Over the last few weeks, Bitcoin has been rising without pause, absorbing all of the capital out of the crypto market and causing altcoins to bleed on BTC pairs.
BTC dominance finds itself at a crucial resistance level, and some of the brightest and best crypto analysts in the community, are divided over the future of altcoins. Here’s what they are saying, and what to expect in the short-term in the always unusual relationship between Bitcoin and alts.
BTC Dominance Reaches Long-Term Resistance, Fireworks Expected To Finish
Bitcoin was the first cryptocurrency to be created, and due to this, it enjoys all the first-mover advantage benefits that come along with it. It has the widest adoption and regulatory acceptance, and the largest chunk of the cryptocurrency market share.
BTC dominance is a metric weighing the top crypto’s market cap against the entire » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin space, and it shows that Bitcoin commands as much as 66% of the overall capital invested into the thousands of coins across the crypto market.
The TD Sequential 9 sell setup works reliably on BTC dominance | Source: CRYPTOCAP-BTC.D on TradingView.com
Some analysts swear by charting BTC dominance to discover divergences in the relationship between Bitcoin and altcoins, while others claim it is useless. However, if it isn’t valuable for technical analysis, then it is strange it responds so well to support and resistance levels and other common chart signals, as evident in the chart above.
Related Reading | Altcoins Reach Pivotal Crossroads, Fate Of Crypto Hangs In The Balance
The TD Sequential indicator also works well on BTC.D weekly timeframes, giving the value of timing BTC pairs using the metric added credence. In the past, it acted as an almost flawless sell setup, calling nearly every top in BTC dominance except one on the weekly scale.
As for last night’s candle open, an “imperfect” 9 sell setup has appeared. A rise to over 66.5% dominance before the end of the week, would cause the indicator to light up with highlighted green, pictured above in other instances where the TD Sequential triggered.
The Future Of Altcoins, And The New Bitcoin Bull Ruin
A recent analysis of the TD Sequential on BTCUSD monthly timeframes shows that although the signal is incredibly reliable when it does fail, it leads to an even larger impulse.
9 buy or sell setups are also not nearly effective when the strength of the prior trend was particularly strong – even if the setup is perfected. If the trend leading up to the sell setup was that powerful, the signal is ignored and the asset keeps on climbing.
This sort of behavior also happened on BTC dominance, depicted by the red arrow on the left below. The prior trend reversing from the crypto bubble popping, was so strong, although a perfected 8 and 9 sell setup triggered on the weekly, Bitcoin kept climbing. From the moment the 8 sell setup appeared, dominance grew 35%.
But when it fails, a larger impulse ensues - what happens this time? | Source: CRYPTOCAP-BTC.D on TradingView.com
After a pullback, the final height of the up-move reached as high as 58%, taking BTC dominance to a peak of 73%. The number is the highest point since prior to the 2017 crypto bubble when altcoins outpaced BTC by astronomical figures.
However, just as divided as crypto analysts are on the validity of charting BTC.D, they’re mixed on where altcoins go from here. With BTC dominance at resistance, many are expecting rejection and the first true » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season since Bitcoin reached its all-time high.
The other side of the argument, expects altcoins to bleed out hard into one final drop against BTC until Bitcoin clears its former all-time high, tips off the mainstream public about the new bull run, and retail investors come back into the cheaper subset of coins en masse.
Featured image from Deposit Photos, Charts from TradingView.com
Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin
Elon Musk has been dragged under the bus by countless bitcoin proponents as the price of the flagship currency continues to take a downward movement. Bitcoin dropped 20%, sending prices to $45,000 as of yesterday.
As of publication, Bitcoin imitates analysts’ predictions that the asset could continue to dip for the most part of this week, and with Bitcoin now trading at $45,065 at press time, their analysis remains valid.
The Bitcoin selloff continues
Asides from the “bearish” tweets from Musk, which to many is simply just the Billionaire’s expression of his dissatisfaction with Bitcoin, Bitcoin could sustain more losses if Tesla sold its remaining Bitcoin holdings.
