep going we are now seeing a 17% drop in 24 hours and BTC has regained some of the market dominance it lost during the last days and as this market turns from extreme greed to extreme fear we could see an even bigger drop during the next days.

I also commented on other thread about the greed and fear index, and it seems overnight, it turn from greed to fear, Lol, that's crypto market, in 24 hours, the tide will suddenly shift without explanation. I don't think that the ETH topic about this so called flippening will come back though. We know that it's not going to happen and ETH will not get close to BTC as far as price goes. 40%-50% dominance of bitcoin? doesn't matter. It might be losing some grip, but it will be somewhat stable around that range.

That is because right now they have no argument, bitcoin has 4.5 times the market cap of ethereum so it is not like they can claim they are getting close to that happening, but if for some reason this DeFi hype and bubble somehow continues you can bet they will begin to talk about it as a form to try to keep hyping ETH, personally I do not mind as I know it will not happen no matter what but what bothers me about this is that some newbies may believe it and they may take bad investments decisions because of it.

The only argument they have is Eth2.0, but it's not enough to push this so called flippening. And what a month we have, unexpectedly, the support and resistance have fallen as well, that's why the index is still on the fear as the market is swinging wildly, one day it has bounce back and then suddenly it will go back to red again. And with so many exit scams happening in DeFi already, I wouldn't be surprised if the hype died down a bit for now.