📈 BITCOIN CRASHING? 📉

From the outside looking in, Bitcoin is hurting and the world of cryptocurrency is in trouble. But from a seasoned crypto trader, the price of BTC is not as important as the overall crypto marketcap. Yes, BTC has a 24hr low at $12,780 (on Bittrex) and currently trading at just over $13,000 but the total marketcap is still around $600 Billion. This means, the money from Bitcoin is STILL in the market. Its just been moved to another place.

💡{Altcoins}

📊 Bitcoin dominance (38%) is lowest its been since the only other time BTC had such a weak grip on the crypto market. And the market/traders are reacting the same way.

🗓 April 2017, people talked about Ethereum "flippining" and taking over BTC dominance. This time, its Ripple, which currently has over 1/3rd the market cap of Bitcoin. What happened the last time we were in this position? Ripple went on an amazing bullrun from under 1000 sats to a high of 24,000 satoshi. Altcoin season was the craze as every cryptocurrency seemed to be doing 10-20x. New ATH's were being hit daily and there was a new rush of fresh money in the world of crypto.

Now, we have new money, Ripple pumping, alt season and low BTC dominance.

The response from Bitcoin was a move from around $2000-$2700 to almost $20,000. Altcoins slowly bled out as all the money went back into bitcoin and all new money went into bitcoin and we eventually reached a BTC dominance of 67%.

🚨 Whether or not the cycle will repeat remains to be seen. But the real indicator of the market is in the marketcap. If you wake up and see 150 Billion left the market, there is a much different conversation than if Bitcoin price drops but the overall market cap remains relatively the same.

Keep an eye on the market cap. It should tell you if you want to hold your alts, sell back into BTC etc.