Following Tesla’s announcement, onlookers spotted a Bitcoin transfer of 19,259, worth over $872 million at press time. Analyst William Clemente observed that the transfer time coincided with Musk’s tweet, hinting that Tesla may have indeed called it a day for Bitcoin.
Musk reveals Tesla’s $1.5 billion holdings still intact, prices soar
However, Musk has recently cleared the air on whether the Bitcoin holdings are still under Tesla’s belt. In what could be considered the most recent positive tweet from Musk on Bitcoin, he wrote “To clarify speculation, Tesla has not sold any Bitcoin.”
Some excited Bitcoiners are holding on to the news as a sign that Tesla has not lost all interest in Bitcoin, despite Musk’s tweets that Dogecoin is a superior asset to Bitcoin. On the other hand, skeptical Bitcoiners are convinced that in a matter of time, Tesla will pull through with its Bitcoin sale.
Recall that Elon Musk teased that this could be the case, given that Bitcoin proponents have continued to critique Tesla’s decision. Shortly after hinting that Tesla might give up its $1.5 billion Bitcoin holdings.
However, Bitcoin has since surged by 7% since Musk’s clarification on Tesla’s Bitcoin holdings.
Bitcoin doesn’t need Elon Musk
Meanwhile, analysts’ who heavily bought the dip have insisted that Bitcoiners pay no mind to the bear market.
In unison, key players agree that “Bitcoin doesn’t need Musk. Rather, Musk needs Bitcoin.” It is unclear where the market is headed going forward, but the sentiments from top Bitcoin proponents similarly claim that the bear trend is only temporary, as Bitcoin is still yet to bottom.
Live Dealer BTC Casino Games – What Can I Play?
Discover if you can play live dealer casino games at leading crypto casinos using Bitcoin and other options with our guide.
In many ways, Bitcoin casinos can offer virtually the same experience as a conventional online casino. This is terrific news if you are thinking of making the jump but are concerned about missing out on games, promotions, and other services. Where do live dealer games fall, though? As only a handful of software providers have committed to introducing cryptocurrencies into the accepted range of currencies for their games, are cryptocurrency casino players set to miss out on playing the hottest live dealer games around? We have had a look, and we have got an answer.
Can You Play Live Dealer Games with Cryptocurrencies?
In a word – yes. Admittedly, not every casino software provider has taken to cryptocurrencies. Many Evolution Gaming live dealer games can be played at cryptocurrency casinos, but you may not be able to “wager” using BTC on some of them. Instead, your Bitcoin deposits will be converted into US dollars for gameplay. It is the same story for many of the smaller live casino software providers out there, too. However, you can certainly expect to play live dealer games at cryptocurrency casinos, even if you cannot wager with them. There are, of course, one or two providers who go one step further and do permit BTC wagers.
Which Software Providers Allow This?
Ezugi is the leading casino software provider to approve Bitcoin as one of their games’ accepted currencies. Ezugi has made sure that you can deposit, wager, and withdraw using BTC on many of their most popular titles. Naturally, you do not have to do this if you choose to play at a cryptocurrency casino that accepts FIAT currencies, as you will be able to wager using FIAT options, too.
What Types of Games Can I Play?
There are several types of gambling and casino games that you can choose to play. If you merely want to play live dealer games at cryptocurrency casinos, you will have an ample array of all the most popular games, ranging from baccarat to blackjack, roulette, table poker and money-wheel and game show titles. Alternatively, if you pop over to Ezugi’s collection, you can also find dice games, lottery-style titles and even keno games, and these can be played using Bitcoin.
