{"id":445956,"date":"2020-10-09T20:00:36","date_gmt":"2020-10-09T20:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=445956"},"modified":"2024-06-11T10:34:48","modified_gmt":"2024-06-11T10:34:48","slug":"bizarre-correlation-between-bitcoin-dominance-and-the-dollar-discovered","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bizarre-correlation-between-bitcoin-dominance-and-the-dollar-discovered\/","title":{"rendered":"Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered"},"content":{"rendered":"

Bitcoin just rocketed above $11,000<\/a> following the recent Square news, and DeFi tokens everywhere had a significant bounce. As well as Bitcoin has done, altcoins have outperformed the top crypto asset prompting another intraday fall in dominance.<\/p>\n

Interestingly, a deeper review of the DXY dollar currency index’s relationship with altcoins has uncovered a bizarre correlation between BTC dominance, and the dollar itself. We’re diving into why this might exist, and what this could mean for the greater cryptocurrency space in the months ahead.<\/p>\n

Bullish Bitcoin Sends Altcoins Flying, But Is It Due To The Dollar Dropping?<\/h2>\n

The year-long DeFi uptrend, had Ethereum and ERC20 tokens outperforming Bitcoin by a large margin, causing BTC dominance to slide for the first time in years.<\/p>\n

Weeks ago, that trend started to reverse, and DeFi tokens dropped nearly 60% across the board. A top asset manager that predicted Bitcoin getting trounced by Ethereum and its brethren now says this is “done” for the time being<\/a>. But as soon as Bitcoin burst above $11,000 today, altcoins became twice as bullish.<\/p>\n

Cryptocurrencies are highly volatile due to their scarce supply, yet low liquidity, and due to valuations being driven primarily by speculation. When dollars flow into altcoins, they move a lot faster than in Bitcoin because of its large market cap<\/a>.<\/p>\n

Related Reading | Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap<\/a><\/strong><\/em><\/p>\n

Weakness in the dollar<\/a> could be responsible for the sudden surge in altcoins. More stimulus puts the greenback at risk for further decline, and hard assets like crypto are spiking as a result.<\/p>\n

Oddly enough, however, this recent trend has also revealed a strange correlation<\/a> between BTC dominance, and the dollar itself.<\/p>\n

