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.
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What Death Spiral? Bitcoin Hash Rate Surges to Fresh All-Time High
Bitcoin Hash Rate Establishes New All-Time High
According to crypto data firm TradeBlock, Bitcoin’s network hash rate just hit a new all-time high. The company shared the image below on July 7th, showing that the seven-day moving average of the hash rate is now above 124 exahashes per second. This is over double that seen a year ago.
The hash rate is the measure of the computational power being used to secure transactions on a blockchain network. As Bitcoin.org describes the term:
“The hash rate is the measuring unit of the processing power of the Bitcoin network… When the network reached a - read more.
Crypto Community Trolls Ethereum For Not Getting Its Own Emoji
The crypto community on Twitter has united once again in an epic troll, this time aimed at Ethereum. What began as a simple question as to why the second-largest cryptocurrency doesn’t have its own emoji turned into a hilarious movement that says the network is best described with the internet’s beloved poop emoji.
"A Serious Enquiry About Emojis Turns Into an Epic Troll"
The crypto community has never been one that turns away from a good troll, which is exactly what ensued after some unsuspecting members of the Ethereum community raised the question of emojis.
Namely, the recent addition of - read more.
Bitcoin Plays With USD 9,000, While Virus Fears Weigh on Stocks
Bitcoin (BTC) is once again trading around USD 9,000, while the risk-off sentiment has hit stock markets across the globe hard in recent days.
At pixel time (10:35 UTC), BTC trades at c. USD 9,010 and is up by 4% in the past 24 hours and the past week. Earlier today, the price reached USD 9,100 before dropping to almost USD 8,900 and moving back to USD 9,000.
Also, while the U.S. S&P 500 stock index has sold off about 2.2% over the past three days, the number one cryptocurrency is up by about 8% over the same time period.
Although - read more.