As goes BTC, so goes the market.
As can easily be perceived in the comparative chart below, for the last year Bitcoin has both led the market on the way up and on the way down. That is to say that Bitcoin rallies first, and the rest follow (often outperforming, but that's another study). Likewise, Bitcoin turns bearish first, and then the rest follow in the downtrend. What's most interesting is that there's definitely a lag time that's worth noting.
“Duh” many will say, but it’s nice to have that kind of information quantified and documented. The big question is whether that will continue or not. My inclination is to think that it will for the foreseeable future. After all, Bitcoin is still THE household word. 😃
Read the "The Dos and Don’ts" here if you're not aware of my rules.
@cryptographic,
We all talked about the market dominance of the BTC! Obliviously it's market dominance is dropped and dropping! But entire cryptoworld is still depend on BTC dominance. Last year BTC shows a huge uptrend and all others followed it! Same thing will happen again in this year too! After all it's the ALPHA, all others follow him and hope few ALTs like STEEM, BTS, EOS can challenge BTC dominance in next couple of years time! But not today, not tomorrow still BTC is the main key of crypto market price dependency.
Cheers~
No doubt about it. BTC is the crypto alpha male!
I think the main issue this past week has been the extremely low volume (compared to previous weeks, 4 billions on btc is relatively low to previous months) and i don't know what to think about that, the market has been stalled for a while on these levels and we need something to break it out somehow, good news don't seem to be helping the market anymore and the bitcoin core team has not really provided any news regarding the LN and if this keeps going, i doubt it will be released this year and without major tech updates, i believe bitcoin will continue to fall down.
Steem is another crypto that has been having extremely low volume lately, today is around 2m and thats not really acceptable for a top 35 coin is it? hopefully smts bring a whole lot of new demand for steem and that causes the volume to pick up, because right now, even "shitcoins" like doge and verge have bigger trade volumes than steem.
Volume is extremely low across the board. It's difficult to buy anything in size, and to sell as well. The old saying is to never sell a slow tape, but the reality is that any kind of even medium sized buying or selling could cause a break either way. On thing's for sure, buyers are being very patient. It looks like an accumulation environment, but again, it could always break a notch lower giving accumulators even better prices. As long as buyers stay patient . . .
We need some sort of good news to raise the volume across the board, we have been on this ditch for too long... at least things aren't looking as grim as when the market was at the 230-250b cap after the total capitulation.
I agree. There is no reason for the trend of the past to break. BTC is still the big bear in the crypto world and will be for a long time. While I expect the percentage of the whole to diminish, it will still be the largest token in terms of entire crypto makeup. I believe it will settle between 10%-15% of the entire market...down from its present 33%-40%.
I share those same long term expectations, and just hope the big bear turns big bull sometime soon. 😉
Not that I'm in a hurry - it's just that I miss seeing all the free publicity that rising markets generate.
I'm obsessed with mass adoption. 😉
I'm obsessed with STEEM and Bitshares. LOL
I like what you wrote here....it will be a post for tomorrow...you will be my headline. 😀
And EOS?
Regards, @gold84
I dont have any of that EOS presently. I am well represented by @dan with STEEM and BTS.
I have a feeling the BENCH team, that both @stan and @michaelx talked about, will give nice exposure to EOS via hodling BTS.
Hard to argue against EOS based upon all that was written. We will see how it unfolds.
Got your point! We are 10% of the voting, just 5% more for the mainnet to be fully launched, and we will see how things start unfolding.
Regards, @gold84
I believe the biggest transfer of wealth will give some notice with EOS when the mainnet launches. My bet is EOS will go to position 4 or even 3 were XRP is.
Your thoughts?
Regards, @gold84
Not only is Bitcoin a household name but it also is the largest in terms of market cap which make it the number one store of value among the cryptocurrencies. This will solidify its position in driving the sentiment of the overall market. Although BTC dominance has dropped considerably it also continues to be a barometer of the market sentiment as many hold Bitcoin before entering other crypto positions. Therefore, Bitcoin price could be a conundrum in certain cases. Surely, overall bullish sentiment will bring up BTC and the other altcoins but we have seen that it drops BTC dominance as well. This is likely because of people selling the BTC pair of altcoins on exchanges and many assets out of the top 5-10 do not have direct gateways with fiat currency. However, in the long run we will most likely see less correlation to Bitcoin as altcoin “sectors” become more specialized like platforms (i.e. ETH, EOS, etc.), payment processing (i.e. LTC, XRP), privacy coins (i.e. Dash, Monero, etc.), Decentralized Exchanges (i.e. ZRX, BTS, etc.), among others that continues to be developed. This will lead to sectors performing in uncorrelated ways to each other given the adoption and performance of their protocols individually and the demand for their sectors.
I see sectors developing in much the same way that you mention, and as direct gateways develop, that too will help Alts gain independence. It's still very much one big, very interrelated and highly correlated market though, and likely to stay that way for some time. There was a time when there was an inverse correlation that I was expecting to come back someday, but now I'm thinking that's getting less and less likely. Probably more of the same, and a slow process of independence.
