Lets imagine that the total market cap of all cryptocurrencies currently stands at 100 billion. If bitcoins market cap represented 60 billion of this, bitcoins dominance would stand at 60.
what is bitcoin dominance? The bitcoin dominance index or bitcoin dominance ratio is an indicator that traders can use to quickly get a feel of bitcoins value relative to that of the whole cryptocurrency market. This index takes bitcoins market capitalization compared to the market cap of every other digital asset.
Decreasing dominance simply means that bitcoin does not take up as much as the market capitalization of the cryptocurrency market as it once did. And why is this the case? Because other altcoin capitalizations are rising relative to bitcoin.
the ratio of the market value of bitcoin (btc) to the total cryptocurrency market value is called bitcoin market dominance or btc dominance index. Bitcoin, which has the highest market value due to being the first cryptocurrency, is the currency that many investors look at first.
bitcoin dominance is a percentage of the total cryptocurrency market capitalization attributable to bitcoin.
when btc dominance increases, it means that investors in crypto are looking for a less volatile and safer investment. It is analogous to buying a-list stocks or yen in forex or gold in commodities. During market uncertainty, investors shift towards less volatile and highly liquid assets like btc rather than investing in altcoins with low liquidity and market cap.
shown as a ratio, bitcoin dominance is a metric that shows btcs share of the total crypto market capitalization. At the time of writing this article, btcs dominance stands at 63. Ethereum (eth), the second-largest cryptocurrency by market cap, has a total share of the digital asset market of 9.
The btcd has been moving downwards since reaching a local high of 73. The movement up to that point was a failed breakout attempt above the 71 resistance area. This is a resistance that has been in place since december 2017.
bitcoin dominance is used to measure the percentage of the cryptocurrency market that can be attributed to bitcoin, btc. During prolonged market shifts, it can also highlight whether demand for bitcoin is staying above that of the cryptocurrency market average.
the bitcoin dominance rate (btcd) has broken down below a support level that has been in place since june 2019. Unless it is successful in reclaiming it, the btcd is expected to continue moving downwards. Breakdown from long-term support the bitcoin dominance rate has been decreasing since sept 5, 2019, when it reached a high of 73.
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