 | I am honestly baffled by calls in the cryptoverse that a very likely impending Bitcoin sell-off, aka "secondary scare," will result in BTC dominance rising higher. This did NOT happen last cycle, nor is it likely to occur this cycle as well. In June of 2019 BTC started it's sell-off from ~$13,000 to a bottom of ~$4,000 in March of 2020. In that same time period, the altcoin market (Total 3) saw a sell-off from 99billion to 27billion. This was an absolute rout of the altcoin market no doubt, but BTC's sell-off during the same time period, was so severe that it's dominance actually dropped from ~72% to ~63%, then continued to drop to 57% three months after BTC/USD found a bottom in March 2020. It wasn't until the start of the Bull run that we saw BTC dominance rise again, and even then it did not break above it's pre-halving year high of ~70%. Is it any coincidence that BTC/USD also reached a year-to-date high this June and has been selling off since that point, just like it did it in the last pre-halving year (2019)? So many trends and comparisons have been made in the cryptoverse to try and make grandiose claims that BTC.D will continue to rise during this "secodary-scare" and that the "altcoin reckoning" will result in BTC Dominance pumping to 60%, but oddly enough there is no mention, at all, that during this so-called secondary scare in the 2019 pre-halving year, BTC dominance, actually... dropped. Is it also any coincidence that BTC.D was stiffly rejected against the 200 week EMA in June 2019, just like BTC.D was rejected by the 200 week EMA in June of this year? Why is none of this being mentioned? I am not opposed to BTC dominance rising. I do hold BTC. It just doesn't make sense to me that these fairly basic facts are not being considered in the calculus of making an impartial determination as to whether BTC.D will rise or fall from this point. Bottom line, BTC dominance dropped during the "secondary scare" and subsequent "altcoin reckoning" from June 2019 to its conclusion in March 2020. So, why again will BTC dominance rise this time? [link] [comments] |
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