Chart shows bitcoin dominance increasing over last few months
As the CoinDesk article that reported this data went to press on 04:08 UTC bitcoin’s market capitalization was $105,785,552, 545 about $901 million more than the market value of all other cryptocoins combined.
Bitcoin’s dominance rate has been increasing over several months. From May 1st to now it has increased 14 percent — whereas the dominance of most all other cryptocoins has been in decline.
Situation quite different from last time BTC had 50 percent dominance
On Dec. 19th the average price of BTC was $17,605. or much higher than today. There is little sign that bitcoin will return to that level any time soon.
CoinDesk’s weekend outlook
On Thursday BTC had stopped a three-day streak of losses. The 26 percent sell-off that has happened over the last three weeks appeared to be overstretched. BTC traded on Thursday within the high and low range of the day before, an indication that the bear market has run out of steam. Yet there are not buyers rushing in to drive up the price so far at these levels.
In the last 24 hours the market appears to be inconclusive. However, if prices find acceptance over the previous days high of $6,628 there could be a corrective rally, but this will not be an easy task.
CoinDesk’s outlook for the weekend for BTC is: “Thursday’s inside-day candle has neutralized the immediate bearish outlook and indicates indecision in the marketplace. A short-term bull reversal would be confirmed if BTC scales the previous day’s high of $6,628. A bear flag breakdown (drop below $6,240) would strengthen the odds of BTC finding acceptance below $6,183 (previous day’s low) and falling towards $5,755 (June low) over the next few days.”
Bitcoin’s present situation
On Saturday August 11th BTC opened at $6,143 and hit a low of just over $6,000 at $6,008. However, it snapped back up to a high of $6,462. It is now Sunday August 12 UTC. BTC opened at $6,233 almost a hundred dollars above its previous open. Its high so far has been $6,308 and the low $6,173. At 02:49 BTC was trading at $6,279 still well above its open. While the price has fallen below the $6,240 mark it has not stayed there or found acceptance below $6,183 so the bearish scenario does not seem to be unfolding. On the other hand there is no sign of yet reaching the previous days high of $6,628. However most of Sunday is still to come. The present price of bitcoin can be found here.
As the appended video shows, some are not fazed by the BTC drop but think that this is the time to buy or to stay in not to sell even if the price goes lower.
