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Home Cryptocurrency news Bitcoin

Bitcoin Dominance Could Be Poised for Extended Downtrend As Alts Rally

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin btc dominance crypto altcoins
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Last year, it was all about Bitcoin and its parabolic rise out of its bear market bottom. The first-ever cryptocurrency consolidated for months in a low range around $3,000 before exploding 350% to $14,000 at the year’s high.

During the rise, BTC dominance also rallied, wiping out the value of most altcoins as a result. However, with the latest altcoin rally, long-term indicators are starting to roll over, suggesting that BTC dominance is about to head into a steady downtrend, allowing altcoins to regain much-lost ground against Bitcoin, and potentially outperform the leading crypto asset by market cap for the foreseeable future.

Bitcoin Dominance Ready To Roll Over Into Downtrend

This week, Bitcoin took off from lows around $7,000 and is already flirting with $9,000. The bullish momentum spilled across the crypto market, causing many altcoins to break out of downtrend resistance and go on massive rallies of their own – something that hasn’t been seen since early 2019.

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Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend 

When Bitcoin and altcoins bottomed out in December 2018, the two asset types went on a rally together. It wasn’t until April 2019 when Bitcoin took off on a parabolic run that altcoins got left behind and BTC dominance really exploded. In late October, the BTC dominance rally finally topped out and has just begun to break down from a massive, multi-month ascending wedge formation.

BTC Dom

Monthly MACD continuing to roll over.

Monthly RSI – coming down from relatively over-bought territory. pic.twitter.com/wWaZYsUhi5

— dave the wave (@davthewave) January 15, 2020

Accompanying the breakdown, are a pair of long-term trend measuring indicators that have begun to turn downward, signaling that there’s likely significant downside and a full-scale trend reversal about to occur. The MACD has started to turn back downward for the first time since the crypto bubble popped, and the Relative Strength Index is showing a similar signal.

BTC dominance measures how much market share Bitcoin has against the rest of the altcoin market, including the likes of Ethereum, Litecoin, Ripple and more. Because these assets went on massive rallies themselves this week, even though Bitcoin gained as well, it was enough to cause a divergence in BTC dominance.

Related Reading | Pumping Altcoins All Have One Thing In Common: Crypto Whale Games 

The latest altcoin rally has confused investors, even billionaire CEOs of major crypto funds. Some are chalking it up to whales playing games on derivatives exchange OKEx, while others are calling it an exit pump before more downside. However, the factors driving the altcoin rally could simply be due to the assets being greatly oversold from two years of a downtrend, to the point where even a little bit of buying up of the illiquid assets caused quite a surge.

Only time will tell if the surge is sustainable, and Bitcoin dominance continues to decline while altcoins grow. But these signals suggest that not only will this happen, but it’s also already underway.

Tags: altcoinsbitcoinbtc dominancecryptoDave the Wave
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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