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Why Bitcoin Dominance Suggests Alt Season Is Still Many Months Out

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Bitcoin price is a mere $2,000 away currently from setting a new high and shocking the world that the cryptocurrency rose from the ashes like a Phoenix once again. The currently flaming hot cryptocurrency is the talk of the world of finance, and it has resulted in altcoins suffering significantly over the last several weeks.

While much of the cryptocurrency community expects alt season to follow the moment Bitcoin corrects and consolidates, BTC dominance could be forecasting that any improvement in the » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin trend could be many months out. Here’s what the metric measuring the first-ever cryptocurrency growing market cap against the rest of the crypto industry has to say about altcoins.

Epic 2020 Bitcoin Rally Leaves Altcoins At Risk Of Capitulation

Bitcoin is trading at $18,000 and its total market cap has set a new higher high over the 2017 peak. All signs point to an extended Bitcoin bull run, after perhaps one more correction.

The last time around when the first-ever cryptocurrency went parabolic, altcoins followed. Two distinct » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin seasons occurred, one during the initial run-up, then another when Bitcoin reached its all-time high, and retail investor FOMO flooded altcoins with capital.

The mainstream hadn’t heard of Bitcoin, let alone altcoins. With BTC trading at psychologically expensive prices, and the average investor finding comfort in whole rounded numbers, altcoins appeared to be the better option. The allure of discovering the next Bitcoin early pushed retail towards alts, and they have done nothing but suffer since.

BTC dominance dropped from a higher of over 90% to as low as 35%. The 2019 rally peak left altcoins reeling, causing dominance to top out at around 72%. Now, BTC represents exactly two-thirds of the total crypto market cap, according to dominance.

Related Reading | Bulls In Control: Total Bitcoin Market Cap Achieves New All-Time High

Bitcoin has attracted a new class of investors, who have next to zero interest in most altcoins that don’t have anywhere near the promise, appeal, adoption, and regulatory acceptance as BTC.

As smart money comes in, comprised of billionaires, hedge funds, corporations, and more, they’ll be focusing on BTC exclusively. In the current economic environment, Bitcoin’s benefits are being viewed as a safe haven and insurance policy, while altcoins carry a significant risk of capital loss.

Alts like Ethereum, XRP, Litecoin, and the tried and true coins could also benefit, but tokens way down the ranks are potentially doomed into obscurity. The one saving grace is another wave of retail investors searching for the next BTC and another alt season taking place, but that could be a significant way off, according to technicals and not just the current sentiment.

btc dominance

A possible breakout of a four-year trendline on BTC.D happens with a close on Sunday night | Source: CRYPTOCAP-BTC on TradingView.com

Five BTC Dominance Charts That Suggest Alt Season Is Postponed

Pure technicals don’t look promising for altcoins, based on BTC dominance. The metric measuring Bitcoin against all other altcoins puts the cryptocurrency at about two-thirds of the crypto market’s total market share.

The chart above highlights what appears to be a breakout from a trendline that first let altcoins gain some ground with Bitcoin stretching back as far as early 2017.

btc domiance ichimoku

The breakout is supported by the Ichimoku cloud, but the candle must close to confirm | Source: CRYPTOCAP-BTC on TradingView.com

Adding credence and validity to the breakout is the fact that the price action is currently above the Ichimoku cloud on high timeframes. A close above the cloud would lead to a strong push higher.

Related Reading | Bitcoin Approaches Top Of Accumulation Zone, Parabolic Phase Begins With Breakout

In the chart below, the monthly BTC.D chart is also closing above the middle-line on the Bollinger Bands. The metric climbed another 30% the last time it closed above the moving average and usually guarantees at least a touch of the upper Bollinger Band which currently resides at 2019 highs.

Altcoins have until the end of November, to prevent dominance from soaring to the top of the Bollinger Bands | Source: CRYPTOCAP-BTC on TradingView.com

Although there are five charts total, the final chart has three more signals that are extremely bearish for altcoins. The Relative Strength Index is nowhere near oversold levels, and recently broke out from a downtrend line, letting the top cryptocurrency rip against alts.

The MACD is also flipping bullish via crossover for the first time since April 2019. The histogram also turned green for the first time since March 2018, just as the last significant » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season ended.

bitcoin dominance btc d

The RSI, MACD, and volume all point to further BTC crypto market dominance | Source: CRYPTOCAP-BTC on TradingView.com

Altcoins have never quite recovered since 2018, and the increasing volume above on BTC.D suggests that the trend of favoring Bitcoin over altcoins is only strengthening.

For the naysayers that argue charting dominance is worthless, the ETHBTC chart – often used to gauge altcoins strength or weakness against BTC – gives signals inverse to all the above, pointing to a deep collapse in Ethereum while BTC runs to new all-time highs.

ethbtc

The Ethereum ratio against BTC also suggests » Read more

" href="https://www.newsbtc.com/dictionary/altcoin/" data-wpel-link="internal">altcoin capitulation is coming | Source: ETHBTC on TradingView.com

The next two weeks are especially critical for altcoins, and are facing a bounce or die type situation against the only just blossoming Bitcoin bull trend.

If Sunday night’s two-week close and the monthly November close at or above current levels, alt season could be delayed indefinitely, or at least for a few more months until retail is sucked back in.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://www.newsbtc.com/analysis/btc/why-bitcoin-dominance-suggests-alt-season-is-still-many-months-out/

Blockchain

Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn’t Sold Any Bitcoin

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Amid Rumors Of Dumping Its BTC Holdings, Elon Musk Maintains Tesla Hasn't Sold Any Bitcoin

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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.

BTCUSD
BTCUSD Chart By TradingView

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.”

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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.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/amid-rumors-of-dumping-its-btc-holdings-elon-musk-maintains-tesla-hasnt-sold-any-bitcoin/

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Blockchain

Live Dealer BTC Casino Games – What Can I Play?

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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.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/live-dealer-btc-casino-games-what-can-i-play/

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Blockchain

Galaxy Digital report details Bitcoin consumes less energy than banking and gold.

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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.  

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/galaxy-digital-report-details-bitcoin-consumes-less-energy-than-banking-and-gold/

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