Analysis of Bitcoin and other Altcoins

[mr_ROBOTT]

This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.
Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today
What do you think these numbers mean?
Do not sell any currency you have under any circumstances because you will regret it badly.
Well, this decrease in bitcoin dominance and trading volume means that many people are selling their bitcoins and 90% of them are professional. And they are waiting for Bitcoin to fall to the range of $ 55,000, eventually $ 53,600, to the other currencies below, and then they will brutally attack other currencies to buy. and it can really be said that they sweep the floor of the market.

[Fortify]

Your post seems like it is full of contradiction and selectively chosen information. What do you mean it's used to "cash in on oil, weapons and drugs" because it is such a meaningless sentence, anything can be used to trade for those items and the USD has been the currency of choice - do you think we should somehow ban that because criminals use it too? Your guess at a return to 55,000 might be right because it is a heavily volatile currency, it could just as easily head up to 65,000 instead - it is a pointless prediction that has little basis. Market dominance can also be measured in all sorts of ways, but it is clear that out of the thousands of cryptocurrencies out there that Bitcoin has the most penetration in the minds of the general public and that is arguably the most important metric which is somewhat incalculable. It is like people associating search engine with Google or online shopping with Amazon, they are market leaders and the numbers you cite can be polled in all sorts of different ways. I would love to see the Bitcoin price drop, if only to buy more of this asset that has a relatively limited amount in circulation.

[icopress]

Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today / What do you think these numbers mean?

Let's start with the fact that the lion's share of the daily trading volume on most exchanges is fiction, the real volumes are an order of magnitude less. I don’t remember exactly when CoinMarketCap announced that it would improve the algorithm for recognizing inflated trading volumes, but this is a step in the right direction, (if you're interested, in 2019 the SEC released a report on this topic ..). As for the numbers, if we do not take into account the artificially high volumes, a gradual decrease in volumes is usually a precursor to a change in trend. Which is not really surprising ... just look at the capitalization of top altcoins ... 

[livingfree]

90% of them are professional.

How did you know that many of them are professional? do you have a statistics for this? I know that many professionals are into bitcoin but how did you come up with that percentage?

Well, don't worry about bitcoin's dominance. If that's your only parameter to know how much bitcoin will be in the next days then you should use it as your strategy. And what's the problem if bitcoin will go back to those prices knowing that it's very volatile, a tendency might really come that it can go back with those prices.

[Hippocrypto]

This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.
Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today
What do you think these numbers mean?
Do not sell any currency you have under any circumstances because you will regret it badly.
Well, this decrease in bitcoin dominance and trading volume means that many people are selling their bitcoins and 90% of them are professional. And they are waiting for Bitcoin to fall to the range of $ 55,000, eventually $ 53,600, to the other currencies below, and then they will brutally attack other currencies to buy. and it can really be said that they sweep the floor of the market.

This is really interesting for the coming days, and I am looking forward to see another bloody market despite of the massive pumps. Most probably altcoins will have another momentous time, when bitcoin decreases it's dominance but we need to be careful on our every decisions because if you're going to panic everything will be gone in an instant.

[yhiaali3]

This is the nature of the market cycle, the dominance of Bitcoin will decrease in favor of some other Altcoin, but it will return after a while, this cycle I think will reach its end after a few months as Bitcoin will reach its highest peak and then it will start to correct by about 40-50%, then comes the role of Altcoin To start with a big correction, speculators have to be careful during this period.

[adaseb]

Generally before bitcoin hits a top, the dominance usually goes down. The way it works is as follows. Money goes into BTC, then flows into altcoins and then flows back in fiat or tether.

Its concerning to see legacy altcoins like XRP and LTC pumping. When these coins pump it usually indicates a top already occured for bitcoin and we might enter a bear market. Look what happened in 2017 with XRP and LTC. They pumped like crazy and we topped out shortly after. I think if LTC goes to like $1000 and XRP to like $5-10. Then $61K most definately was the top and it might be time to start taking profits.

