The latest cryptocurrency news show losses which were mainly triggered by Bitcoin and the fact that it has lost the $10,500 support overnight – which is now the price at which the most dominant cryptocurrency is trading. Speaking of dominance, one recent Bitcoin chart perfectly illustrates how bigger BTC is compared to altcoins.
As a reminder, let’s just mention that Bitcoin raged back into a bull market in 2019 and left the rest of the cryptocurrency market in dust. Even though BTC is up by 178% this year alone as charts show, Ripple (XRP) and Stellar (XLM) are down by more than 15%. Despite the desperate hopes of an ‘altseason’ surge, most of the altcoins as the coming altcoin news show are stagnant – all while Bitcoin’s dominance goes from strength to strength.
Currently, Bitcoin is sitting at 71% dominance according to Messari. Even though on CoinMarketCap we can see that the BTC dominance is at 67.6%, a Bitcoin chart by Messari created by the popular analyst Willy Woo captures Bitcoin’s brutal dominance over the last seven months.
"Shit runs downhill", 2019 bull season edition.
This is the performance of the the top 200 coins measured in satoshi value (performance against BTC).
Note alts got particularly rekted after BTC broke out on 1st Apr. pic.twitter.com/lN3Jdnsfni
— Willy Woo (@woonomic) August 13, 2019
As you can see, Woo named the chart “Sh*t runs dowhill” addressing the current bull session and how weak it was for the altcoin news and prices measured against BTC. The Bitcoin/USD chart is layered over the top for reference. Woo’s implication for BTC in this Bitcoin chart shows that a vast majority of altcoins have been exposed as useless, over-hyped or pure scams over the last 18 months.
Another crypto analyst commented the Bitcoin chart. Yassine Elmandjra paints a similar picture to Woo and explains that when priced in BTC terms, every major cryptocurrency has plunged against Bitcoin.
“Pricing coins in USD terms is extremely misleading. Pricing them in BTC paints a much different picture. At current USD price levels, EVERY coin in the top 10 is at all time lows in BTC terms,” he said.
2/ In BTC terms:
– ETH is down 77%
– XRP is down 67%
– BCH is down 50%
– LTC is down 90%
– BNB is down 25%
– EOS is down 60%
– BSV is down 26%
– XMR is down 60%
from when their current USD price levels were at highs in BTC terms.
— Yassine Elmandjra (@yassineARK) August 12, 2019
The ARC founder Cathie Wood also went on to confirm this and said:
“Bitcoin is the reserve currency of the crypto asset ecosystem, an exalted role.”
The big question frequently asked in the coming altcoin news is – ‘Will Bitcoin give way to an altseason soon?’
It seems like no one knows this. But as the Bitcoin chart by Willy Woo illustrates, the dominance for BTC is strengthening which is a clear indicator of stability.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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