Taking a look at this makes me personally believe that btc has reached its peak in terms of market dominance. Let’s look at some facts real quick and say what you will about alts, people said the same thing about start up internet companies when they first started. I’m not saying these will end up being successful, but if you’re here reading this than obviously you’re here for more than one reason I’m sure.
This wedge started right when the selling started, January 2018. This wedge is about 21 months old. The top of the wedge lines up with both BB and the EMA, overbought on the William %R and so on. In order for btc to keep going up in dominance we need one of two things.
1) new money entering the market and only going into bitcoin.
2) panic selling of alts.
We won’t know what happens for another 3 months more or less. But I’m gonna give a guess and say that 75% is the highest it will possibly go. Alts are extremely undervalued compared to other companies in say the s&p500 or the russle2k-3k.
This market is brand new, and we had a bubble of 850B of over extended assets. Once bitcoin starts making higher highs again start watching the dominance move down.
This wedge started right when the selling started, January 2018. This wedge is about 21 months old. The top of the wedge lines up with both BB and the EMA, overbought on the William %R and so on. In order for btc to keep going up in dominance we need one of two things.
1) new money entering the market and only going into bitcoin.
2) panic selling of alts.
We won’t know what happens for another 3 months more or less. But I’m gonna give a guess and say that 75% is the highest it will possibly go. Alts are extremely undervalued compared to other companies in say the s&p500 or the russle2k-3k.
This market is brand new, and we had a bubble of 850B of over extended assets. Once bitcoin starts making higher highs again start watching the dominance move down.
