Altcoins have been emerging since 2011. After 2015, the altcoins market cap has been exponentially growing. Between 2015 and now, there were 2 Bitcoin(BTC) halvings.
The dates are July 2016 and May 2020. In order to predict the following months of market conditions, we need to take a look at the back data of BTC dominance chart. I think we can extract some trading ideas from that.
After 2015, there was BTC halving in July 2016. Since 6 months ago of the BTC halving date, the BTC dominance had been decreasing. As soon as passing the halving date, the dominance collapsed, which means alt coin price surged.
Alright, let's take a look another data. There was the latest BTC halving in May 2020. It's also decreasing since 6 months ago, and as soon as passing the halving date, it collapsed, which means altcoins skyrocketed.
We have around 6 months left untill the next halving. So, I expect that an altcoins bullish market will be starting soon. After passing the next halving date, the dominance would be collapsing. I think it would make a new ATL around 20%.
I recognize the BTC is one of excellent assets in the world. But, time goes by, numeros devs have been pouring energy to make better platforms like De-Fi platforms, CEX(Centralized Exchanges), DEX(Decentralized Exchanges), liquidity pools such as Uniswap, etc. Over time, the more platforms with better functions will be emerging to us. So, that's why I expect that the BTC dominance will decrease.
Nice explanation, however we have also seen the trend like after every Bitcoin halving, the price of Bitcoin goes up to set a new all time high as we saw in 2017 and 2021, needless to say that the prices of altcoins also went as much up, so I am very bullish about the upcoming Bitcoin halving, it won't necessarily go up instantly but over the next fifteen months, I feel a bull run is coming both for Bitcoin and altcoins!
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Good explain
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Upvoted! Thank you for supporting witness @jswit.
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Yeah the Dominance will decrease as time goes. The BTC Dominance have increased rapidly lately cos of the current good news spreading around. And many traders including I have been able to take advantage of that. Infact that lead me to trading Demo to understand it better. Although Im trading in Bitget KCGI event and im gonna get a share of 20,000 usd with that before the Futures Trading event which worth $2.5 million worth of prize pool starts.
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Is there any book or any material to understand the foreign exchange market?
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