{"id":515737,"date":"2023-01-11T11:30:00","date_gmt":"2023-01-11T16:30:00","guid":{"rendered":"https:\/\/wncen.com\/?p=515737"},"modified":"2024-06-11T07:00:23","modified_gmt":"2024-06-11T07:00:23","slug":"altcoin-volume-dominance-highest-2021-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoin-volume-dominance-highest-2021-bitcoin\/","title":{"rendered":"Altcoin Volume Dominance At Highest Since Jan 2021, Trouble For Bitcoin?"},"content":{"rendered":"

On-chain data shows that altcoin volume dominance is now at the highest level since January 2021, while Bitcoin’s is at its lowest.<\/p>\n

Altcoin Dominance By Volume Recently Touched A High Of 64%<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, Bitcoin’s dominance is just at 16% now. The “dominance by volume<\/a>” is an indicator that measures the percentage of the total crypto market trading volume<\/a> that’s being contributed by a specific coin.<\/p>\n

When the value of this metric goes up for any crypto, it means that particular crypto is observing a higher amount of activity relative to the rest of the market currently. This suggests that the coin is garnering more interest from investors right now. On the other hand, low values can imply that the crypto is losing mindshare at the moment as its volume percentage is going down.<\/p>\n

Now, here is a chart that shows the trend in the dominance by volume for the entire altcoin sector combined (minus Ethereum), as well as for Bitcoin, over the past couple of years:<\/p>\n

