Bitcoin is at its all time low in terms of Dominance (36%)

in cryptocurrency •  2 years ago 

Welcome to my Cryptocurrencies Market Overview for Tuesday, January 02, 2018.

Today in the news:

  • Bitcoin’s dominance of the cryptocurrency market is at its lowest level ever.
  • Ethereum starts 2018 at an All-Time high.
  • Both Localbitcoins and have implemented SegWit today to reduce the transaction fees.
  • wrote an article about the current price surge of STEEM.

24 Hour Change

Realtime chart on my website

7 Day Change

Month-to-Date Change

24 Hour Volume

Market Capitalization

Bitcoin daily chart

The 50-day simple moving average (SMA, the green line) seems to be a strong support line.

Feel free to use and share my charts, but please mention me as the author.

Latest Crypto News - January 02, 2018

Bitcoin’s dominance of the cryptocurrency market is at its lowest level ever

Bitcoin's dominance of the cryptocurrency market is at its lowest level ever thanks to rising interest in alternative digital coins. On Tuesday, its market cap was $231.8 billion, or around 36.1 percent of the total value of all cryptocurrencies. This is the lowest share of the market that bitcoin has had in its history.
Read more:

Over $900: Ether Starts 2018 at All-Time Price High

The native token of the ethereum platform, ether, has started the new year with a bang, hitting an all-time high of over $900 this morning.
Read more:

ECB's Yves Mersch Calls Bitcoin a 'Major Threat' to Financial Stability

European Central Bank (ECB) executive board member Yves Mersch has said bitcoin could pose a threat to economic stability if financial infrastructure institutions get involved with the tech.
Read more:

Steem Bursts to All-Time High, Predictions of $10 to Materialize?

The blockchain-based social media was the next altcoin to go through sudden growth, rising to $6 and viewing previously unheard-of prices.
Read more:

Japan’s GDP Grows Due to Bitcoin Wealth Effect

Analysts Yoshiyuki Suimon and Kazuki Miyamoto claim bitcoin will assist Japan in a Gross Domestic Product (GDP) boost of 0.3% heading into the first three months of 2018. At the end of 2017, the cryptocurrency boasted a ¥12 trillion market capitalization, and if trends continue into early this year, that could translate into lifting Japanese personal consumption by anywhere from ¥0.2 to ¥0.4 billion, they explain, referring to the phenomenon as the bitcoin effect.
Read more:

The Bitcoin Exchange That Once Dominated China Is Heading to Japan

At one time the Beijing-based digital currency exchange Huobi was once the largest bitcoin trading platform in China before the central bank stopped domestic exchanges from trading cryptocurrencies. This month Huobi has revealed its carved a deal with the Japanese financial institution SBI Group and will be launching two new cryptocurrency exchanges in Q1 of 2018.
Read more:

Five Reasons Ripple is Not Like the Rest of the Pack

Ripple (XRP) on the surface looks just like yet another up and coming crypto coin. However, Ripple, for good or ill, is different. Some crypto investors believe XRP is not the asset they are looking for. So here are the five ways Ripple is different compared to other high-float, relatively low-priced coins.
Read more:

The Criminal Underworld Is Dropping Bitcoin for Another Currency

Bitcoin is losing its luster with some of its earliest and most avid fans -- criminals -- giving rise to a new breed of virtual currency. Privacy coins such as monero, designed to avoid tracking, have climbed faster over the past two months as law enforcers adopt software tools to monitor people using bitcoin.
Read more:

South Korea More Than Doubled Ripple’s Price in Single Week

The South Korean cryptocurrency market accounts for a relatively small percentage of global Bitcoin trades, but has nonetheless played a crucial role in bringing RIpple’s market capitalization from $40 billion to $88 billion. Ripple was one of the best-performing crypto assets of 2017, boasting a 360x increase in value.
Read more:

Putin Investigating 'Cryptorouble' as Way to Avoid Western Sanctions

President Vladimir Putin has reportedly commissioned Russian officials to work on developing a national cryptocurrency dubbed the "cryptorouble."
Read more:

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Could that ETH flippening finally be happening?

Ethereum to take over as Dominant Crypto SOON.png

With the power of ETH and XRP, this is the year of the flipping. Bye Bye Bitcoin.

Wait for the lightning fast network release. Bitcoin will rise high again. Till then it will survive on the first movers benefit.

If Bitcoin bounce on the 50 day moving average it could become a huge bull run, because it will be an outbreak out of an enormous triangle. If this happens the dominance will rise again too.

STEEM had a good run in 2017 but I feel like 2018 is going to be so much better. Hopefully we can see unprecedented highs due to SMTs.

Quality and informative post as usual. It's obvious that you are one of the bloggers who put in the time and effort. Unlike those who'd go for quantity and spam others' timeline with several posts a day. You are among the writers at Steemit who I feel deserve to obtain more exposure. And rewards.

Anyway, as for the post's content - less dominance by Bitcoin is a good thing for the market. It may be the first, and the one that had started it all. But other worthy projects have since come into existence, and the focus should be on them too. Especially the ones that have potential to bring about changes and improvements worldwide.

Those who buy Bitcoin for the sole purpose of speculating on capital appreciation will not be pleased. But it would be a good thing of its price stabilises within a fairly tight range, with the volatility gone. That will result in it being a worldwide currency, like the US dollar.

Absolutely. The reduction in the volatility is a big step towards having real world applications. More than just an investment Cryptos should now have real life applications.

