AD
AD
AD

Bitcoin Dominance Index Inches Closer to Four-Month High as Altcoins Bleed

article image
Cover image via stock.adobe.com

"Altcoins season" narrative has fallen on hard times in the shadow of the Bitcoin (BTC) rally

Fri, 10/30/2020 - 12:02
Advertisement

Bitcoin (BTC) market capitalization index (BTC.D), which is a ratio of Bitcoin's (BTC) net market cap to that of all recognized altcoins, is ready to revisit 17-week highs. Meanwhile, there is a lot of blood on the altcoin market.

BTC.D eyes June levels

According to charts provided by TradingView analytical dashboard, Bitcoin (BTC) dominance is 63.85% right now and shows no signs of retracement. The last time it was so high was early July of this year. The indicator gained 8.5% in Oct.

BTC.D is over 63%
Image by TradingView

Last summer showed no mercy to Bitcoin (BTC) dominance. Even an impressive Bitcoin (BTC) price spike in early August was accompanied by a rally of the altcoins.

On July 25, it dropped below the psychologically crucial level of 60%. As CryptoComes reported, this free fall made even strong Bitcoin (BTC) proponents consider their first ever investments in Ethereum (ETH).

👉 MUST READ Bitcoin (BTC) Dominance Shrinks Below 60%, Investors Switch to Ethereum (ETH)related article image

By the end of August, Bitcoin Dominance (BTC.D) plummeted to historical 32-month lows, i.e., to the levels witnessed in January 2018. Ex-Goldman Sachs analyst Kelvin Koh admitted that this drop was backed by string technological and trading fundamentals.

"Winter is coming" for altcoins?

The last few days brought a lot of bad news for altcoin holders. According to Coingecko's main dashboard, today all of the Top 10 altcoins by market capitalization are in the red zone on both the 1-day and 7-day time frames.

Altcoins are bleeding
Image by CoinGecko

Cardano (ADA) is suffering most as it is down 16.1% in the last week. Chainlink (LINK) and Ethereum (ETH) also witnessed significant losses in the last week of October.

The situation on decentralized finance markets looks even more painful. Top-notch analytical team Messari shared a snapshot of the ongoing carnage in its recent tweet.

Messari: DeFi streets are full of blood
Image via Twitter

The most overhyped flagship assets of the DeFi run, Yearn.Finance (YFI), Aave (AAVE, previously LEND), Uniswap (UNI) and Compound (COMP), showcase double-digit losses overnight.

Advertisement
Hot stuff
1,249,577 XRP in 24 Hours Push Price to New Frontier
1 month ago
Shiba Inu (SHIB) Price to Add $0 This Test is Failed
1 month ago
Cardano Kicks Off New Round of Stake Pool Delegation
4 years ago
Blow to Ripple as SEC Gets Access to Company's Missing Slack Messages
4 years ago
Anti-Bitcoin Activist Arrested in El Salvador
4 years ago
Advertisement
Name card
Shiba Inu (SHIB): One Last Test at $0.0000138 Waiting
2 weeks ago
Name card
Cardano (ADA) in Bubble? Indicator's Warning Signs
2 weeks ago
Name card
Solana (SOL) All-Time High on Line? It's Closer Than You Think
2 weeks ago