[crzy]

I don’t know where did you base your analysis but I don’t think those are the reason for the possible correction and for the record, there’s no abnormality on the price trend of Bitcoin.

We already reached the possible peak so the next trend is bear, expect a heavy sell load when that trend begin, for now look for good altcoins to hold, they are still on a big bull trend.

[Theb]

Market dominance is something that I don't really dwell a lot since it is one of those metrics that doesn't really show where the asset is heading. Right now if we are speaking about Bitcoin's market dominance you will see that even if you combine the top 2-10 cryptocurrencies in terms of market cap Bitcoin is still far ahead of them. For me market dominance is just a number and we need to accept the fact that Bitcoin won't be hogging all the market cap in the near future as soon as more and more traders become adventurous with other cryptocurrencies and begin to dwell with other opportunities in the crypto market, just think about it like the stock market where a lot of people really don't focus on the top gainers/volume stocks anymore but focus on the small and medium enterprises which has a lot of room for growth.

[Dave1]

This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.
Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today
What do you think these numbers mean?

It's weekends anyways, maybe this is the reason why the trading volume is small as compare to normal days. In any case, dominance that is above 50% is for me still very high.

Do not sell any currency you have under any circumstances because you will regret it badly.
Well, this decrease in bitcoin dominance and trading volume means that many people are selling their bitcoins and 90% of them are professional. And they are waiting for Bitcoin to fall to the range of $ 55,000, eventually $ 53,600, to the other currencies below, and then they will brutally attack other currencies to buy. and it can really be said that they sweep the floor of the market.

Hmm, that's a high numbers though, maybe 90% are smart investors, but the rest are retail but it doesn't mean they are not making any money. If you go short in this bull run, you will get rekt.

[Refrumatrix]

Many people want his bull season to last longer through out this year but that's not what bitcoin chart is showing me, it looks like bull market is almost over, anyone who knows what PI cycle means can relate,  well I hope people are prepared, bear market caught many off guide in early 2018, this bullrun cycle have already lasted longer

[hulla]

This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.
Bitcoin trading volume is getting less and less every day. Yesterday it was 77 billion dollars and today it is 56 billion dollars.
Market dominance was 70% a month ago, 56% yesterday and 53% today
What do you think these numbers mean?

First, if you believe in what antiBitcoin people/governments said about Bitcoin being used for weapons, drugs, etc then you're meant to join this forum or participate in any crypto investment because Bitcoin is not totally anonymous while cash can be used to make anonymous payment locally just like we watch in movies. Besides, the last time I checked cash is used mostly by those drugs and weapon dealer,s not Bitcoin.

Having said that the decrease in the number of Bitcoin dominance in the market is just a number because after the implementation of DeFi and then NFT alot of new projects are created and added to the market cap every day, this the reason why Bitcoin dominance decrease.

Do not sell any currency you have under any circumstances because you will regret it badly.

Maybe but it depends on the particular coin invested in because some coins will fail/dead when it market bloodbath which will happen after the bullish market is over.

Well, this decrease in bitcoin dominance and trading volume means that many people are selling their bitcoins and 90% of them are professional. And they are waiting for Bitcoin to fall to the range of $ 55,000, eventually $ 53,600, to the other currencies below, and then they will brutally attack other currencies to buy. and it can really be said that they sweep the floor of the market.

That's doesn't mean they are waiting for Bitcoin to fail, there's something we call the setting of goal in the cryptocurrency market, and when the goal is achieved the best thing is to sell maybe thatd what we're seeing now.

[JimboToronto]

Bitcoin and other Altcoins

Bitcoin is not an altcoin.

If you said, "Bitcoin and other cryptocurrencies", it would be like saying "Man and other animals". Technically man is just an animal.

Saying "Bitcoin and other altcoins" is like saying, "Man and other sub-human species". No comparison.

