Bitcoin (BTC) Dominance Drop to 50 Percent, will Sell-off Boost Altcoins?

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin Prices slumping
Solactive and CMC launching two crypto indices
Transaction volumes less than half those of late Feb

CMC in partnership with Germany’s Solactive will launch two crypto indices. Data broadcasts will be from several terminals including Bloomberg’s GDIS and Börse Stuggart. With information based on performance, Bitcoin (BTC) traders will be better equipped and trade accordingly.

Bitcoin Price Analysis

Fundamentals

At the time of writing and drawing data from CoinGecko, Bitcoin enjoys a dominance of 50 percent with a market cap of roughly $69,994 million. If anything, this points to uncertainty. All the same, we expect prices to stabilize in coming few days. With better tools to gauge volatility and influence of BTC, predicting price moves and measuring sentiment has been made easy with news of CoinMarketCap collaboration with Solactive.

The two plan to launch two crypto indices. One, CMC Crypto 200 Index (CMC200), will collect price movement data of the top 200 crypto assets weighed by market capitalization including Bitcoin. The other–CMC Crypto 200 ex BTC Index (CMC200EX) — won’t and helps in tracking the general performance of crypto assets without the influence of Bitcoin. Interested firms can draw data from Global Index Data Service (GIDS) of NASDAQ, Börse Stuggart, Refinitiv of Reuters and the Bloomberg Terminal.

Candlestick Arrangement

Bitcoin Prices are hovering at last week’s close. From the chart, it is clear that sellers have the upper hand and if bears manage to drive prices below the 20-day moving average, then BTC may collapse.

As we can see, we have a three-day bear reversal, but bulls are firm as prices are trading above $4,000 and Mar 16-21 lows. That’s roughly the 31.8 percent Fibonacci retracement level of Feb 24 high low and a region of interest as laid out in our last BTC/USD price analysis.

If prices sink below $4,000, aggressive traders should unwind their longs and wait for pullbacks above Mar 16 highs at around $4,200. At the same time, risk-averse, conservative traders should wait for full breaks above $4,500 as prices break free from the $1,300 of the last four months.

Technical Indicators

Mar 16 bull bar is our base bar. With decent volumes—13k, which is still lower than those of Feb 24—36k, bears are yet to reverse its gain. As aforementioned, any drop below $4,000 or the 20-day MA with high volumes above 13k could trigger a sell-off towards $3,800 forcing liquidation of longs. If not and there are counter bars driving prices above $4,200 with equally high volumes, then traders should brace themselves for a rally towards $6,000.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.