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~
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No doubt about it. BTC is the crypto alpha male!
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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.
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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 . . .
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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.
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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%.
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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. 😉
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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. 😀
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And EOS?
Regards, @gold84
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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.
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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
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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
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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.
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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.
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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 ;)
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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.
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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 :)
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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.
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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.
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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.
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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.
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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.
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I agree 100%. The further maturing of crypto should lead to cryptocurrencies that are able to stand on their own two feet.
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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.
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BTC is still the key crypto "leading indicator" to watch IMO too.
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Most welcome sir.
You my most choice really sir.
You so great... best of luck
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Most welcome sir. You
My most choice really sir. You
So great... best of luck
- kretorkk
I'm a bot. I detect haiku.
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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.
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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.
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I think it will continue until there is another market leader.Bitcoin is the market leader and it holds the most of the market share.It also annoying to me,that why will the market behave like this.Every individual coin should have it's different trend. To me it's not a good thing for a market.Well let's see how long it continues.
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I think you're right in thinking that long term the healthiest thing we could see would be more independence among the different coins, and especially from BTC.
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Which means, if BTC is pulling everyone up and down, then we need to primarily watch BTC ;-) So, how far down it will go? Personally I don't have a clue, we have few support zones:
But I do like lack of volume last three days. Now I'm going to watch for some higher volume (wash out) on a shorter time frame for a possible entry. Especially if it happens at previously mentioned resistance levels and with combination of some kind or reversal candlesticks combo. But I have a feeling, it may not be that easy - as usually ;-)
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You're very correct in saying that it may not be that easy, as usual.
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Bitcoin was the first cryptocurrency in existence. It is still the coin with the most recognition, highest adoption, highest market cap, and one of the highest daily volumes. This made it a natural choice to become the reserve currency as more and more altcoins entered the market. I think this trend should be changed because there are very good altcoins are present in the market that are better than bitcoin. What do you think market will again rise from this point or downfall continues.
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And that's why it'll be some time before other "alternatives" can stand alone.
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Hello @cryptographic,
There are no doubt, BTC rally 1st & other following it's trail. It's what happened previously & it's what'll happen in future too. World hates BTC, due to it's the place which decide where crypto currency market headed to. Extraordinary good article & incredible chart analysis with few main competitors of BTC.
~@mywhale
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And, with time, all the current negative market sentiment will eventually turn positive again. Patience is the word.
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True words Bitcoin is the king of all coins.Dominance of Bitcoin is great in the market. It's just like in a battle field when the king drops down all other currencies dip down. so one can easily say that Bitcoin is the trend setter of the market. In my personal 2 cents opinion Bitcoins have a great future. Let's not forget in the yesteryear the price of Bitcoin in June was 2,000-3200 USD. and now it's almost 7,700 which is almost thrice than previous month price so, there is no need to panic. Price of Bitcoin will go high even wall street experts are predicting that Bitcoin will touch 25K USD at the end of this year.
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I'm inclined to agree with you. If not this year, then next year. But I wouldn't be at all surprised to see some nice prices once again this year.
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the amount of panic bitcoin gives me there is nothing bigger than it right now hahah :D
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There you go! It's the trendsetter, and the trend is looking fairly panicky right now . . . which is how things get at the end of a bear trend. 😎
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A longterm falling market of Bitcoin and other cryptocurrencies is nothing new. Bitcoin dies and comes back to life on a regular basis.
Bitcoin was the original crypto solution, it has the longest blockchain, largest developer and mining pool, and the most powerful network effect. But for any alternative coin to have lasting value as a true currency, it must go into widespread use. Bitcoin has value because it was used as a form of money for a long time.
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All currencies are followed for beginners when the Betquin is high
The coins will go up with him
When the Betcons are down, the currencies also fall
There is a great relationship between them
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@cryptographic - Sir few days ago one of my friend told me 'He want to see BitCoin at $50,000 or above'... I asked him why? He said, it's the only way to see other coins uprising as we all dreaming...
I think what he said is correct Sir... When BitCoin rise whole crypto market rise & when it fails others follow him again... Sir you know personally I don't trust BitCoin as a best ROI investment... But I can't disagree with this fact anymore... Nice you decided to discuss it Sir...
This is a very important discussion to all Steemians...
