create account

Bitcoin Dominance Worked Out for Alts (Sort Of) by scaredycatguide

View this thread on: hive.blog |  peakd.com |  ecency.com
hive-167922 · @scaredycatguide ·
$29.26
Bitcoin Dominance Worked Out for Alts (Sort Of) 
From time to time I check on bitcoin dominance to check on the levels and see if it's near the top or bottom of a range.

A while back I said that my assumption was bitcoin dominance would need to rally a bit before we could see alts run again.  That or dominance would have to break a key level and go for the all time low.

It didn't seem like the right environment for that.

Turns out we got a dump in everything but not evenly.

### Dominance Rises to Resistance and Then Falls

![image.png](https://images.hive.blog/DQmVqfi3iVTCa5FpM5i85Vtnz7oMxVE9R2U36uhNs3fEtLZ/image.png)

You can see on the chart that dominance rose in May into June toward the 50% area resistance.  This is the top of the range that has been in place for more than a year now.

Thus my theory is once we approached the resistance odds were we'd potentially see a rally in Alts pushing dominance back down to support.

### So Did it Work?

Well, many alts got whacked worse than bitcoin on the sell off, but they also then recovered much more than bitcoin.

Easiest example is ETHEREUM.  After touch below $900, a month later price had basically doubles and is currently floating around $1500.

That is still a positive gain of roughly 65% while bitcoin is floundering up a marginal amount following it's bounce high of 40% off the low.

As you can see it did not rally as much as ETHERUEM, which is just the example case.  You can find many other alts fitting the bill.

### Back to Support

So now the question is - with Bitcoin back near the 20K area support and dominance near the support something has got to give!

Will bitcoin break down and alts maintain?  Will bitcoin rally off 20K and alts flounder?

These are just a couple of the potential scenarios that can play out.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@scaredycatguide/bitcoin-dominance-worked-out-for-alts-sort-of)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 235 others
👎  
properties (23)
authorscaredycatguide
permlinkbitcoin-dominance-worked-out-for-alts-sort-of
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["crypto","bitcoin","money","investing","leofinance"],"canonical_url":"https://leofinance.io/@scaredycatguide/bitcoin-dominance-worked-out-for-alts-sort-of","image":["https://images.hive.blog/DQmVqfi3iVTCa5FpM5i85Vtnz7oMxVE9R2U36uhNs3fEtLZ/image.png"]}
created2022-08-30 01:20:09
last_update2022-08-30 01:20:09
depth0
children3
last_payout2022-09-06 01:20:09
cashout_time1969-12-31 23:59:59
total_payout_value14.668 HBD
curator_payout_value14.589 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length1,887
author_reputation912,737,282,396,587
root_title"Bitcoin Dominance Worked Out for Alts (Sort Of) "
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id116,154,800
net_rshares41,518,800,527,080
author_curate_reward""
vote details (300)
@darkflame ·
RE: Bitcoin Dominance Worked Out for Alts (Sort Of) 
My prediction is that we have 2 more years of sideways ₿TC action as governments and central banks lean on the printing presses and commodity prices rise. Altcoins will have a miserable time, fighting against both inflation and bitcoin consolidation. After may 2024 I wonder if BTC dominance will rise again as the supply crunch begins and adoption increases. If it doesn't then that may be evidence we are now in a multi-chain paradigm, which I doubt. HIVE is very closely correlated to BTC. Most tokens are trying to be BTC v2 but what has interested me most is use case. Hive in my opinion is the most useful place to put some BTC, although it's properties are not the same.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@darkflame/re-scaredycatguide-s3mkc)
properties (22)
authordarkflame
permlinkre-scaredycatguide-s3mkc
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["leofinance"],"canonical_url":"https://leofinance.io/@darkflame/re-scaredycatguide-s3mkc"}
created2022-08-30 18:46:18
last_update2022-08-30 18:46:18
depth1
children1
last_payout2022-09-06 18:46:18
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length779
author_reputation70,237,182,379,237
root_title"Bitcoin Dominance Worked Out for Alts (Sort Of) "
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id116,175,593
net_rshares0
@scaredycatguide ·
$0.03
RE: RE: Bitcoin Dominance Worked Out for Alts (Sort Of) 
Yeah, the next year or two will be interesting.  I have kept expectations in check, that's for sure!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@scaredycatguide/re-darkflame-39uh1g)
👍  
properties (23)
authorscaredycatguide
permlinkre-darkflame-39uh1g
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["leofinance"],"canonical_url":"https://leofinance.io/@scaredycatguide/re-darkflame-39uh1g"}
created2022-09-01 00:22:42
last_update2022-09-01 00:22:42
depth2
children0
last_payout2022-09-08 00:22:42
cashout_time1969-12-31 23:59:59
total_payout_value0.013 HBD
curator_payout_value0.014 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length203
author_reputation912,737,282,396,587
root_title"Bitcoin Dominance Worked Out for Alts (Sort Of) "
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id116,211,488
net_rshares41,890,597,405
author_curate_reward""
vote details (1)
@poshtoken ·
$0.08
https://twitter.com/noadvice3/status/1564426561641742342
<sub> The rewards earned on this comment will go directly to the people( @no-advice ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.</sub>
👍  
properties (23)
authorposhtoken
permlinkre-scaredycatguide-bitcoin-dominance-worked-out-for-alts-sort-of-1243
categoryhive-167922
json_metadata"{"app":"Poshtoken 0.0.1","payoutToUser":["no-advice"]}"
created2022-08-30 01:36:21
last_update2022-08-30 01:36:21
depth1
children0
last_payout2022-09-06 01:36:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.083 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length258
author_reputation3,941,657,352,408,001
root_title"Bitcoin Dominance Worked Out for Alts (Sort Of) "
beneficiaries
0.
accountreward.app
weight10,000
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id116,155,094
net_rshares235,610,262,021
author_curate_reward""
vote details (1)
Help/Feedback