Bitcoin dominance is a fascinating way to examine the overall crypto market, but how can it be utilized for crypto trading?
The logic behind the Real Bitcoin Dominance Index is that many altcoins such as stablecoinsand, so, it may paint a more realistic long-term view on Bitcoin’s dominance.
Conversely, bear markets might see higher BTC dominance, as traders may be pulling their funds out of altcoins and putting money into Bitcoin since it’s more of a reliable asset. The point is, while Bitcoin dominance might paint the crypto market a certain way on a surface level, there are various factors to consider to gather an informed view.
As a result of this activity, Bitcoin’s dominance could quickly drop and rebound, impacting short-term trades negatively. Another factor that could lead to unpredictable short-term drops or rises in Bitcoin dominance is fear of missing out . before altcoins entered the market. However, enthusiasts note that Bitcoin’s dominance is unexpected to hit that number again due to the prevalence of altcoins in today’s market. But, it’s impossible to say for sure, as if countries follow El Salvador implement Bitcoin as legal tender BTC’s dominance may rise once again.
That said, a Bitcoin price dip could occur if users are pulling funds out of all cryptocurrencies, resulting in a lower crypto market capitalization overall. In this case, Bitcoin dominance may remain at a certain percentage despite traders’ anticipation of a potential bear market.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound After Weekend Selloff – Market Updates Bitcoin NewsBitcoin and ethereum prices rebounded on Monday, after declining throughout the weekend, as the Russian invasion of Ukraine heightened.
Read more »
War puts BTC price to the test — 5 things to watch in Bitcoin this weekHere are 5 cues for your Bitcoin trading prospects in the (likely unpredictable) coming days.
Read more »
Purpose ETF Increases Its Bitcoin Holdings by 31%, Now Owns 32,329 BTCWhile retail traders sell their assets, institutions accumulate more $BTC as Purpose ETF increases its holdings by 32%
Read more »
Bitcoin rebounds over $41K after painting a 'bullish hammer' — Can BTC hit $64K next?Bitcoin rallied above $41,000 Monday in a new sign of buying sentiment returning.
Read more »
Bitcoin's Hashpower Drops, BTC Mining Difficulty Expected to Jump Higher in 4 Days – Mining Bitcoin NewsBitcoin's hashrate dropped 30% since the all-time high (ATH) on February 15, sliding from 249 exahash per second (EH/s) to 169 EH/s. BitcoinMining
Read more »
Data Shows Ruble-Denominated BTC Volume Rising, BTC-RUB Prices Jump as High as $46K – Markets and Prices Bitcoin NewsData shows that bitcoin ruble pairs saw a significant premium on February 28, jumping 16% higher than the global average.
Read more »