Hi there. My name is Sahil and welcome on my blog. Today we will talk about status of the Cryptocurrency Markets. In this blog we will mainly cover three topics ::--
1. Bitcoin Dominance in our cryptofield.
2.Last year ALTcoin reached the moon level, This year will the history repeated or not??
We will cover these topics today under this article. Make sure that you should read the content till end for extraordinary knowledge and information. So let's start.
Now we are talking about the Dominance of Bitcoin in our Cryptocurrency Market. It is near about 46%. It means that 46% Bitcoin is purchased by the traders and rest is on our Cryptocurrency Markets. When we take a look on charts of 'Percentage of Total Market Capitalisation (also known as Dominance)', Bitcoin is near about 45%, Ether is at 16%, Bitcoin Cashis at 4.34% and so on. Bitcoin has slowly raised it dominance to 46% from 36% in meanwhile.And this is very good indication for our Cryptocurrency Market itself. If Bitcoin crosses the resistance of 45% there are so much that we will definitely see good Bullish behavior under the market.
If we take a look on charts of dominance at the end month of 2017, Bitcoin dominance was around 62%. Now we are increasing our dominance because of the ETF , the stuff of etf, from future gone track,etc. If it will cross then it is good sign to people who are trading and the market itself. If you see the Bitcoin chart at the spike is arrived is of 6 bullish candles. And this behavior is never seen before in 2017. If Bitcoin will Above the $7300 in upcoming days then there is much chance that market will increase.
Now we talk about the second topic i.e. will ALTcoin cross the all time high or not??
When Bitcoins was raised last year, the ALTcoins was also increased them. And in fact, they increased with more speed than bicoin.
If Bitcoin ETF arrived then the such as ripple, auger, tron will grow too strongly which are at low level since long time. If SEC approved the ETF then CBOE would have to "BUY THE BITCOIN IN BULK". Then they convert them into small shares and hold them in cold storage for while. Bitcoin has a capped supply. While this will most likely take place in the OTC market, it will eventually have an impact on the price of BTC. That’s because there are only so many bitcoins to go around. Bitcoin has a capped supply, which means a surge in demand from the CBOE would over time thin out the supply. Then we will see the spike in Bitcoin chart.
Checkout the link below :
https://www.finmercury.com/2018/07/14/a-cboe-bitcoin-btc-etf-could-push-your-favorite-altcoin-x1000
This will result as the Institutional Investers will directly trade through their account without using any exchange. Many analysts postulate that a CBOE Bitcoin ETF could push the value of bitcoin to as high as $50,000. That’s a realistic figure, when you factor in the capped supply of bitcoin.
So how does all this affect the price of your favorite altcoin? Well, as much as investors would like the altcoin market to decouple from bitcoin, this market is very much tied to bitcoin (BTC). Because Bitcon is a Mothercurrency. When bitcoin drops, altcoins tend to drop harder.
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