Demolition of BTC domination

Profile picture
Garry
Aug 17, 2020


This is how the altcoins party looks like on Bitcoin Dominance chart:

Dominance is around 60% and decreasing

And this is how the same altcoins party looks like in our engine which checks and splits into understandable pieces of information what is cryptocommunity talking about:

Santiment Emerging Trends overview

Everyone is talking about altcoins. This is defacto now. And accepted by everyone. If it's accepted and participated by everyone, you know what happens next.


As we said on Friday, BTC dominance broke support. We're in the final leg of structure.


The next support for a weekly dominance is around 56%. We could also go all the way to 54%. At this levels dominance will be looking for support and it should normally coincide with a lot of hype. Extreme and confident. Like "LINK is a new paradigm", "DeFi a new paradigm". You will hear the talks about paradigm everywhere. And this is where the story ends. A turnaround.


Bitcoin will reclaim dominance, we just don't know when.


You still can enjoy 2-3x in many alts. It's much easier to pump alts.


But Bitcoin. We see more and more confirmation we could get to 15K.


The question is: After alts finish their party, will the whole market dump and correct all these crazy gains (and we will see flow to stablecoins)? Or it will just move and get back to BTC?


Are people talking about step aside (or "go out") and have some stablecoins? We doubt.


Main stance: next weeks alts will enjoy the party, one by one, crazy money will move from one to another, there are still some alts to pump (though their number is getting less and less). There is still a potential. And we don't know how long will it take. And Bitcoin could still suffer more in dominance.


After process is over either we all together go down, or Bitcoin will go up alone.

The party for alts is about to be finished.

Market flow cycle

We don't know when exactly.


Enjoy the alts. If you are into them, stay. If you are not, look for those who are raising concerns by their community but prepare to exit.


Looks like it will not take more then 2-3 weeks for alts to finish their party.


This is the main thing.


Take care.

BTC
Profile picture
Garry
Aug 17, 2020

Thanks for reading!

If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!

1

Assets from this insight

Bitcoin logo

BitcoinBTC

$ 18784.79

10.01%in last 7d