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Analysis

Bitcoin Grows Its Dominance Rate To 55.14% Amid Crypto Price Panic

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In the latest Bitcoin news, we are sharing something positive about the leading cryptocurrency by market cap. According to data from CoinMarketCap, it seems like Bitcoin has grown its dominance rate and is now (even more) dominant at 55.14% in the entire crypto market.

The next four high volume cryptocurrencies following Bitcoin include Ripple (XRP) with 11.14%, Ethereum (ETH) with 8.55%, Bitcoin Cash (BCH) with 1.65% and Litecoin (LTC) with 1.33%.

As the data from the past weeks and months shows, investors have been quite afraid to keep their holdings in altcoins which is why many of them chose to dump them and retreat them into the relative safety of Bitcoin.

Currently, the total cryptocurrency market cap hovers around $109 billion, which is a figure that represents more than a 86% drop from the all-time high of $825 billion in January this year.

As the end of the year approaches and a number of optimistic predictions about a crypto market look increasingly wide of the mark, a lot of investors may likely have decided to prepare for the so-called “crypto winter” – and decided to convert their holdings to Bitcoin – whether to hold or prepare them for cashing out into fiat.

Currently, a few notable crypto investors including Andreas Antonoupoloulos and Jim Breyer continue to stress that even though the market is continuing to take pain at the moment, it doesn’t mean that cryptocurrencies are undergoing a fundamental unraveling as an asset class (at least not yet).

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Analysis

Future Ethereum Dips Are A ‘Must-Buy’ For One Analyst

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future ethereum dips
We have been covering Ethereum's price action in our ETH news section over the past couple of days. As you know, the price of the biggest altcoin has been closely tracking the one of Bitcoin in recent times, leading it to experiencing some bearishness overnight as the cryptocurrency now nears the lower $180 region. However, one analyst believes that all future Ethereum dips before the Istanbul hard fork are an opportunity that must be capitalized.The truth is, the bearishness of Ethereum will likely change, analysts are noting. Each of the price dips is worthy of being bought, which comes about as ETH's Istanbul hard fork quickly approaches.At the time of writing, ETH is trading down by roughly 1% at its current price of $182 which marks a new retrace from the daily highs of $187 that were set two days ago. The momentum looks lost and ETH's slight sell off has come in the $180 region which proved to be a support region for the cryptocurrency.According to the analyst named TraderXO, all future Ethereum dips prior to the Istanbul hard fork are an opportunity that must be seized and capitalized. As long as ETH keeps holding above the key support region, he said that "any substantial dip is a buy" for him.https://twitter.com/TraderX0X0/status/1194776025974087682Another popular analyst with a handle @GalaxyBTC pointed out that this time of the year is typically a volatile one for Ethereum and other cryptocurrencies. However, he thinks that this volatility will favor Ethereum's bull action.
“That time of the year when $ETH pumps so hard people thinking is going to take over BTC is coming again,” he explained.
https://twitter.com/galaxyBTC/status/1194994911860469771What's interesting is the fact that there may be future Ethereum dips before the hard fork - but now traders are wondering if the analysts are right - and if they should see them as potential buying opportunities.All in all, the coming few hours and days will definitely play a huge role in determining Etheruem's future trends as any sustained bullishness in the near term could spark the next major uptrend. For now, ETH is locked at $182 and just like the rest of the market and the altcoin news today, looks sluggish and lazy. 
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Analysis

Bitcoin Is On The Edge After Rejection At $8,800: Analysis

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bitcoin is on the
The price of Bitcoin is on the edge of a new rejection after the previous 'stop' put at $8,800 which also triggered a new downward run. As one analyst said, the selling pressure rejected an attempt for BTC to break through $9,000.Chart data shows that BTC/USD is suddenly moving upwards on Friday and has hit $8,800 in minutes from previous levels closer to $8,550. However, the Bitcoin news now show that this bullish momentum failed to last and BTC returned to lower levels below $8,600 just thirty minutes after this.At press time, the Bitcoin price is set around $8,580 and has come full circle in under an hour. Big media outlets in the latest cryptocurrencies news report that the dominant cryptocurrency has become increasingly known for its temporary moves up and down, and Bitcoin is on the edge right now with many factors influencing the volatility.In the long term, however, some models suggest that the largest cryptocurrency should fluctuate around an average price of $8,300 until the block size halving which is set to happen next May.Meanwhile, the rejection at $8,800 lifted hopes of a new return to the overall bullish sentiment as analysts noted. Michael van de Poppe was one of them, writing the following on his Twitter profile:
“On the edge here. Preferably I'd want to see a tick up to like $8,800 to confirm a slight trend reversal (like scenario)."
The analyst continued and added that downward pressure is what could take Bitcoin on the other side of the pre-halving average.
“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously,” he noted.
Meanwhile, the latest altcoin news show that a return to the mixed trading positions is right now happening while Bitcoin is on the edge. After many major cryptocurrencies lost ground on Thursday, in today's update we can see that Tezos (XTZ), Cosmos (ATOM) and Cardano (ADA) are the three altcoins in the market cap which are surging by 7.50%, 5% and 2% respectively.The market cap has lost one billion compared to yesterday's levels and the 24 hour volume is short of $70 billion. What's interesting is the fact that Bitcoin's dominance is now at 65.9% which is another low as Bitcoin is on the edge of a reversal.
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Analysis

