Bitcoin dominance cycle suggests the 2017 crypto rally could be repeated

Bitcoin dominance cycle suggests the 2017 crypto rally could be repeated 1
Bitcoin dominance cycle suggests the 2017 crypto rally could be repeated 2

The dominance of Bitcoin and other cryptocurrencies has been a topic of debate among cryptocurrency traders. After all, during the first half of 2017, Bitcoin dominance fell to 65% from 80% a year earlier. So, as the price of Bitcoin rose, the question was: Was it a sign that it was time to cash out?

The dominance curve for the digital currency bitcoin is rising at a rapid pace, and its resemblance to a classic currency cycle suggests that the cryptocurrency’s recent price surge could be repeated.

2017 was a surprising year for the cryptocurrency market. Prices jumped from a relatively minor $80 in January to over $1000 in December, with a meteoric rise in the latter part of the year. If history is any guide, the next year could be even more exciting. In 2013, Bitcoin gained over 1000% in the first half of the year before dropping by less than 50% in the second half. In 2015, it gained over 2000% before falling by almost a third in the latter half of the year. The last year saw similar increases and decreases in price.. Read more about bitcoin chart 2017 to 2018 and let us know what you think.Summary of the situation

  • The 2017 crypto-currency rally could be about to repeat itself.
  • Bitcoin’s domination of the market.

In 2017, the price of the world’s most popular and valuable digital currency fell 65%. The recent fall of bitcoin marked a historic collapse in the price of the largest virtual currency (BTC). Trends in the most valuable digital assets posted this month are similar to those in 2017, when the entire cryptocurrency market posted losses. The question we must ask ourselves is this: What does this trend mean for the price of the massive virtual commodity bitcoin? Bitcoin Domination Cycle word-image-15219 Bitcoin’s trends are similar to those in 2017, when most virtual currencies lost value. There is a possibility of a repeat of the 2017 crypto-currency rally.

BTC Domination

The cryptosphere has suffered huge losses since the 12th of this month, when the cryptocurrency market crashed. There is a strong downward trend in BTC’s predominance. Earlier in the year, the dominance of the world’s largest virtual currency was around 70 percent, up from 40 percent before the recent market collapse. The 40% preponderance is the lowest since 2018, when it was at its lowest. However, it has recovered and now stands at 43%. If this trend continues, it means that it will be similar to the summer of 2017, when the digital currency market boomed, and there are still a few months to go before the hottest digital currency peaks around $20k in the last month of 2017. Although the two years have similar characteristics, the preponderance of the giant coin does not say much about the price. However, it does give an indication of the performance of the popular currency relative to the rest of the market and confirms certain trends. The question is what does bitcoin’s dominance mean for the market?

Unknown value

The difference between this year and 2017 is that today’s markets have established institutions that did not exist then. This is the case at least for bitcoin and, to some extent, for major altcoins like Ether (ETH). Smaller traders and investors dominate much of the alternative markets, including almost all small-cap coins and memes like Dogecoin (DOGE). A closer look at the chart of market dominance shows that the main digital asset seems to have gotten a boost late last year, when many institutions started using bitcoin. The rise in bitcoin continued until January of this year. There is a sense that institutions have contributed to bitcoin’s dominance. On the 21st. In May, it was revealed that Wale had purchased $5.5 billion worth of BTC, although the price of the assets was less than $36,000. So it is possible that the sudden resurgence of bitcoin’s dominance is not caused by normal market cycles, but by institutional whales buying BTC at a discount.Bitcoin’s price volatility suggests that the crypto markets could be on the verge of a repeat performance of last year’s rally. Bitcoin’s dominance has been steadily rising since last year, but has reached a new all-time high of 36%, indicating that the cryptocurrency has over-played its hand.. Read more about 2017 crypto bull run chart and let us know what you think.

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