Well to be honest kind of unmotivated as many of the cryptos were doing very great but due to the leadership matter I suppose as BTC started to drop so did the others.
I know it is not gonna happen but just for winning the comment of my own What if BTC does not gets to cross the 10k price this year ;)
Well the support and the things we are worrying about are for now STEEM I suppose lets hope they do well in the long run ;)
Bear markets are usually very boring towards the end as all hope is lost and people go elsewhere. Sooner or later, just when nobody's looking, all of a sudden all that changes.
Well after being here for quite some time this experience has been faced by me many times ;)
While now I sometimes see them as opportunities but I now stay cautious as much as possible :)
Agree!
Not much happening recently except few ICO’s being pumped up and then dumped. I see it as remaining two stages of the next bull market. People getting frustrated by lack of volatility, bu lack of volume trying to buy ICO’s at the top, than selling it for a loss and than coming back to bitcoin and than getting frustrated again. Their frustration is natural, we are humans. My expectation for the “final” move before we finally get to a new bull run is to shake up most of the weak hands. I really do believe we will drop lower. Everyone will talk about bitcoin’s end, most people will not expect it, most people will sell at the bottom for a loss. If I’m wrong I’m happy, because I’m happy with my portfolio. If I’m right, I won’t sell anyway, because I’m a long therm investor and I 100% believe in bitcoin and other cryptos. That’s when we usually know the bottom is finally in. I don’t know how much lower we could go, but if and when we do I’m ready. I’m ready to buy more. My believe in bitcoin, EOS, ETH, BTS...much stronger than sell button. I know my words sound harsh, but any market with investing is not your friend. It’s trying to rip you off your hard deserved money. The only weapon against them is to buy dips and be patient. Remember, patience always pays off. This saying is not quoted for nothing, it has a history, it always works. Especially in bitcoin.
That's right. Things are very quiet. That's a good sign for long term bulls (focusing in on the prices where this is happening, which are much higher than the last time we saw similar levels of disinterest), but I agree 100%, we could easily see a sell-off climax before the bull trends resumes. I'd give it a 50/50 coin flip at this point.
Majority follows bitcoin. Bitcoin is boring at this time. Exchanges must be frustrated by lack of volume. They are making much less than with high volatility and high volume. I’m watching bitcoin very closely and even I don’t want to admit it, I suspect bear flag formation on fault chart. Perhaps that’s what we need to trigger the panic selling. This lack of volume is just ridiculous diminishing to the point of nothingness. But that’s what usually happens, from boring to sudden moves with volume waking up all of sudden. However in bitcoin being too boring could mean it’s a great time to buy and I believe that. I saw it so many time, especially in stock market.
Well, things have picked up a bit today. Looks like a panic break to the downside down to support. 😱
We'll see if it holds or not and whether it turns into something bigger. Everyone's going to be watching for signs of reversal. The question is where it will come from.
I had no idea about crypto currency before joining steemit(clearly).I had only a rough idea,i heard that Bitcoin is the mother of all crypto currency.But after few months i can see what i heard about crypto currency is absolutely spot on.The entire market is behaving like this.To me it's not healthy sign of a market.WHEN Bitcoin goes up the market is up,when Bitcoin goes down the total market goes down.The crypto currency market should come out of this kinds of situation.Now a days every one has taken it that bitcoin means crypto currency.But if crypto currency market has to go a long way then this trend should change.Every coin should react in different ways.Then people will take it as a matured market.
I agree 100%. The further maturing of crypto should lead to cryptocurrencies that are able to stand on their own two feet.
Bitcoin is the first one, has the biggest market cap and volume trade per day so it works as a market thermometer.
The market still desperately needs bitcoin as a reference price of all altcoin. Market and bitcoin can not be separated anyhow. as long as bitcoin still has the highest value, so long as bitcoin will remain a benchmark of the price of all altcoin
Right now Bitcoin is like the "Nike" of blockchain and gets all the media attention but these altcoins has a lot more promise than people realize.
BTC is still the key crypto "leading indicator" to watch IMO too.
Most welcome sir.
You my most choice really sir.
You so great... best of luck
Most welcome sir. You
My most choice really sir. You
So great... best of luck
- kretorkk
I'm a bot. I detect haiku.
well the Bitcoin is the leader, and alt coins tend to follow the leader. If Bitcoin is going up then the rest of the market must be healthy so altcoins go up.This is the basic mentality. The health of the market is psychologically dictated by leaders.this also happens with tech market also.other reason being as majority of Altcoins can only be bought by using BTC, not USD. That's one reason why they do follow each other in terms of the ups and downs.
Maybe we need several large exchanges using a different altcoin as the reserve currency.
You're comparison with tech is well taken. The truth be told, it's hard for the rest of tech to rally if AAPL and AMZN aren't! On the other hand, if something really stands out on it's own, there is enough differentiation for a particular issue to run counter-trend to to big leaders. In the long run, most run with their group, but perhaps not to the same exaggerated degree as crypto.