{"id":386912,"date":"2019-06-21T01:01:21","date_gmt":"2019-06-21T01:01:21","guid":{"rendered":"https:\/\/wncen.com\/?p=386912"},"modified":"2019-06-20T16:51:22","modified_gmt":"2019-06-20T16:51:22","slug":"bitcoin-dominance-crypto-altcoin-usd","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dominance-crypto-altcoin-usd\/","title":{"rendered":"Bitcoin Dominance Expected to Grow to 70%, Crypto Analyst Warns of Deceiving ALT\/USD Charts"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">For much of the year, crypto analysts have been clamoring for an <a href=\"https:\/\/wncen.com\/2019\/06\/07\/crypto-alt-season-expected-but-has-margin-trading-and-ieos-captured-retail-money\/\">alt season that promises unheard of returns across the entire space<\/a>. Talk of 10x returns during the hunt for the next Bitcoin and becoming rich overnight fill social media feeds.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, <a href=\"\/tag\/btc-dominance\" rel=\"nofollow\">Bitcoin dominance<\/a> has only grown since it broke out of the deepest depths of the bear market back in <a href=\"https:\/\/wncen.com\/2019\/04\/25\/bullish-bitcoin-altcoin-carnage-continues\/\">early April<\/a>, kicking off a parabolic run that has yet to see any significant correction. Now, after a recent pattern break, analysts are expecting a further rise in Bitcoin dominance and warn not to be fooled by bullish ALT\/USD charts that are actually being driven by Bitcoin\u2019s strength against the dollar.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Crypto Confusion: It\u2019s a Bull Market for Bitcoin, but a Bear Market for Altcoins<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">According to crypto analysts, <a href=\"https:\/\/coinmarketcap.com\/charts\/#dominance-percentage\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Bitcoin dominance charts<\/a> show a break above resistance that could cause BTC dominance to \u201crun to 70% soon.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This chart really doesn&#39;t bode well for the altcoin bulls&#8230; Bitcoin dominance looks like it&#39;s going to run to 70% soon. <a href=\"https:\/\/t.co\/p4WAfLSATD\" rel=\"nofollow\">pic.twitter.com\/p4WAfLSATD<\/a><\/p>\n<p>&mdash; Felipe (@PhilCrypto77) <a href=\"https:\/\/twitter.com\/PhilCrypto77\/status\/93856512?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The bearish sentiment extends into the public, who according to poll results believe that BTC dominance will rise \u201chigher\u201d above the current 57% dominance <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> currently enjoys over the rest of the market.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin dominance is 57%. This number eventually will be:<\/p>\n<p>&mdash; pourteaux \ud83d\udccd\ud83c\uddef\ud83c\uddf5\ud83c\uddf9\ud83c\uddfc (@pourteaux) <a href=\"https:\/\/twitter.com\/pourteaux\/status\/94343680?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Being bearish on altcoins, especially the \u201cmajor cap\u201d altcoins like <a href=\"https:\/\/wncen.com\/2019\/06\/08\/ethereum-ripple-litecoin-crypto-altcoin\/\">Ethereum, Ripple, and Litecoin<\/a> \u2013 which are all showing bullish signs on their USD price charts \u2013 is surprising. Altcoins are in their <a href=\"https:\/\/wncen.com\/2019\/04\/18\/altcoin-trader-bitcoin-accumulation-phase\/\">longest accumulation phase yet<\/a>, and <a href=\"https:\/\/wncen.com\/2019\/04\/25\/bullish-bitcoin-altcoin-carnage-continues\/\">talk of an alt season<\/a> continues to permeate across the market.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/06\/18\/crypto-altcoin-season-bitcoin\/\">Crypto Analyst: Don\u2019t Expect Altcoin Season Until New Bitcoin All-Time High<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Another crypto analyst warns not to be \u201cdeceived\u201d by Bitcoin doing well against the dollar and the effect it has on other altcoin price charts trading against USD.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Top 10 market cap coins vs <a href=\"https:\/\/twitter.com\/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USD<\/a> pair have nice bullish setups.  Good looking flags.  But all look horrible versus BTC.<\/p>\n<p>The strength versus the dollar is purely a function of Bitcoin doing well, do not be deceived in thinking total market cap up is money flow into entire sector.<\/p>\n<p>&mdash; Bob Loukas \ud83d\uddfd (@BobLoukas) <a href=\"https:\/\/twitter.com\/BobLoukas\/status\/45413121?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Most altcoins across the market also trading against BTC and not just USD, causing their values to be tightly correlated to Bitcoin\u2019s price movements relative to USD. This is why when Bitcoin rises or falls, altcoins can often be pulled right along with it.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-386923\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/bitcoin-dominance-crypto-altcoin-chart.jpeg?resize=800%2C550\" alt=\"\" width=\"800\" height=\"550\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/bitcoin-dominance-crypto-altcoin-chart.jpeg?w=800 800w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/bitcoin-dominance-crypto-altcoin-chart.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/bitcoin-dominance-crypto-altcoin-chart.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/bitcoin-dominance-crypto-altcoin-chart.jpeg?w=750 750w\" sizes=\"(max-width: 800px) 100vw, 800px\"><\/p>\n<p class=\"p1\"><span class=\"s1\">Other times, altcoins diverge, which causes a rise in Bitcoin dominance. The trigger that causes this varies, but the likeliest factors influencing this trend change are the focus on Bitcoin over altcoins from institutions, and the recent <a href=\"https:\/\/wncen.com\/2019\/06\/14\/crypto-altcoins-binance-bitcoin-us\/\">news that Binance would be blocking US customers<\/a> from its regular exchange and launching a US version sans many of the assets that made the platform attractive to investors in the first place.