Bitcoin’s (BTC) price clocked a two-month high of $7,820 today and looks set to extend gains further, a key cryptomarket gauge indicates. CoinMarketCap’s bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market
To start with, a rise in the BTC dominance rate essentially means the number one cryptocurrency is more in demand compared to the alternative cryptocurrencies.
The above chart shows:
The BTC dominance rate has increased from 40.5 percent to 46 percent in the last four weeks.
In the latter case, the dominance rate of alternative cryptocurrencies over bitcoin rises sharply.
So, a sharp rise in the BTC dominance rate, as seen in the last four weeks, could be considered a sign of investor confidence in the current BTC price rally.
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A spike in the BTC dominance rate validates the short-term bullish outlook.
The Bitcoin dominance rate (BTCD) has reached a crucial support level, a decline below which could trigger a sharp drop. However, technical indicators suggest that a bounce is to be expected. Possible Bounce for the Bitcoin Dominance Rate The Bitcoin dominance rate has been decreasing since May 8, when it reached a high of 68.
The Bitcoin dominance rate has been increasing since Feb. 15. Since then, it has been trading inside a neutral area between two trading ranges, with its future direction being still unclear. Well-known cryptocurrency trader @Altcoinsherpa posted a long thread about the Bitcoin dominance rate (BTCD), eventually coming to the conclusion that June would be a […]
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Recent Bitcoin block data shows that Bitcoin’s mining pools BTC. com, AntPool and ConnectBTC, respectively mined about 25. 7 percent, 16. 1 percent and 0. 2 percent of all new blocks over the past week.
The Dominance Index is an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency. So, a rising dominance rate essentially means the demand for bitcoin is greater than the demand for other innovations.
The BTC dominance rate is an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency. So, a rising dominance rate essentially means the demand for bitcoin is greater than the demand for altcoins.
The current market conditions do not warrant too much excitement where the Bitcoin price is concerned. After yesterday’s steep drop, it is only normal a lot of traders are now hedging their bets.