[BrewMaster]

there are just too many things wrong with your post that i don't even know where to begin so i'll just address your mistakes as a whole.

there is nothing abnormal about bitcoin market at all. the trend is as it was before, there is a huge volume still in the market every day. it was higher yesterday because it broke $60k and it is lower this day because it stayed pretty much in the same level and it was lower 2 days ago because it hadn't broken $60k yet. other than that the volume over the past couple of weeks is the same on average and it is very high because people are accumulating right now.

as for altcoins the only reason why the dominance is decreasing is because bitcoin price was stable for the past month and over this time (like always) the altcoins are getting pumped. as soon as bitcoin price starts rising back up again all the altcoins that were pumped will be dumped hard and the dominance would be back up again.
not to mention that dominance means nothing apart from showing the pumping time of altcoins and warn about the upcoming altcoin dump.

[Gozie51]

The dominance and reduction are a function of volatility and relevance, so it is nothing to worry about. You know in 2017, bitcoin has an overwhelming dominance because many altccoins are regarded as shitcoins except Ethereum but presently, BnB, Ada , polkadot and others are making statement.

Do not sell any currency you have under any circumstances because you will regret it badly.

Do not allow your shitcoins to be delisted in an exchange lol. Because not all coins are worthy to be in your wallet portfolio.

[sheenshane]

I don’t think that these numbers are abnormal.  IMO, it is more expected depending on how long you have been in the industry.

Bitcoin has been accepted as being volatile, honestly, that's where the excitement comes from.  In Bitcoin, as long as transactions are happening every day, that’s enough.  You just had to play along.

Bitcoin going back to its old price?  Scary?  No, it's somehow expected.
People could take advantage of it still and just wait for the next bull run as usual and Bitcoin isn’t a stable coin, dominance will always change and that’s a good thing.  Making it stable is making it having its true essence absent.

[Karartma1]

Bitcoin and other Altcoins

Bitcoin is not an altcoin.

If you said, "Bitcoin and other cryptocurrencies", it would be like saying "Man and other animals". Technically man is just an animal.

Saying "Bitcoin and other altcoins" is like saying, "Man and other sub-human species". No comparison.

Seconding the Bitcoin officer, because this thread title is very outrageous to say the least. You should amend it because it doesn't belong here.
Altcoins can't be really put on the bitcoin apple, it's not even like comparing apples and oranges but more like comparing a Ferrari to a skateboard.

[slapper]

This behavior of bitcoins is abnormal in my opinion and bitcoins are used to cash in on oil, weapons and drugs, and bitcoins will return to 55,000 and have a debt to channel 55.

Im not sure why you say that bitcoin is only used for oil, weapon and drugs. It does not make any sense since many legal company accept bitcoin as a proper payment method. You must be out of your mind or too ignorant to see the obivous

Is the behavior of bitcoin abnormal? I do not think so. There are always reasons why people choosing bitcoin among other asset. Recently, many instituational investors decide to gather their money for bitcoin and this is the force with push the price toward

The lower volume of bitcoin lately is a indicator for a small reversal. And you might be correct by claiming that bitcoin will fall to $55000 or $53500.

[Husires]

I do not understand what your logic is to think bitcoin price will lower than 53000. we have had a rally for several months and there has been no major correction in the price or a bloodbath everything is possible.
Bitcoin dominance is an indicator for enthusiasm of investors for altcoin not a sign of a price increase or a correction.
Bitcoin stability for a long time between $ 55,000 and $ 60,000 will be a strong psychological level that will be difficult to break down.

[Furious 7]

I do not understand what your logic is to think bitcoin price will lower than 53000. we have had a rally for several months and there has been no major correction in the price or a bloodbath everything is possible.
Bitcoin dominance is an indicator for enthusiasm of investors for altcoin not a sign of a price increase or a correction.
Bitcoin stability for a long time between $ 55,000 and $ 60,000 will be a strong psychological level that will be difficult to break down.

Maybe they want to see bitcoin at 53k and to buy it. LOL
During some corrections, there was no bloodshed in the market but only a little and it has broken down again and has now reached 60k wherein bitcoin will continue to grow to see the challenges ahead.
This won't be easy enough, of course, it will continue past stability where the indicator shows bitcoin is at the top.