+W+
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You are absolutely right @cryptographic, as we all know bitcoin is the father of every currency, and every currency is dependent on bitcoin, Even we need to convert alt coins to btc and then we can sale them out, This is what we do in our country, I don't know the rest. We convert our alt coins, like sbd or steem to BTC, and then we sell it out to Traders. Sadly we Don't have banks that support Crypto Currency, in fact, our Government bans Crypto :/ That's what always hurt me when I think of it :(
It is fact that when the father starts to rise, Sons and daughter to start rising, that's how the Crypto Market is all about, That's what Crypto Works.
I think we have faced enough dump and now it's a time for rising trend, but we can't be 100 sure of it :( but The amazing thing is we can hope for :) What're your views about it?
Thank you, boss, for this amazing information :)
I'm looking forward to your reply :)
upvoted
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Hello Sir @cryptographic,
You are completely right. So many great news when it comes to crypto.Sir @cryptographic i agree with your valuable bitcoin graphical charts explanation. ,we all waiting for that day when you'll bitcoin trading 50000 and every bitcoin! bitcoin is so powerful..I think the main issue this past week has been the extremely low volume!! 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.I do hope that we will start seeing some nice prices really soon like bitcoin going 12k and more, but it doesn't really seem to be likely because any kind of bad news reflect on the prices heavily. We need something huge to happen for the prices to skyrocket.well seems like bitcoin is in no mood to break some high trading is no fun seems right now..I prefer to trade in alt coin for the short term.
Thank you, Sir @cryptographic,, for this amazing information
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Yesterday, bitcoin saw a fall of $84.11, or 1.12 percent, as it was trading at $7,403 following its 300th death anniversary.
The cryptocurrency suffered its 62nd death this year alone and lost a value of more than $2,600 since its 200th death in December last year.
If it continues this way, bitcoin could fall below $7,000 in the coming days.
This morning, at the time of writing, it is worth $7,699 - up from around $6,500 in early April, according to Coinable exchange.
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it is good goin man nice post
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I share my analysis:
The range is in process in BTC. I thought I was going to have a free weekend, but the important action seems possible soon i mean a possible bull run. Note a break in the range of $ 7, 720 easily. Regards
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Many of today's digital currencies fall into the category of fraud, but bitcoin, and a number of other digital currencies, have different cases.
I'm sure, bitcoin will one time replace the position of paper money as a medium of exchange. The reason, this currency can fix problems that exist in paper currency, and indeed in history, the same thing always happens in the new currency that replaces the old currency.
But I do not know, that's when. However, when it arrives, I think the new is really productive. And this, just an opinion. We ourselves can see how many people are disappointed with the current state.
Hopefully BTC became the beginning to change the new world with a new order and leave things that are still traditional today. :)
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Loving the discounts, STEEM <$2!! Just added more :D
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a very nice post @cryptographic, this is very useful for all of us. Speaking of Bitcoin, sometimes it confuses me, because now we see the traffic is not clear and the price up and down. There are people who say that Bitcoin is the best Crypto for now and for the future, because for the future Bitcoin prices will increase, and some say that Bitcoin can not guarantee for the future. That's what makes me confused, because in the past year we've seen the price of Bitcoin was expensive. If we buy Bitcoin for investment, and we save for the future. How do you think about all this? Can we invest?
Maybe you have a lot of knowledge about Bitcoin development for the future. Thanks for sharing @cryptographic, and hopefully you will be more successful to work... :)
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As cryptocurrency believers, we would like to believe that Bitcoin will rise again. The market has not been rosy lately and steem price has also dropped. Hopefully we can see Bitcoin rise in the second half of the year as more people getting their yearly bonus from their day job. This is definitely a good time to invest steem based on my personal opinion. Since we can use steem power to increase our influence in steemit, we can eventually earn more regardless of market condition as we continue to support the platform and let the platform grow.
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bitcoin is very powerful
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Yes this is the way it is Bitcoin set the market direction
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Something is happening with the market and anything seems to help the prices but it's a matter of time, hold and wait till something good happens, also SBD and Steem still low.
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I agree with your sayings, what happens to bitcoin happens to the crypto market.
Bitcoin and the cryptocurrency craze has had a rocky start to 2018 plunging to a two-month low of $7,695.10 according to CoinDesk.com
But that does not mean it is all bad news for the bitcoin.
At the start of the year Blockchain Capital partner Spencer Bogart predicted that bitcoin’s price could rise to levels of up to $50,000 in 2018, over double its highest price in 2017.
I hope this comes true and I will spent my new year in a very fancy way.
