Shiprekt and dominance

I think this picture explains how my alts are feeling right about now. Will the time come for them to shine or is this the end of it all for them, they have crested their last waves, sailed their last seas? Meh, I don't think there is too much to be concerned about even though a few of them (including Steem) are at their all time lows against Bitcoin by a long way.

For me, it is an opportunity lost though as it wasn't that long ago that I traded a little BTC for Steem which would have now picked me up twice as much, even though the dollar price is about the same. I should have FOMO'd into BTC when I had the chance but, I played around for too long :D

BTC dominance is getting up there again, it is 60.1%

That is just under where it was in December 2017 before it started to pour into the alts. Pretty interesting considering at that point BTC was worth about 3x the amount it is now. That means that the rest of the crypto community is worth a hell of a lot less than it was back then, especially since there are a few more newcomers onto the scene that did not exist or were not doing much back then.

At the high point of BTC dominance on December 7th, the total market capitalization was around 425 billion dollars with BTC holding 65% of it and Alts holding 150 billion. At the peak of the total run on January 7th though, the total market cap was almost 830 billion and alts held 546 billion of it while Bitcoin had it's lowest dominance of 33% and had a total cap of about 280 Billion. What that means (I think) is that Bitcoin didn't drain into alts, most of it was new value.

I wonder how much market dominance Bitcoin can gather before the flow into the alts starts to reduce its dominance? It is only that 5% away from where it was last time but, that is not necessarily an indicator yet, it does seem that eventually there is a certain amount of inevitability surrounding it. As far as market cap goes, we are at mid-November, 3 weeks before the peak dominance of Bitcoin and 7 weeks away from the 830 billion peak of all coins where 66% was in non-bitcoin currencies.

I have no idea, I am not even going to speculate on it other than I think that wherever Bitcoin goes, eventually the alts will follow on the climb in value and will surpass the dominance by a air margin as there will be so many coins pumping under very low demand pressure. Remember when SBD hit 20 dollars? How little investment did it require to raise it up?

It was the same with Steem for at the time, only something like less than 20 percent of the available Steem was on the market to sell, which means that even if all accounts were powering down, only about another 20% could reach the market before it started to fall again but, more and more reached the market after the fall started which drove the price down even further.

This time, Steem is a bit harder to pump because there is so much residing on the exchanges (84 million) for a total of 111 million Steem liquid - about 33% of the total supply. Does this make a difference? I dunno, but I would say that it will considering a lot of the buyers over the last year have bought what would be considered cheap Steem so selling might start earlier than before.

None of this is my area however I do enjoy looking at numbers I barely understand o make up stories in my head about why things happen and what could happen in the future. I guess that is why they call it speculation.

Time for Game of Coins Thrones.

Taraz
[ a Steem original ]