Monday’s Market Watch: Bitcoin Drops $300 In Minutes, Elections Volatility Incoming?
Bitcoin seems particularly volatile in the wake of the US Presidential Elections. The cryptocurrency lost $300 in a few minutes
Bitcoin Dominance is one of the most popular tracking metrics. It shows Bitcoin’s total market capitalization relative to the entire market, or in other words, relative to the altcoins.
When Bitcoin price increases, if the Bitcoin dominance is increasing as well, then the price gains of Bitcoin is also the result of altcoins’ sell-off.
And vice versa: if the Bitcoin dominance is steady or decreasing while Bitcoin price is increasing, then we can conclude that new money is entering the crypto markets.
As of writing these lines, Bitcoin dominance has been at its lowest value at the beginning of 2018, amid the parabolic crypto bubble, which saw its price reaching the current all-time high of nearly $20,000. Back then, BTC accounted for about 32% of the total market cap, while Ethereum accounted for a whopping 18%, followed by XRP.
Somewhat expectedly, Bitcoin’s dominance was at its peak back in 2013 when it stood at above 96%. However, it’s worth noting that a lot of the cryptocurrencies that exist today didn’t exist back then.
This equals Bitcoin market cap as a percentage of the total market cap.
Bitcoin seems particularly volatile in the wake of the US Presidential Elections. The cryptocurrency lost $300 in a few minutes
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