Top Casinos Offering Live Dealer Crypto Games
To make the most out of playing live dealer cryptocurrency casino games, you need to find a top site offering them. However, we would advocate that you choose a casino that also accepts FIAT currencies alongside Bitcoin and other cryptocurrency options. Sites such as BitcoinCasino.io fit the bill rather nicely. The main reason for choosing to do this is that you will have access to a full array of games from many live dealer providers. This way, even if you cannot play live casino games using BTC, you can still use FIAT currency options to enjoy an ultra-realistic, live-streamed casino gambling experience.
Galaxy Digital report details Bitcoin consumes less energy than banking and gold.
Galaxy Digital has released a report on Bitcoin energy consumption, detailing how it consumes less than traditional financial industries and the value it can bring. The analysis uses several calculations to ascertain how much energy the Bitcoin network uses and how it stacks up against the banking and gold industries. The authors also noted that the energy usage criticisms are not usually applied to traditional industries.
Bitcoin’s annual energy consumption is estimated to be 113.89 TWh/yr.
Galaxy Digital report lauds Bitcoin for being transparent, while incumbent companies are opaque and don’t often disclose their energy footprint. The authors accept that the Bitcoin network consumes a great deal of energy but assert that this is exactly what secures the network and makes it so robust. According to Galaxy Digital’s calculation, the annual electricity consumption of Bitcoin is estimated to be 113.89 TWh/yr. For some perspective, the energy consumption of always-on devices in the US is 1,375 TWh/yr — 12.1 times that of Bitcoin’s consumption.
The total energy consumption of the gold industry is estimated to be 240.61 TWh/yr.
For the gold industry, the analysts took a look at all of the processes involved, including those directly emitting greenhouse gasses, those indirectly emitting them, and emissions stemming from refinement and recycling. Multiplying the total 100,408,508 tCo2 in emissions with the global IEA carbon intensity multiplier estimates the total energy consumption of the gold industry to be 240.61 TWh/yr. The analysts also noted that the consumption of the gold and banking industries is hard to estimate because of a lack of data on energy usage. This makes it difficult to “have an honest conversation” about Bitcoin’s energy use. The report estimated the banking industry’s energy consumption to be 238.92 TWh/year. Earlier, Tesla announced to discontinue bitcoin payments citing environmental issues.
First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US
Raze Network Kicks Off Testnet Phase With UI Community Voting
dotmoovs Raises $840,000 From Strategic Investors and Partners
US Investment Bank Cowen to Offer Crypto Custody Services
How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?
Casper Network’s CSPR Spot Trading Now Open on OKEx
When dollars meet the hype: The biggest NFT hits from celebrities
PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain
DeFi lending platform Aave reveals “private pool” for institutions
From cypherpunk to state contracts: the changing face of blockchain
MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations
Griff Green: Doge-loving hippy hacker steals crypto before bad guys can
Here are the Top DeFi Tokens With The Largest Price Jumps This Week
As Elon Musk’s SpaceX Literally Sends Dogecoin To The Moon, Justin Sun Craves For Tron to Tag Along
Buterin Plugs UNI as Next Oracle Token
Can Elon Musk’s ‘damage control’ measures help revive Dogecoin’s price?
Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT
Gaming Giant Kinguin Taps Immutable X for NFT Offering
ConsenSys-Backed Virtue Poker to be Launched on Superstarter, SuperFarm’s Launchpad
Bitwise Launches ‘Crypto Innovators’ ETF
Blockchain1 week ago
Crypto Market Cap Added $300B in 7 Days as Altcoins Explode: The Weekly Recap
Blockchain6 days ago
Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet
Blockchain1 week ago
Ray Dalio’s Bridgewater CFO leaves to work on Bitcoin full-time
Blockchain1 week ago
Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder
Blockchain1 week ago
CFO of World’s Largest Hedge Fund Joins Institutional Bitcoin Firm NYDIG
Blockchain1 week ago
Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest
Blockchain1 week ago
Crypto Banter Will Give Away Over $500K To 10 Eligible Community Members
Blockchain1 week ago
Legendary Pelé NFT Set to Drop on Ethernity May 8