{"id":387660,"date":"2019-06-26T20:00:50","date_gmt":"2019-06-26T20:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=387660"},"modified":"2019-06-26T20:08:12","modified_gmt":"2019-06-26T20:08:12","slug":"bitcoin-dominance-reaches-highest-level-since-december-2017-what-happens-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dominance-reaches-highest-level-since-december-2017-what-happens-next\/","title":{"rendered":"Bitcoin Dominance Reaches Highest Level Since December 2017, What Happens Next?"},"content":{"rendered":"

Ever since Bitcoin<\/a> broke out of the lowest bear market trading range where its yearly lows were set, the crypto asset has skyrocketed, reaching prices not seen since before the bear market began in 2018.<\/p>\n

Alongside Bitcoin price<\/a> itself, the crypto asset\u2019s dominance comparative to other assets in the crypto market – altcoins such as Ethereum, Ripple, and Litecoin – has also grown to levels not seen since the previous bull run. In the past, the divergence eventually corrects, triggering an alt season. But this time around sentiment around altcoins are at an all time low, and because institutions may be focusing on Bitcoin or other factors, dominance may continue to rise at the expense of any remaining altcoin value. What happens next for altcoins and Bitcoin dominance?<\/p>\n

Bitcoin Dominance Revisits Previous Bull Market Levels<\/h2>\n
Earlier this week, Bitcoin price broke above $10,000 and is already close to an attempt at $14,000 as the time of this writing.<\/p>\n
The break above the important psychological barrier of $10,000 – which Fundtrat\u2019s Tom Lee claims would open up the FOMO floodgates \u2013 indeed caused crypto investors to FOMO into Bitcoin, but it\u2019s been done at the expense of any altcoins investors may be holding. This is reflected in the growth of BTC dominance compared to the rest of the market.<\/p>\n
Related Reading | Bubble Hasn\u2019t Begun: Google Trends Shows Little Interest in $10,000 Bitcoin<\/a><\/strong><\/em><\/p>\n
Alongside Bitcoin price rising, so has BTC dominance<\/a>. The crypto market health metric broke above 60% earlier this week, and is now just below 63.5% – a level where some altcoin focused crypto analysts say could be an area where a strong bounce occurs.<\/p>\n
$\"\"$ <\/p>\n
If alts don\u2019t bounce, a major capitulation event may be ahead.<\/p>\n

Top Ten Crypto Time Hop Shows Altcoin Sentiment Change<\/h2>\n
This new high in BTC dominance<\/a> is a level not seen since the fabled 2017 bull run where Bitcoin reached $20,000, set its all-time high, and caused widespread FOMO into the crypto market by retail investors who bought into altcoins hoping to find the next Bitcoin.<\/p>\n
During that time, the top ten cryptocurrencies by market cap were valued much higher than current valuations. The comparison clearly demonstrates how the sentiment across the market has diverged so significantly.<\/p>\n
\n
Bitcoin dominance approaches its highest level since Dec 2017. pic.twitter.com\/LjhClzQbXz<\/a><\/p>\n
— Spencer Noon \ud83d\udd5b (@spencernoon) June 26, 2019<\/a><\/p><\/blockquote>\n