\"\"<\/p>\n

BTC.D Weekly Chart Example | Source: TradingView<\/a><\/pre>\n
Bizarre Correlation Between DXY Index And BTC.Dominance Over Crypto<\/h2>\n
The weekly BTC.D chart above as calculated by TradingView<\/a>, does a solid job of showing when sentiment screams “altcoin season,” or “altpocalypse” based on the ebb and flow of Bitcoin’s weight against altcoins.<\/p>\n
Related Reading | DXY Dollar Index Fractal Suggests An Incredible Altcoin Season Is On The Horizon<\/a><\/strong><\/em><\/p>\n
The chart also shows the sharp rise (a fall in BTC.D) in altcoins that took place in late 2017 into early 2018. A fractal on the DXY<\/a> dollar currency index compared to the last altcoin season, uncovered a bizarre correlation between BTC dominance, and the dollar itself.<\/p>\n
\"\"<\/p>\n
BTC.D Versus DXY Weekly Chart Correlation | Source: TradingView<\/a><\/pre>\n
When the DXY line chart is juxtaposed alongside Bitcoin dominance<\/a>, a very similar pattern plays out \u2013 until recently. There is extreme volatility and deviation in the DXY itself compared to dominance, after tracing along perfectly for years.<\/p>\n
Altcoins perform well during dollar weakness, even more so than Bitcoin according to what the correlation suggests. If this is true and more stimulus is on the way. A very powerful altcoin season<\/a> could be right around the corner.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin just rocketed above $11,000 following the recent Square news, and DeFi tokens everywhere had a significant bounce. As well as Bitcoin has done, altcoins have outperformed the top crypto asset prompting another intraday fall in dominance. Interestingly, a deeper review of the DXY dollar currency index’s relationship with altcoins has uncovered a bizarre correlation between BTC dominance, and the dollar itself. We’re diving into why this might exist, and what this could mean for the greater cryptocurrency space in the months ahead. Bullish Bitcoin Sends Altcoins Flying, But Is It Due To The Dollar Dropping? The year-long DeFi uptrend, had Ethereum and ERC20 tokens outperforming Bitcoin by a large margin, causing BTC dominance to slide for the first time in years. Weeks ago, that trend started to reverse, and DeFi tokens dropped nearly 60% across the board. A top asset manager that predicted Bitcoin getting trounced by Ethereum and its brethren now says this is “done” for the time being. But as soon as Bitcoin burst above $11,000 today, altcoins became twice as bullish. Cryptocurrencies are highly volatile due to their scarce supply, yet low liquidity, and due to valuations being driven primarily by speculation. When dollars flow into altcoins, they move a lot faster than in Bitcoin because of its large market cap. Related Reading | Analyst: Sidelined Capital Enough To Push Bitcoin To $1 Trillion Market Cap Weakness in the dollar could be responsible for the sudden surge in altcoins. More stimulus puts the greenback at risk for further decline, and hard assets like crypto are spiking as a result. Oddly enough, however, this recent trend has also revealed a strange correlation between BTC dominance, and the dollar itself. BTC.D Weekly Chart Example | Source: TradingView Bizarre Correlation Between DXY Index And BTC.Dominance Over Crypto The weekly BTC.D chart above as calculated by TradingView, does a solid job of showing when sentiment screams “altcoin season,” or “altpocalypse” based on the ebb and flow of Bitcoin’s weight against altcoins. Related Reading | DXY Dollar Index Fractal Suggests An Incredible Altcoin Season Is On The Horizon The chart also shows the sharp rise (a fall in BTC.D) in altcoins that took place in late 2017 into early 2018. A fractal on the DXY dollar currency index compared to the last altcoin season, uncovered a bizarre correlation between BTC dominance, and the dollar itself. BTC.D Versus DXY Weekly Chart Correlation | Source: TradingView When the DXY line chart is juxtaposed alongside Bitcoin dominance, a very similar pattern plays out \u2013 until recently. There is extreme volatility and deviation in the DXY itself compared to dominance, after tracing along perfectly for years. Altcoins perform well during dollar weakness, even more so than Bitcoin according to what the correlation suggests. If this is true and more stimulus is on the way. A very powerful altcoin season could be right around the corner. Featured image from Deposit Photos, Charts from TradingView<\/p>\n","protected":false},"author":517,"featured_media":445994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,13510,1119,75754,1144,82859,78790,6664,1817,79916,79522,83411,4324,4524,83256],"class_list":["post-445956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btc-d","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto","tag-dollar","tag-dollar-currency-index","tag-dxy","tag-greenback","tag-usd","tag-xbt","tag-xbusd"],"acf":[],"yoast_head":"\nBizarre Correlation Between Bitcoin Dominance And The Dollar Discovered<\/title>\n<meta name=\"description\" content=\"A bizarre correlation between the dollar and Bitcoin dominance - a metric that weighs the crypto asset against altcoins - 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered","url":"http:\/\/wncen.com\/news\/bizarre-correlation-between-bitcoin-dominance-and-the-dollar-discovered\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bizarre-correlation-between-bitcoin-dominance-and-the-dollar-discovered\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/bitcoin-dominance-discovery-dollar-Depositphotos_22140479_xl-2015-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/bitcoin-dominance-discovery-dollar-Depositphotos_22140479_xl-2015-scaled.jpg?fit=2560%2C1920"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin dominance","btc","btc.d","btcusd","btcusdc","btcusdt","crypto","dollar","dollar currency index","dxy","greenback","usd","xbt","xbusd"],"dateCreated":"2020-10-09T20:00:36Z","datePublished":"2020-10-09T20:00:36Z","dateModified":"2024-06-11T10:34:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bizarre-correlation-between-bitcoin-dominance-and-the-dollar-discovered\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bizarre-correlation-between-bitcoin-dominance-and-the-dollar-discovered\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/bitcoin-dominance-discovery-dollar-Depositphotos_22140479_xl-2015-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/bitcoin-dominance-discovery-dollar-Depositphotos_22140479_xl-2015-scaled.jpg?fit=2560%2C1920\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin dominance\",\"btc\",\"btc.d\",\"btcusd\",\"btcusdc\",\"btcusdt\",\"crypto\",\"dollar\",\"dollar currency index\",\"dxy\",\"greenback\",\"usd\",\"xbt\",\"xbusd\"],\"dateCreated\":\"2020-10-09T20:00:36Z\",\"datePublished\":\"2020-10-09T20:00:36Z\",\"dateModified\":\"2024-06-11T10:34:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/bitcoin-dominance-discovery-dollar-Depositphotos_22140479_xl-2015-scaled.jpg?fit=2560%2C1920","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/445956"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=445956"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/445956\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/445994"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=445956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=445956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=445956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}