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Bitcoin’s dominance fell below 40%: Crypto winter or maturity?


The cryptocurrency’s market cap edged up 0.4% to $ 2.36 trillion in the past 24 hours. The cryptocurrency Fear & Greed Index added an additional 1 point overnight to 29, a significant pullback from the 16 point lows on December 6, but still in the fear zone.

Binance Coin, XRP and Luna have added between 4% and 10% in the last 24 hours, leading the gains among the best

altcoins

Altcoins

Altcoins can be defined simply as any cryptocurrency that is not Bitcoin. Originally, Bitcoin was the first and only cryptocurrency, although that number has grown to now include countless cryptos that have been launched. Unlike Bitcoin, many altcoins have encountered varying levels of success, with the vast majority effectively ceasing to exist as tradable entities. However, several have become competitors of Bitcoin itself. The most common altcoins include Ether, XRP, Stellar, Monero, Ada, and Dash, among others, and are considered major players in the crypto space. At the time of writing, there are over 5,000 altcoins in existence with that number oscillating all the time. The two most important altcoins currently are Ethereum and Ripple and have become mainstays in the industry. In terms of structure, altcoins can differ from the Bitcoin network in several ways. This is often the main reason for the existence of altcoins themselves. Altcoins Explained Since its launch, Bitcoin has been innovative and hugely influential, but it has some issues that developers are still trying to address with their own products. This was the main impetus for the launch of several different altcoins. Over time, altcoins have been developed that promote faster transactions, are less volatile, or are more private than Bitcoin. Altcoins also offer different business models and their distribution methods. In addition, their programming languages ​​may be different, supporting the development of different types of applications. While many altcoins have been built with new technology and have tremendous potential to change the world, many of them have been created as methods of making money fast, or even as memes. number of users and subscribers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme.

Altcoins can be defined simply as any cryptocurrency that is not Bitcoin. Originally, Bitcoin was the first and only cryptocurrency, although that number has grown to now include countless cryptos that have been launched. Unlike Bitcoin, many altcoins have encountered varying levels of success, with the vast majority effectively ceasing to exist as tradable entities. However, several have become competitors of Bitcoin itself. The most common altcoins include Ether, XRP, Stellar, Monero, Ada, and Dash, among others, and are considered major players in the crypto space. At the time of writing, there are over 5,000 altcoins in existence with that number oscillating all the time. The two most important altcoins currently are Ethereum and Ripple and have become mainstays in the industry. In terms of structure, altcoins can differ from the Bitcoin network in several ways. This is often the main reason for the existence of altcoins themselves. Altcoins Explained Since its launch, Bitcoin has been innovative and hugely influential, but it has some issues that developers are still trying to address with their own products. This was the main impetus for the launch of several different altcoins. Over time, altcoins have been developed that promote faster transactions, are less volatile, or are more private than Bitcoin. Altcoins also offer different business models and their distribution methods. In addition, their programming languages ​​may be different, supporting the development of different types of applications. While many altcoins have been built with new technology and have tremendous potential to change the world, many of them have been created as methods of making money fast, or even as memes. number of users and subscribers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme.
Read this term. Growth was held back by negative momentum in the top cryptocurrency, which is losing more than any of the top 20 coins.

Pressure intensified to breach the $ 50,000 level, dropping it 1.7% in one day and 12% in seven days.

As a result, Bitcoin’s overall crypto market share has fallen below 40%. The brand’s approach in May was the manifestation of strong profit taking in

Bitcoin

Bitcoin

Bitcoin is the largest and the first digital currency in the world launched in 2009 by the entity Satoshi Nakamoto. Being a digital currency, a defining characteristic of Bitcoin is that it operates without a central bank or a single administrator. Instead, Bitcoin can be sent over a peer-to-peer (P2P) network, which itself lacks any intermediary. Instead of being physical currency, Bitcoins represent pieces of digital code that can be sent and received over a kind of ledger network called a blockchain. As Bitcoins are not issued or backed by any government or central bank, they are considered legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for mining Bitcoin, computers receive rewards in the form of new Bitcoins. Over time, mining becomes more and more difficult, which leads the subsequent rewards to become smaller and smaller. Given the structure of the code, there will only ever be 21 million Bitcoins. However, in 2020 there were already 18.3 million Bitcoins in circulation. Bitcoin Makes History Since its launch in 2009, Bitcoin has remained the world’s most popular and largest cryptocurrency by market capitalization. Its popularity has also significantly contributed to the release of thousands of other cryptocurrencies, now known as altcoins. At its inception, the crypto market was originally hegemonic, although today the landscape contains countless altcoins. Bitcoin has also been controversial since its initial launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature. Since Bitcoin is impossible to trace, this makes cryptocurrency an ideal target for illicit behavior. Critics also point to its high consumption of electricity for mining, soaring price volatility and stock theft. Bitcoin has been viewed by some as a speculative bubble given its lack of oversight.

Bitcoin is the largest and the first digital currency in the world launched in 2009 by the entity Satoshi Nakamoto. Being a digital currency, a defining characteristic of Bitcoin is that it operates without a central bank or a single administrator. Instead, Bitcoin can be sent over a peer-to-peer (P2P) network, which itself lacks any intermediary. Instead of being physical currency, Bitcoins represent pieces of digital code that can be sent and received over a kind of ledger network called a blockchain. As Bitcoins are not issued or backed by any government or central bank, they are considered legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for mining Bitcoin, computers receive rewards in the form of new Bitcoins. Over time, mining becomes more and more difficult, which leads the subsequent rewards to become smaller and smaller. Given the structure of the code, there will only ever be 21 million Bitcoins. However, in 2020 there were already 18.3 million Bitcoins in circulation. Bitcoin Makes History Since its launch in 2009, Bitcoin has remained the world’s most popular and largest cryptocurrency by market capitalization. Its popularity has also significantly contributed to the release of thousands of other cryptocurrencies, now known as altcoins. At its inception, the crypto market was originally hegemonic, although today the landscape contains countless altcoins. Bitcoin has also been controversial since its initial launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature. Since Bitcoin is impossible to trace, this makes cryptocurrency an ideal target for illicit behavior. Critics also point to its high consumption of electricity for mining, soaring price volatility and stock theft. Bitcoin has been viewed by some as a speculative bubble given its lack of oversight.
Read this term after a dizzying rally.

Any extended period in which the share of the first cryptocurrency fell below 40% occurred in January-March and April-June in 2018. After that, BTC dominance recovered with the crash. deeper altcoins, later called the crypto winter.

But there is another crux: Bitcoin’s maximum share declines from cycle to cycle as new players emerge. At the start of 2017, it was 87%, then in 2019, it is already below 70%.

Many other projects have emerged in place of XRP, which has lost its former strength, like a hydra with several new ones growing in an area of ​​its severed head.

That said, neither the mechanics (BTCUSD above its 200-day average and retreating from an oversold zone on the daily charts) nor stock market sentiment is pessimistic, indicating that we are seeing purely local momentum in the market. Bitcoin.

Ether continues to pivot around its 50-day moving average, sticking to local bullish momentum. As always, it’s worth clarifying that a sustained negative on Bitcoin has the power to affect the entire crypto market, but the gradual decline in prices suggests that enthusiasts are looking for other ideas in the industry, but not. a general leak out of it.

Perhaps the capital flowing from one cryptocurrency to another is the best case scenario for the entire market. However, as Saturday showed, it’s easy to scare the entire market away with solid moves in BTCUSD.

This article was written by Alex Kuptsikevich, Senior Market Analyst for FxPro.


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