Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching
[NEWS BLOG]: Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching
"Bitcoin’s Crypto Market Dominance Remains Steady at 65%"
Bitcoin has been largely outperforming smaller altcoins in the time following its mid-March meltdown.
This is clear while looking towards the growth its dominance has seen over the aggregated crypto market in the time following this bout of capitulation.
At the time of writing, Bitcoin’s dominance is sitting at 65%. This is around the level at which it has been hovering at over the past several weeks.
In late-February, BTC’s dominance hit its year-to-date lows as altcoins begin incurring massive momentum. This market-wide uptrend proved to be short-lived, as the turbulence seen across the traditional markets caused virtually all cryptocurrencies to decline.
This downtrend reached a boiling point on March 12th when Bitcoin plummeted from the $8,000 region to lows of $3,800.
The capitulation seen on this day proved to be more potent to altcoins than it was to BTC, causing the benchmark crypto’s dominance to rebound from lows of 60%, ultimately finding itself caught within an uptrend that led it to highs of 68% in early-May.
"Here’s Why “Altseason” is Closer Than Ever"
One analyst recently explained that he believes the proverbial “altseason” is closer than ever.
He justifies this controversial opinion by offering an analysis of BTC’s dominance, noting that it recently posted a bearish retest that suggests a significant decline is imminent.
The crypto analyst also went on to explain that it is about to break an 871 day uptrend, and that a decisive decline beneath 62% would mark the start of altseason.
OTHER RELATED NEWS
K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency
SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.
Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.
Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.
The director provided few specifics about - read more.
Philippines and BCB Blockchain to Work Together on Smart Cities
Singapore-based blockchain firm BCB Blockchain has signed a memorandum of agreement (MoA) with a branch of the Philippines’ Department of Science and Technology (DOST) to support the development of local smart cities.
Per a Nov. 23 press release, BCB Blockchain contributed $300,000 to support incubators and startup accelerators in the Philippines by signing an MoA with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD).
Building smart cities and applications
The joint initiative intends to facilitate the development of local startups focused on the creation of smart city projects and applications. Additionally, the company has reportedly partnered with - read more.
Israeli Startup Creates Offline Crypto Wallet with Online Connectivity
Israeli startup GK8 unveiled a cold-storage crypto wallet with on-network transfer capabilities, the company said.
GK8’s technology removes many of the dangers internet-accessible crypto wallets face – hacks, attacks, unexplained losses — while preserving their more convenient features, such as sending and receiving digital assets.
In an interview, GK8’s co-founder Lior Lamesh told CoinDesk that a “unidirectional connection” links its wallet directly to the blockchain, where it transfers assets as conventional wallets do. GK8’s one-way signaling does not itself operate on the internet.
GK8 says its techniques “bypass core assumptions related to cryptocurrency transfers and eliminate attack vectors to any asset transfer.”- read more.