Major Crypto in Choppy and Trend Bound MarketsSeptember 10, 2019
Adam Back, Block stream CEO stated, “The superiority of the Altcoins previously was a temporary feature of the cryptocurrency space. The Bitcoin dominance is reverting to historical 90% at the expense of the Altcoins.
A current percentage is a dominant number as Bitcoin was previously accounting for less than 40% earlier this year. With the current dominance rate, Altcoins are being criticized, and several narrations about the death of the Altcoins are doing the rounds.
The Bitcoin market has been tranquil today. It was rejected for a couple of days with a downward resistance level which returned to a slow state in consolidation. The Bitcoin has been in an accumulation and consolidation phase ever since early July. The volatility is waning and the prize has been dramatically squeezed.
The consolidation is gaining with falling trade volume. This pattern is not terminating until the middle of October. The price might break up or down out of the region now and then.
Despite all market movements, Bitcoin has a broader uptrend. The bulls are trending in a way to sustain the leading crypto above $10,000. We are yet to see if we will have a multi-year uptrend or if it will be a prolonged bear market.
One of the tools used to assess the market sentiment is the ratio of the long/short futures contract, which would be open on exchanges.
The Bitcoin has been falling for the third straight day, and it has been dropping by 1.02% Based on the current momentum, the price of the Bitcoin has been trending between $9,249.02 and $11,019.31.
The rise in the Bitcoin dominance is suggesting that the network effects around the Bitcoin are getting stronger, and the chances for the survival of the Bitcoin are greatly enhanced. The daily transactions recorded on the Bitcoin blockchain has been increasing by approximately 0.65%
If Bitcoin would continue to succeed as a currency providing for growing numbers of sales, then it might serve as a currency for most of the transactions.
Considering the concentration of Bitcoin’s Wealth and activity, there are more than 566.01 million Billion Wallets. Over the past two weeks, the numbers of active users of Bitcoin by month has increased considerably. When compared to Bitcoin all crypto are down by 1%
Considering the aggregate of the significant cryptocurrencies since yesterday, Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down by -0.42%. Needless to mention, most of the coins were going through choppy and trend bound markets.