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BTC and it’s current dominance

If you are somewhat new to the cryptosphere you might be wondering what is going on. The total marketcap of cryptos is not really climbing as fast as one would hope, however the price of BTC seems to be very bullish at the moment. I’ve seen this so many times I’m pretty sure it’s exactly the same cycle happening all over again.

Many Altcoins won’t make it

The psychology of the markets is fascinating to me. And in my opinion, the only thing that TA attempts to do is to explain just that. If it does so effectively is another question all together. However, it does not take a degree on economics to speculate what is happening with the alt coins and BTC dominance.

As of writing this post, BTC is at 53% of the cryptomarkets. That number, as unimpressive as it may sound it’s the highest its been for a very long time. Prior to publishing this opinion of mine, I tried to see when was the last time BTC dominated the markets with these margins only to confirm my suspicion, December 2017. What does this mean? Well, it simply means that more and more people are choosing to dump their bags, at a loss mind you, and jumping on the BTC wagon in expectation of a higher valuation of the king of crypto.

I could sit here and argue how doing such thing is not very logical, but as we know markets and their traders are famous for being irrational. So, that conversation is kind of moot at the moment. I will however say, that if you take your time to analyze this with a cold heart, you will find yourself standing in front of the cusp of opportunity.

Everyone focused on the ETFs

I’m not one to hold my breath, but it seems to me that this could the main catalyst for this year’s bull run and I’m pretty excited about that possibility. However, the cat is not in the bag, and nothing will be concrete until much later in the year. Some even say nothing will happen until December, which to me sounds like an exaggeration, but then again, we are talking about crypto and irrationality is a dominant feature of these markets.

There are a few loud voices openly against ETFs being Andreas Antonopoulos the loudest I can think of, but as much as I appreciate his genius, I don’t see us not moving in this direction. Yes, we all claim to hate the banks but at the same time, there is a considerable amount of people who are participating of the cryptospace who are nowhere ready to let go.

 The Big Bounce is coming, I’m sure of that

Markets have cycles and this has been true long before crypto was a word being uttered by the common internet folk. We are simply going through a winter, and funnily enough, said winter brings opportunity with it, as painful as it may be to recognize it.

Now, I don’t believe that all coins will recover, but what I’m sure that will happen is that when dominance drops, some of the strong community coins will see massive candles to the upside. What cryptocurrencies will trigger a new bull run? That, I’m not sure, and anyone who gives you their winning picks is doing so blindly or naively at best. However, it’s quite possible that the big names will remain the big names, and the ones that remained as beautiful unicornian overvalued vaporware finally die off.

As with everything… time will tell.

@meno

Recommend0 recommendationsPublished in Blockchain & Cryptocurrencies, Bitcoin (BTC), Top Rated

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