Home>EXCHANGES>Bitcoin Dominance Drops to 8-Month Low, Is Altseason Finally Here?
EXCHANGES

Bitcoin Dominance Drops to 8-Month Low, Is Altseason Finally Here?



Bitcoin has started to consolidate just above the $10k mark but altcoins are still climbing which has pushed BTC dominance to an eight-month low. Has the alt season finally arrived?

Bitcoin Dominance Down 11%
Since the beginning of this year, the BTC market share has declined by almost 11%. By the end of last year it had topped 70% but today it has dropped to 62.5% according to Tradingview.com. This is the lowest it has been since early July 2019.
BTC Dominance 1 year – Tradingview.com
Bitcoin itself has made around 44% this year in a climb from just under $7,200 to top out at $10,500 a couple of days ago. These gains are impressive when compared to any other asset such as gold which has only managed just over 4% in the same period.
However, in the world of cryptocurrencies, these gains have been eclipsed by some of the altcoins, several of which have surged by three figures since the beginning of the year.
Total market capitalization itself is up over 60% since New Year’s Day as the rest of the cryptocurrencies out-perform their big brother. Total crypto market cap topped $300 billion this week which is the highest it has been since early August last year.
The move has not gone unnoticed by crypto traders who are now turning bullish on altcoins as the hopium of an alt season slowly returns.

#Bitcoin Dominance 3D TF-
This is ageing very well. With XRP/BTC & ETH/BTC pairs both looking incredibly bullish, can see BTC DOM only continuing to fall from here, my scenario might just play out.😆
ALTS ARE BACK BABY. pic.twitter.com/HQ5t3oWGph
— ESCO₿AR 📈 (@TraderEscobar) February 15, 2020

Top Performing Altcoins
Ethereum is one of the year’s top-performing crypto assets with a surge of almost 120% since January first when it was priced at a lowly $130.
ETH market cap has now topped $30 billion which has clearly eaten into bitcoin’s market share. As a percentage though it is only 16% of the BTC cap so Ethereum has a long way to go yet.
Ripple’s XRP token has also been trading well lately and has gained 72% since the beginning of the year, also beating bitcoin to the delight of company CEO Brad Garlinghouse.
Bitcoin Cash has done even better with a surge of 136% in 2020 which is triple the gains its big brother has enjoyed. BTC’s other fork, BSV, has also been on fire with a whopping 260% pump from under $100 to current levels.
Even Litecoin has almost doubled in price this year from $40 to $80 and EOS has made a similar gain of around 100%.
One of the year’s, and 2019’s, top-performing crypto assets has been Tezos which has solidified its top ten positions with a surge of 160% this year to a new ATH, and 680% since the beginning of 2019.
With all this in mind and the fall in bitcoin dominance, it could finally be the beginning of alt season again.
Will bitcoin market share continue to fall this year? Add your comments below.

Images via Shutterstock, Bitcoin Dominance chart by TradingView, Twitter: @TraderEscobar

 

source: https://bitcoinist.com/bitcoin-dominance-drops-to-8-month/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT

Send Tip now!

Post source: Bitcoin Dominance Drops to 8-Month Low, Is Altseason Finally Here?

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com





  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary