{"id":458489,"date":"2021-03-12T01:00:36","date_gmt":"2021-03-12T01:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=458489"},"modified":"2024-06-12T09:17:04","modified_gmt":"2024-06-12T09:17:04","slug":"bitcoin-btc-dominance-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-dominance-crypto\/","title":{"rendered":"Why Bitcoin Dominance Is No Longer Relevant To Crypto"},"content":{"rendered":"

Bitcoin dominance<\/a> is a metric weighing the top cryptocurrency’s market share against the rest of the crypto space, including Ethereum, Polkadot, Cardano, and other altcoins. For years, analysts used it as a tool to predict divergences between altcoins and Bitcoin.<\/p>\n

However, recently, the metric has lost just about all meaning, and could explain why it has done nothing but trend sideways for weeks now on end. Here’s why BTC dominance is no longer a relevant measure in crypto.<\/p>\n

Why Bitcoin Remains The Most Dominant Cryptocurrency Today<\/h2>\n

Years ago, Satoshi Nakamoto<\/a> designed the first system of peer-to-peer digital cash and the cryptocurrency industry was born. The advent of Bitcoin, also brought with it a revolutionary distributed ledger technology called blockchain.<\/p>\n

Bitcoin the asset, secured by cryptography and a consensus mechanism, cannot be duplicated, but the technology it was built on has been adapted in many unique ways since. Ethereum, for example, ties smart contracts to transactions so that decentralized applications can run on the blockchain.<\/p>\n

Related Reading | Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins<\/a><\/strong><\/em><\/p>\n

Thousands of altcoins<\/a> have since been created that compete for market share with Bitcoin. As the first ever cryptocurrency, BTC enjoyed first-mover advantage and all that comes along with it, including brand recognition, trust, familiarity, and being further along in adoption.<\/p>\n

When altcoins gained dominance over Bitcoin in late 2017 and early 2018, the metric became particularly useful for technical analysis and predicting the normally unpredictable relationship between BTC and altcoins.<\/p>\n

\"bitcoin<\/p>\n

BTC dominance has been stuck around 60% for weeks on end | Source: CRYPTOCAP-BTC.D on TradingView.com<\/a><\/pre>\n
BTC Dominance: No Longer A Reliable Metric To Measure Crypto<\/h2>\n
Because altcoins trade against USD and BTC primarily, they don’t always follow the same trends and patterns that Bitcoin does<\/a>. Analysts had once utilized BTC dominance effectively, but its usefulness has begun to fade. Why? Because digital assets are transcending the definition of what an altcoin is, and BTC dominance cannot keep up with innovation in the market as a metric itself.<\/p>\n
What that means is, there’s a sea of coins on decentralized exchanges<\/a>, an explosion of NFTs, and several other blockchain-based assets that aren’t included in the popular metric.<\/p>\n
Related Reading | Why March Is The Bloodiest Month In Bitcoin History<\/a><\/strong><\/em><\/p>\n
The best example of dominance losing its importance, is due to the fact that altcoins have been performing so well, beating Bitcoin in ROI<\/a> across most of the asset class, yet the metric remains firm at around 60% where it has now spent several weeks consolidating.<\/p>\n
An explosive move could result due to such lengthy consolidation, however, what could instead be happening is the measure losing any remaining usefulness as a tool to gauge crypto market trends.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin dominance is a metric weighing the top cryptocurrency’s market share against the rest of the crypto space, including Ethereum, Polkadot, Cardano, and other altcoins. For years, analysts used it as a tool to predict divergences between altcoins and Bitcoin. However, recently, the metric has lost just about all meaning, and could explain why it has done nothing but trend sideways for weeks now on end. Here’s why BTC dominance is no longer a relevant measure in crypto. Why Bitcoin Remains The Most Dominant Cryptocurrency Today Years ago, Satoshi Nakamoto designed the first system of peer-to-peer digital cash and the cryptocurrency industry was born. The advent of Bitcoin, also brought with it a revolutionary distributed ledger technology called blockchain. Bitcoin the asset, secured by cryptography and a consensus mechanism, cannot be duplicated, but the technology it was built on has been adapted in many unique ways since. Ethereum, for example, ties smart contracts to transactions so that decentralized applications can run on the blockchain. Related Reading | Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins Thousands of altcoins have since been created that compete for market share with Bitcoin. As the first ever cryptocurrency, BTC enjoyed first-mover advantage and all that comes along with it, including brand recognition, trust, familiarity, and being further along in adoption. When altcoins gained dominance over Bitcoin in late 2017 and early 2018, the metric became particularly useful for technical analysis and predicting the normally unpredictable relationship between BTC and altcoins. BTC dominance has been stuck around 60% for weeks on end | Source: CRYPTOCAP-BTC.D on TradingView.com BTC Dominance: No Longer A Reliable Metric To Measure Crypto Because altcoins trade against USD and BTC primarily, they don’t always follow the same trends and patterns that Bitcoin does. Analysts had once utilized BTC dominance effectively, but its usefulness has begun to fade. Why? Because digital assets are transcending the definition of what an altcoin is, and BTC dominance cannot keep up with innovation in the market as a metric itself. What that means is, there’s a sea of coins on decentralized exchanges, an explosion of NFTs, and several other blockchain-based assets that aren’t included in the popular metric. Related Reading | Why March Is The Bloodiest Month In Bitcoin History The best example of dominance losing its importance, is due to the fact that altcoins have been performing so well, beating Bitcoin in ROI across most of the asset class, yet the metric remains firm at around 60% where it has now spent several weeks consolidating. An explosive move could result due to such lengthy consolidation, however, what could instead be happening is the measure losing any remaining usefulness as a tool to gauge crypto market trends. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":458495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83361,3],"tags":[428,13510,1119,16154,75754,1144,78790,6664,4524,76835],"class_list":["post-458489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-btc","category-news","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btc-dominance","tag-btc-d","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nWhy Bitcoin Dominance Is No Longer Relevant To Crypto<\/title>\n<meta name=\"description\" content=\"Bitcoin dominance is a metric weighing the top cryptocurrency's market share against the rest of the crypto space, including Ethereum, Polkadot, Cardano,\" 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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. 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":"Why Bitcoin Dominance Is No Longer Relevant To Crypto","url":"http:\/\/wncen.com\/news\/bitcoin-btc-dominance-crypto\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-dominance-crypto\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-losing-dominance-Depositphotos_6533176_xl-2015-scaled.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-losing-dominance-Depositphotos_6533176_xl-2015-scaled.jpeg?fit=2560%2C1707"},"articleSection":"Bitcoin","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 dominance","btc.d","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-03-12T01:00:36Z","datePublished":"2021-03-12T01:00:36Z","dateModified":"2024-06-12T09:17:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Dominance Is No Longer Relevant To Crypto\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-dominance-crypto\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-dominance-crypto\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/bitcoin-losing-dominance-Depositphotos_6533176_xl-2015-scaled.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/bitcoin-losing-dominance-Depositphotos_6533176_xl-2015-scaled.jpeg?fit=2560%2C1707\"},\"articleSection\":\"Bitcoin\",\"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 dominance\",\"btc.d\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-03-12T01:00:36Z\",\"datePublished\":\"2021-03-12T01:00:36Z\",\"dateModified\":\"2024-06-12T09:17:04Z\"}<\/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\/2021\/03\/bitcoin-losing-dominance-Depositphotos_6533176_xl-2015-scaled.jpeg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/458489"}],"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=458489"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/458489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/458495"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=458489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=458489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=458489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}