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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Dominance Index Hits an All-time Low as Altcoins Cement Their Legacy

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read

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The year 2017 has been very interesting for all cryptocurrencies. A lot of coins and tokens set new all-time highs. Looking at the bigger picture, the overall intent in cryptocurrency has been on the rise as well. However, there is one statistic a lot of people won’t make sense of. Even though Bitcoin is still the world’s largest cryptocurrency, the Bitcoin Dominance Index is waning. In fact, it hit an all-time high in recent days, which is pretty interesting.

The Bitcoin Dominance Index has always been an interesting metric. Until about 15 months ago, Bitcoin would dominate all of cryptocurrency. It still causes most altcoins and tokens to rise or drop in value as well. Its overall valuation has risen sharply in 2017. For all of those gains, however, Bitcoin is also losing ground. Although its market cap is still pretty impressive, it’s not always the talk of the town. Altcoins and other tokens are mounting a very strong comeback as we speak.

Bitcoin Dominance Index Continues to Shrink

To put this into perspective, the Bitcoin Dominance Index is lower than it has ever been. That’s a good thing, as it shows people are diversifying their investments. Never put all of your eggs in one basket, as it will eventually cause financial harm. The people who bought Bitcoin at the top will not be too pleased with the way things are going right now either. Bitcoin is losing its dominance in more ways than one, that much is rather evident.

Interesting to note that BTC dominance just hit an all-time low at 37.6%. Is this a trend, or will it rebound? Without a doubt, many other coins have moved up aggressively in the past 2 weeks, while BTC has stagnated. pic.twitter.com/KKoLbRR1kT

— William Mougayar (@wmougayar) January 1, 2018

In fact, one could argue Bitcoin’s bull run may be over, for now. It is not uncommon to enter a bearish market after such spectacular gains last year. Every day, we see the Bitcoin price struggling for momentum in what appears to be a losing battle. This doesn’t mean we will see the Bitcoin price crash all of a sudden either, though. Instead, it will keep bouncing between $12,000 and $15,00 for quite some time. Or that is how it looks right now. Cryptocurrency remains a very unpredictable market, for all intents and purposes.

No one knows for sure what the year 2018 will bring. People who conduct their research know Bitcoin is not in a good place right now. Moreover, we see a lot of pump-and-dump cycles propel altcoins without working technology or products into the top 10 all of a sudden. Rest assured the overall market cap list will look very different in a year from today. The Bitcoin Dominance Index may be a lot lower by then as well. An interesting few months are ahead of us, that much is rather evident.

Header image courtesy of Shutterstock

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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