\"Altcoin<\/p>\n

The two metrics seem to have gone opposite ways in recent days | Source: CryptoQuant<\/a><\/pre>\n
As shown in the above graph, Bitcoin’s dominance by volume has sharply decreased recently and has touched a value of just 16%. This is the lowest value BTC has observed during the last couple of years.<\/p>\n
The altcoins (other than Ethereum), on the contrary, have observed their dominance shoot up in the last week or so, as the metric now has a value of 64%. This suggests that BTC has lost its market share to these alts recently.<\/p>\n
Related Reading: Shiba Inu Bullish Signal: Whale Withdraws $34.7M In SHIB From Binance<\/a><\/div>\n
The quant finds this trend “very concerning,” however. The reason behind that is the fact that whenever rallies have kicked off with altcoins being on top, they haven’t usually lasted for too long, and the prices have quickly come back down.<\/p>\n
This can be very clearly seen in the chart. For example, the tops of both the bull rallies of 2021 (the ones in the first and second half of the year) took formation while the altcoins had a higher trading volume dominance than Bitcoin. The latest FTX crash<\/a> also took place while alts were dominating the market.<\/p>\n
It would appear that generally any sustainable and healthy price rallies have only started with the dominance of BTC being higher than these alts. One prominent example is that the July 2021 bottom, which kicked off the second-half bull run of 2021, took place with the Bitcoin volume percentage being higher than altcoins.<\/p>\n
Related Reading: Bitcoin Currently More Stable Than Gold, DXY, Nasdaq, Here\u2019s What Could Happen Next<\/a><\/div>\n
The entire market has been rallying in the last week, but if the historical pattern is anything to go by, this uplift may not last too long as the dominance of altcoins is at very high levels right now. This would spell trouble not only for Bitcoin but also for these alts themselves.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $17,400, up 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the crypto has gone up over the last few days | Source: BTCUSD on TradingVIew<\/a><\/pre>\n
Featured image from Art Rachen on Unsplash.com, charts from TradingView.com, Arcane Research<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that altcoin volume dominance is now at the highest level since January 2021, while Bitcoin’s is at its lowest. Altcoin Dominance By Volume Recently Touched A High Of 64% As pointed out by an analyst in a CryptoQuant post, Bitcoin’s dominance is just at 16% now. The “dominance by volume” is an indicator that measures the percentage of the total crypto market trading volume that’s being contributed by a specific coin. When the value of this metric goes up for any crypto, it means that particular crypto is observing a higher amount of activity relative to the rest of the market currently. This suggests that the coin is garnering more interest from investors right now. On the other hand, low values can imply that the crypto is losing mindshare at the moment as its volume percentage is going down. Now, here is a chart that shows the trend in the dominance by volume for the entire altcoin sector combined (minus Ethereum), as well as for Bitcoin, over the past couple of years: The two metrics seem to have gone opposite ways in recent days | Source: CryptoQuant As shown in the above graph, Bitcoin’s dominance by volume has sharply decreased recently and has touched a value of just 16%. This is the lowest value BTC has observed during the last couple of years. The altcoins (other than Ethereum), on the contrary, have observed their dominance shoot up in the last week or so, as the metric now has a value of 64%. This suggests that BTC has lost its market share to these alts recently. Related Reading: Shiba Inu Bullish Signal: Whale Withdraws $34.7M In SHIB From Binance The quant finds this trend “very concerning,” however. The reason behind that is the fact that whenever rallies have kicked off with altcoins being on top, they haven’t usually lasted for too long, and the prices have quickly come back down. This can be very clearly seen in the chart. For example, the tops of both the bull rallies of 2021 (the ones in the first and second half of the year) took formation while the altcoins had a higher trading volume dominance than Bitcoin. The latest FTX crash also took place while alts were dominating the market. It would appear that generally any sustainable and healthy price rallies have only started with the dominance of BTC being higher than these alts. One prominent example is that the July 2021 bottom, which kicked off the second-half bull run of 2021, took place with the Bitcoin volume percentage being higher than altcoins. Related Reading: Bitcoin Currently More Stable Than Gold, DXY, Nasdaq, Here\u2019s What Could Happen Next The entire market has been rallying in the last week, but if the historical pattern is anything to go by, this uplift may not last too long as the dominance of altcoins is at very high levels right now. This would spell trouble not only for Bitcoin but also for these alts themselves. BTC Price At the time of writing, Bitcoin is trading around $17,400, up 3% in the last week. Looks like the value of the crypto has gone up over the last few days | Source: BTCUSD on TradingVIew Featured image from Art Rachen on Unsplash.com, charts from TradingView.com, Arcane Research<\/p>\n","protected":false},"author":542,"featured_media":515762,"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":[134,87312,25731,87407,51066,428,13510,1119,1144],"class_list":["post-515737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-altcoin-dominance","tag-altcoin-season","tag-altcoin-volume-dominance","tag-alts","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nAltcoin Volume Dominance At Highest Since Jan 2021, Trouble For Bitcoin?<\/title>\n<meta name=\"description\" content=\"On-chain data shows that altcoin volume dominance is now at the highest level since January 2021, while Bitcoin's is at its lowest. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Altcoin Volume Dominance At Highest Since Jan 2021, Trouble For Bitcoin?","url":"http:\/\/wncen.com\/news\/altcoin-volume-dominance-highest-2021-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/altcoin-volume-dominance-highest-2021-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/art-rachen-yJpjLD3c9bU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/art-rachen-yJpjLD3c9bU-unsplash-scaled.jpg?fit=1707%2C2560"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","altcoin dominance","altcoin season","altcoin volume dominance","alts","bitcoin","bitcoin dominance","btc","btcusd"],"dateCreated":"2023-01-11T16:30:00Z","datePublished":"2023-01-11T16:30:00Z","dateModified":"2024-06-11T07:00:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Altcoin Volume Dominance At Highest Since Jan 2021, Trouble For Bitcoin?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/altcoin-volume-dominance-highest-2021-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/altcoin-volume-dominance-highest-2021-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/art-rachen-yJpjLD3c9bU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/art-rachen-yJpjLD3c9bU-unsplash-scaled.jpg?fit=1707%2C2560\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"altcoin dominance\",\"altcoin season\",\"altcoin volume dominance\",\"alts\",\"bitcoin\",\"bitcoin dominance\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-01-11T16:30:00Z\",\"datePublished\":\"2023-01-11T16:30:00Z\",\"dateModified\":\"2024-06-11T07:00:23Z\"}<\/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\/2023\/01\/art-rachen-yJpjLD3c9bU-unsplash-scaled.jpg?fit=1707%2C2560","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515737"}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=515737"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515762"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=515737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=515737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=515737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}