01-02-2022, 03:09 PM
Bitcoin dominance is at a multi-year low, and looking likely to break to an all time
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/ru4pd2/bitcoin_dominance_is_at_a_multiyear_low_and/"> <img src="https://b.thumbs.redditmedia.com/Vgixjpu7RibTLcz_kwePQMrmK5mlxvAVSoHfRVuTrDk.jpg" alt="Bitcoin dominance is at a multi-year low, and looking likely to break to an all time low. Altcoins may be poised for a massive rally" title="Bitcoin dominance is at a multi-year low, and looking likely to break to an all time low. Altcoins may be poised for a massive rally" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Bitcoin dominance is right now at 40%, which is the lowest since May 2018 and is trying to break through this support for the third time since 2021.</p> <p><a href="https://preview.redd.it/xbkmane8b8981.jpg?width=2610&format=pjpg&auto=webp&s=4cb039050d0ba2879e6bf77dd5d115417548230e">Bitcoin Dominance charts</a></p> <p>Throughout 2021, BTCD has lost over 42% while many alts-BTC pair have soared to new heights.</p> <p>If the dominance breaks below 40, it could signal a fresh run for alts. As many may have noticed even now, while BTC is flatlined and moving sideways, many alts have risen a lot just in the past week alone.</p> <p>There are many theories floating around, including one that claims BTC price is now driven almost exclusively on US based futures exchanges like CME where the futures and options have been attracting a lot of traders lately, and of course the futures based BITO ETF also has been an interesting play for options traders. As a result, BTC moves are starting to be driven by these Wall Street instruments, while majority of alts are still in price discovery mode and more closely resemble a free market where it can go up 200% a week and crash 70% the next week.</p> <p>Historically, BTC dominance has only once dropped below 40 levels, and that was in Dec 2017 which resulted in a mega alt season. Right now, BTCD looks like it could fall below the support at 40 level and head further lower where apart from 36, there is no real zone of support. As you can see from the chart, BTCD drops are steep and breaking below 36 could see a great opportunity for alts to gain massive value vs their BTC pairs.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Set1Less"> /u/Set1Less </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ru4pd2/bitcoin_dominance_is_at_a_multiyear_low_and/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ru4pd2/bitcoin_dominance_is_at_a_multiyear_low_and/">[comments]</a></span> </td></tr></table>Kind Regards R
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/ru4pd2/bitcoin_dominance_is_at_a_multiyear_low_and/"> <img src="https://b.thumbs.redditmedia.com/Vgixjpu7RibTLcz_kwePQMrmK5mlxvAVSoHfRVuTrDk.jpg" alt="Bitcoin dominance is at a multi-year low, and looking likely to break to an all time low. Altcoins may be poised for a massive rally" title="Bitcoin dominance is at a multi-year low, and looking likely to break to an all time low. Altcoins may be poised for a massive rally" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Bitcoin dominance is right now at 40%, which is the lowest since May 2018 and is trying to break through this support for the third time since 2021.</p> <p><a href="https://preview.redd.it/xbkmane8b8981.jpg?width=2610&format=pjpg&auto=webp&s=4cb039050d0ba2879e6bf77dd5d115417548230e">Bitcoin Dominance charts</a></p> <p>Throughout 2021, BTCD has lost over 42% while many alts-BTC pair have soared to new heights.</p> <p>If the dominance breaks below 40, it could signal a fresh run for alts. As many may have noticed even now, while BTC is flatlined and moving sideways, many alts have risen a lot just in the past week alone.</p> <p>There are many theories floating around, including one that claims BTC price is now driven almost exclusively on US based futures exchanges like CME where the futures and options have been attracting a lot of traders lately, and of course the futures based BITO ETF also has been an interesting play for options traders. As a result, BTC moves are starting to be driven by these Wall Street instruments, while majority of alts are still in price discovery mode and more closely resemble a free market where it can go up 200% a week and crash 70% the next week.</p> <p>Historically, BTC dominance has only once dropped below 40 levels, and that was in Dec 2017 which resulted in a mega alt season. Right now, BTCD looks like it could fall below the support at 40 level and head further lower where apart from 36, there is no real zone of support. As you can see from the chart, BTCD drops are steep and breaking below 36 could see a great opportunity for alts to gain massive value vs their BTC pairs.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Set1Less"> /u/Set1Less </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ru4pd2/bitcoin_dominance_is_at_a_multiyear_low_and/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ru4pd2/bitcoin_dominance_is_at_a_multiyear_low_and/">[comments]</a></span> </td></tr></table>Kind Regards R