The majority of alternative Cryptocurrencies, or Altcoins have fallen from their record high to more than 90 percent. This has brought back bitcoin dominance in the crypto markets.
Analyst Willy Woo commented on the Situation with a harsh Statement: namely, that the Altcoin Charts look like “radioactive decay”, because most of them have over a longer period of time, a steep loss of value.
Woo on the topic:
“The vast majority of Altcoins are Degens. Its price chart has a measurable half-life, how radioactive decay. On a log it is recorded on a straight line down.“
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Since January of 2018 has doubled Bitcoins dominance index of that value, a measure of the proportion of Bitcoin, the global crypto market of 33,47 to 67 percent.
According to the data of the “athcoinindex” is Bitcoin dropped to its all-time high of 53 percent, while most of the Altcoins – including major crypto-Assets, such as Ethereum, XRP, and Bitcoin Cash fell against the US Dollar by 80 to 95 percent.
Altcoins outside of the Top 10, such as Cardano (ADA), Stellar, TRON and NEO have evolved against the US Dollar and fell by well over 90 percent.
Similar to on the stock market, investors tend on the crypto-market in times of Stagnation and lack of interest from the Public to make use of Bitcoin as a less risky Option compared to Altcoins.
Consequently, Tether, a Stablecoin whose value corresponds to that of the US Dollar has become the fifth most valuable crypto-Asset on the world market and has even surpassed Litecoin.
While the Bitcoin price has risen since the beginning of the year to 100 per cent, it is still well below its record high. And: Its volume has been falling since its high for the year in June.
November is historically the month with the best Performance for Bitcoin for two consecutive years, however, and so this November is for BTC the risk, no special performance.
Bitcoin in the accumulation phase?
Crypto research team, Ceteris Paribus, according to the Users of the Square App purchased in the third quarter of 2019, an average of 133 BTC per day, i.e. 8.6 percent of the daily emissions.
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Based on the data of the team every day, worldwide, around 1,800 BTC from Mining facilities dismantled, and the strong sales of Square suggest that investors accumulate the dominant crypto-currency.
As the accumulation increases, and the bitcoin Hash Rate before the halving of the block reward is also increasing further, many of the BTC’s dominance in the 70 percent range will continue to rise – possibly since 2017, erklommenes level.
Whether Altcoins will be able to use the recent momentum to the recovery until the end of the year to continue remains uncertain.
Bitcoin encounters with 9.400 $ is still strong resistance. However, it is expected that the Support Zone at 9.200 $ with increasing selling pressure, breaking through and limit orders at key Fiat-to-crypto exchanges are sold as Coinbase.