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/18\/altcoin-trader-bitcoin-accumulation-phase\/\">Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Regardless of the reasoning, it\u2019s interesting to witness such bullishness across the crypto space, but with Bitcoin absorbing nearly all of the value from the market at the expense of its altcoin cousins.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin price is currently roughly $9,350, and a break above $9,500 should set the path for the first attempt at $10,000. What happens with BTC dominance is anyone\u2019s guess, as altcoins could rebound in a powerful move and start an alt season, or Bitcoin could continue to drain the market of all its value in the coming days.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For much of the year, crypto analysts have been clamoring for an alt season that promises unheard of returns across the entire space. Talk of 10x returns during the hunt for the next Bitcoin and becoming rich overnight fill social media feeds. However, Bitcoin dominance has only grown since it broke out of the deepest depths of the bear market back in early April, kicking off a parabolic run that has yet to see any significant correction. Now, after a recent pattern break, analysts are expecting a further rise in Bitcoin dominance and warn not to be fooled by bullish ALT\/USD charts that are actually being driven by Bitcoin\u2019s strength against the dollar. Crypto Confusion: It\u2019s a Bull Market for Bitcoin, but a Bear Market for Altcoins According to crypto analysts, Bitcoin dominance charts show a break above resistance that could cause BTC dominance to \u201crun to 70% soon.\u201d This chart really doesn&#39;t bode well for the altcoin bulls&#8230; Bitcoin dominance looks like it&#39;s going to run to 70% soon. pic.twitter.com\/p4WAfLSATD &mdash; Felipe (@PhilCrypto77) June 20, 2019 The bearish sentiment extends into the public, who according to poll results believe that BTC dominance will rise \u201chigher\u201d above the current 57% dominance Bitcoin currently enjoys over the rest of the market. Bitcoin dominance is 57%. This number eventually will be: &mdash; pourteaux \ud83d\udccd\ud83c\uddef\ud83c\uddf5\ud83c\uddf9\ud83c\uddfc (@pourteaux) June 19, 2019 Being bearish on altcoins, especially the \u201cmajor cap\u201d altcoins like Ethereum, Ripple, and Litecoin \u2013 which are all showing bullish signs on their USD price charts \u2013 is surprising. Altcoins are in their longest accumulation phase yet, and talk of an alt season continues to permeate across the market. Related Reading | Crypto Analyst: Don\u2019t Expect Altcoin Season Until New Bitcoin All-Time High Another crypto analyst warns not to be \u201cdeceived\u201d by Bitcoin doing well against the dollar and the effect it has on other altcoin price charts trading against USD. Top 10 market cap coins vs $USD pair have nice bullish setups. Good looking flags. But all look horrible versus BTC. The strength versus the dollar is purely a function of Bitcoin doing well, do not be deceived in thinking total market cap up is money flow into entire sector. &mdash; Bob Loukas \ud83d\uddfd (@BobLoukas) June 19, 2019 Most altcoins across the market also trading against BTC and not just USD, causing their values to be tightly correlated to Bitcoin\u2019s price movements relative to USD. This is why when Bitcoin rises or falls, altcoins can often be pulled right along with it. Other times, altcoins diverge, which causes a rise in Bitcoin dominance. The trigger that causes this varies, but the likeliest factors influencing this trend change are the focus on Bitcoin over altcoins from institutions, and the recent news that Binance would be blocking US customers from its regular exchange and launching a US version sans many of the assets that made the platform attractive to investors in the first place. Related Reading | Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet Regardless of the reasoning, it\u2019s interesting to witness such bullishness across the crypto space, but with Bitcoin absorbing nearly all of the value from the market at the expense of its altcoin cousins. Bitcoin price is currently roughly $9,350, and a break above $9,500 should set the path for the first attempt at $10,000. What happens with BTC dominance is anyone\u2019s guess, as altcoins could rebound in a powerful move and start an alt season, or Bitcoin could continue to drain the market of all its value in the coming days.<\/p>\n","protected":false},"author":517,"featured_media":386925,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625,16897,16894],"tags":[142,428,16154,1946,10,3680],"class_list":["post-386912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","category-litecoin","category-ripple","tag-altcoins","tag-bitcoin","tag-btc-dominance","tag-ethereum","tag-litecoin","tag-ripple"],"acf":[],"yoast_head":"\n<title>Bitcoin Dominance Expected to Grow to 70%, Crypto Analyst Warns of Deceiving ALT\/USD Charts<\/title>\n<meta name=\"description\" content=\"Crypto analysts are warning not to be fooled by strong-looking altcoin charts trading against USD, and that the strength is driven by Bitcoin dominance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-dominance-crypto-altcoin-usd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Dominance Expected to Grow to 70%, Crypto Analyst Warns of Deceiving ALT\/USD Charts\" \/>\n<meta property=\"og:description\" content=\"Crypto analysts are warning not to be fooled by strong-looking altcoin charts trading against USD, and that the strength is driven by Bitcoin dominance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-dominance-crypto-altcoin-usd\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-21T01:01:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-20T16:51:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/bitcoin-dominance-crypto-altcoin-shutterstock_1007136184-860x645.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"645\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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