That makes total sense since there are more tokens coming out which have utility.

Bitcoin is still going to be a big has,by far, the most developers on it (probably more than all the other chains combined if you remove ETH). That said, it wasnt going to be 50% of a multi-trillion dollar market.

As the Wall Street money flows in, some are starting to look at the projects the alt-coins are involved in. This is only going to increase as time goes buy.

I would not be surprised to see BTC settle with 15%-20% of the total crypto market cap.

The more Steem rises the more people find out about it.

The more people find out about Steem, the more it rises #Loop

For Steem has more Intrinsic Value than most cryptocurrencies/blockchains

Will bitcoin regain its dominance or is 2018 the year of the altcoins?

I guess it's all good, no bubble, no censorship...everyone is able to just copy and create a fork, I heard there is a website for that now...

I think it's about time Bitcoin lost that dominance. Other coins are more useful. Bitcoin inspired most of them, but I think it's struggling now. I hope Steem will take up some of the slack

Wait for the lightning network launch of Bitcoin. With that the scalability problem will be addressed. Transaction speed will reduce and Bitcoin will roar back.

We shall see...

It is only the second day of 2018 and indeed bitcoin as a whole is losing its hold on leading cryptocurrency. I think this is important to mention because a lot of exchange pair trades and a lot of crypto involves btc. When btc no longer leads then what will happen? Would it be a good thing or a bad thing? Seems more and more certain this day will come. Thanks.

Answer to your questions depends of what you call good and bad. I think it is gonna be good.

  ·  2 years ago (edited)

I would clarify crypto currency in general. Indeed I believe it would be good too. Btc I think will still hold significant value in the long run because it is the most aware of crypto on the planet. Losing market share will not mean drop in price. Just my personal opinions. Thanks.

thanks @penguinpablo for sharing

Good overview. THX 4 SHARING! #resteemed
The era of Bitcoin domination is over! Period.
Good to see myself on the Stellar Rocket 🚀 and on/in some other winners - like #Steem 😎 UP WE GO!!

Espero que el Steem pueda subir y estabilizarse estas semanas.

thanks @penguinpablo for sharing useful postings in steemit, I like about your post,

hi @penguinpablo,

All time great anaylisis and updates about "Cryptocurrencies Market Overview", Good Work Sir, I really appreciated and thankful to you for updating.

Very interesting your post. Descriptive charts. Thanks for sharing. Upvoted and I resteemed because it´s important to the community steemit.
Have a nice day

Nice post keep posting
Happy new year

The steep rise in STEEM overnight clearly makes STEEM share even bigger in 2018. What's the biggest in history to the price of 5.89 USD. We wait for what happens the next few days.

Ethereum to take over as Dominant Crypto SOON.png

Ah yes, the "FLIPPENING" may be about to Flippen! Hmmm...
ETH needs to make up some ground, though.

this post very nice..this info very good..thanks for sharing this post..

Yeah sad. But never forget that what goes down goes up! Change is the constant thing 😁

may be i reasteam your post sir

Predictions for crypto at the end of 2018
Neo - $500
ETH - $1300
BTC - $45,000
Vericoin - $12.50
Cardano - $50
Verge - $25
Ripple - $0.25

Hi T you left out the the biggest one that we will see LTC I have a good feeling about this one i'm in to this one going to $3500 by the end of 2018 if you go have a look at interviews with the creator Charlie Lee in the past 2 weeks you can see hes not telling us the full story behind hes selling of his coins look at his eyes and his hands every time they ask him about it he moves hes eyes and hands toward the exit or door this is body language that he can not control i think he is planing a big deal and it will be one of the big boys making a move i'm saying it could be FB or Amazon we will see in the next week...

What about Stellar? You really think Ripple will drop from $2.50-$3.00 presently to $.25 by end of year?

Thanks a lot for the break down, very detailed. You have a new follower. @penguinpablo

Good time to buy bitcoin good news

Great display of Crypto Stats.

Good time to buy bitcoin but I still prefer the alts!

thank you

Muy buen trabajo. Síguenos manteniendos informados. Gracias.
Te dejo mi humilde voto.

Detailed article....thanks for the info, hopefully i see more ofyour posts.

@penguinpablo what are you views about bitcoin people say it will touch 50k$ what are your views and second thing great post keep sharing

Hello @penguinpablo and dear Steemiens

Your post make think of darwin's theory of evolution.
I believe that the process of selection in the crypto world has gone beyond phase 3 :)
Bitcoin need other strong tokens to survive and absorb the market's supply.

Thanks you for this amazing analytic post, I'm looking forward to read your future posts.

Commenting on the article about Steem isn't working for me, but it's a pity that the author managed to:

  • Botch the explanation of both Steem and SBD while
  • Failing to mention the most attractive parts of Steem to investors: that it's blockchain is decentralized, fast (3-second blocks), can be anonymous, and has zero transaction fees. The post rewards are just the icing on the cake!

She also mentions SBD is behaving strangely without attempting to explain why or say anything else about it. Anyone know- why IS the SBD so high right now?

After Egypt's Mufti prohibiting the circulation of the bitcoin. ". Algeria prohibit dealing with these default currency also prevent public finance Act 2018 Official Gazette in Algeria Tuesday, virtual currency "bitcoin", warning users of the penalties prescribed by law.
How about this referendum???

Bitcoin is pretty useless to me without fees. I like steem way more I hopenmore articles get written about it

Your post is amzing information mr @penguinpablo
I very happy to see you post
Big thanks