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hahaha yeah, brother, we all are waiting for that day when you'll bitcoin trading 50000 and every altcoin will follow the trend and They will also start climbing the mountains. I hope our wait will finish soon ;) At least i can hope for this :)
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I hope your and mine saying come true
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Congratulations @cryptographic! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
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bitcoin is now $7,606.77, we have to keep calm..
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The simplest answer to the question of Bitcoin’s standing is, that “Bitcoin is king and queen, and the other coins are at best following it.”
It is hard to come up with a fundamental algorithm with which to price coins, so coin prices just follow Bitcoin as a sort of gold standard, “the Bitcoin Standard.”
It is the number one coin, and thus it is the coin that decides the market price in general.
Unfortunately, though, that answer suggests that all other coins are somewhat pointless as anything other than short-term investments (compared to Bitcoin).Except few coins though. Still BTC holding around 40% market cap. So, it is easy to assume that, before going against BTC- ALT coins have to overcome long ways. BTC market trading volume is also top alone can turn the market.
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Yeah i agree with you that Bitcoin is the real king as Bitcoin have already made us rich. From a few weeks it's just stand silent but in your previous post you have predict very soon it will be cross 12k border. What do you think that can Bitcoin again cross the 18k border like the end of December 2017? I just hold Bitcoin, Steem and Bitshares. Hope these all will give me big profit. Thank you @cryptographic for the valuable Bitcoin trading explanation.
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The Bitcoin Hodlers Still Exist:
There are many different reasons why Bitcoin isn’t a major payment method yet. A lot of early investors are still holding on to their Bitcoin balance in the hopes of seeing the value going up. Late last year, such a major price spike occurred, which caused all kinds of consequences.
While there are still plenty of reasons to become a Bitcoin holder, the paradigm is shifting. During last year’s bull run, a lot of long-term holders decided to liquidate assets to those seeking short-term gains. While that is not exactly uncommon, it does show some of the initial belief in Bitcoin may be waning. At the same time, distributing the wealth to more people also indicates Bitcoin is still growing as a currency.
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I wanted to invest a lot of Bitcoin in the 2017 Fiscal year and I discussed with my family about this matter through my father that I could know that by the year 2018, Bitcoin prices could rise or fall, which could lead to very big problems in my investment.My whole family has gained a great deal of knowledge about cryptoconference and they are doing personal business and office activities through their own investment money through which I am very interested in knowing about cryptocurrency.I invested some very good quality cryptocurrency in the 2014-15 fiscal year, where I was very well aware of trading marketing and achieved 32 percent dividend.But at the present time, I feel a bit confused about the investment because both cryptocurrency and bitcoin are not currently running in the orbit and they are changing their own direction at any given time which has become extremely dangerous for me.I hope Bitcoin will continue in its own orbit in the future and it will be very beneficial for us to analyze because bitcoin is a medium that we can never control, it will be traveling in its own orbit and we have to follow its way.
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I think as Bitcoin goes up, sometimes people panic and want to move their holdings into just bitcoin... but when there's a scare and people are trying to get out of Crypto you would see all coins effected.
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Sluymer also noted that one of these key levels is at $7800, which Bitcoin nearly tested earlier last week, but to no avail, with Bitcoin struggling to surpass that level.The market analyst specifically said: “$7800 level, and it needs to get through that level to confirm that you are actually getting a trend reversal”However, like many analysts, Sluymer had something to say about the unlikely chance of a ‘worst comes to worst’ scenario. He mentioned that if Bitcoin does not hold price levels at $7350 and $7000, that we could see further moves towards the downside But Sluymer has still shared the bullish sentiment with his co-worker, Tom Lee, saying.If you’re short we think you should be very careful and reducing your short exposure. I think if you’re looking to be long this is where you start adding here to your long exposure ☑️
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You are absolutely right, whether we like it or not, but we are hostages of Bitcoin. Good luck to you and Love.
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@cryptographic, I really think that things happening in the future is under the influence of probability, of which the outcome might not be of your own favour or might be. But then, irrespective of the fact that bitcoin has always lead the road mostly the top roll, as the journey of the future is in progress, other ALT coins might find there way to there version Destination with a well know fact that it has lead the way for some years, like every president of a country always leads it people for some years.time.
time is the only thing that after change .
But then let me chip in some thing, despite the fact that steem has fallen beyond my own imagination, The beauty in it is that investors can invest now than regretting of not doing what they would have done years back. But the worst case is if it drastically reduce compare to local currency exchange. But I doubt if such thing will ever happen. We are in digitalised world now, let digital currency take over the world.
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