Bitcoin Is Doomed: Analysts Are Afraid Of Bears After $400 Drop

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bitcoin is doomed
Bitcoin (BTC) has not done too well over the past two days. Since Friday, the dominant cryptocurrency managed to lose even 6% of its value and tanked from around $9,250 to $8,700 in a strong move which came after nearly two weeks of bullish consolidation. As analysts noted, Bitcoin is doomed for a lower region right now, especially after the sharp $400 drop which triggered the altcoin news, too.Despite the relatively mild price action which was not a move that slaughtered bulls, a number of traders have flipped bearish. Bloomberg was one of them - the journal wrote that there is a likelihood that if the bearish pressure persists for a little more, BTC will trend all the way back to $7,300 and back in the zone where it was before the most recent swing upwards.The sentiment, according to a number of analysts, is irrational - and shows how Bitcoin is doomed in the long run. According to the popular crypto trader Mayne, the "people waiting for $6,000" are irrational. He quipped that Bitcoin retracing and consolidating after the fourth biggest bull move in history ($7,300 to $10,500 with 42% gains in one day) is perfectly good for the course - but it is also possible that we can go lower from $8,800 soon.https://twitter.com/Tradermayne/status/1192888783894544384Crypto Michael is another analyst who echoed a similar line. The Amsterdam Stock Exchange trader laughed at the euphoria that bears have had over the past days. When talking about how Bitcoin is doomed, he accented the irrationality of the claims that a retest is on its way (and the context of the 42% gain):
"I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC."
https://twitter.com/CryptoMichNL/status/1193102628479094784The cryptocurrency and its long-term charts indeed seem to be implying that medium to long-term upside is highly likely. As reported in our Bitcoin news before this, the trader HornHairs noted that he "likes the chance we hit $14,000 before $7,000." With this, he remarked that there is still a possibility for Bitcoin (BTC) to rise and lean bullish rather than bearish.https://twitter.com/CryptoHornHairs/status/1189968006006353921Filbfilb was also in the news, noting that by the end of November or start of December, the 50-week and 100-week moving averages will see a "golden cross" which he claims is far more significant for the BTC market than other technical crosses.
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Analysis

MoneyGram US-Mexico Business Is 10% Crypto Enabled?

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moneygram money transfer mobile app - MoneyGram US-Mexico Business Is 10% Crypto Enabled?
A new estimate by the World Bank is in the cryptocurrency news - showing that the 2016 global remittance market sits at $573 billion, out of which around $422 billion went to the more developing countries. New shocking statistics show that the Moneygram US-Mexico business is 10% enabled by crypto.For those of you who don't know, the simple act of transferring money from one country to another is known as remittance - and is an economic heavyweight of a market. Blockchain technology is now poised to change its operations and bring a lot of novelties to this market.However, we can see that the process is well-suited for securely transferring units of value all around the world - and MoneyGram is one of the most successful companies in that realm. What most of you didn't know is the fact that one part of MoneyGram's business is enabled by cryptocurrency.Yes, we are specifically talking about Ripple and its technology, which are powering around 10% of the Moneygram US-Mexico business. In detail, this is the On-Demand Liquidity platform and XRP cryptocurrency - both acting as a vital part and playing a huge role in the MoneyGram operations ever since August 2019.The CEO of MoneyGram Alex Holmes confirmed this at an event - the Ripple Swell conference - stating that 10% of his company's business between the US and Mexico happens with the help from Ripple and its On-Demand Liquidity program.Meanwhile, the Ripple news show that the token and website are staying cool - the bit of publicity found on their website calls to much more attention to the statistic. Knowing that the Moneygram US-Mexico business is cryptocurrency enabled, there are now big waves in the industry and experts are asking themselves how and when did this happen.However, Holmes has an answer to this. As he said during the Swell conference:
“The 10% relates to the ODL (On Demand Liquidity) platform and represents the percent of our Mexican peso volume that we trade. We take USD and buy Mexican pesos. We continue to work with Ripple to build liquidity. We now have four new corridors we are starting, including the Philippine peso and Australian dollar. True success will be determined by others joining the platform, so it’s early days.”
As a last resort, Holmes reserved himself when asked about the volume of the MoneyGram US-Mexico business - and instead focused on the technology and its massive potential to bring ease of international transactions in new countries. 
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