Analyzing the "dominances" of the most important crypto assets, we can imagine what the market is accumulating the most.
We could think that in times of BEAR Market, the star in dominance for obvious reasons is TETHER, USDC or BUSD, the three big stablecoins out there... And in a way it's true...
At the beginning of June of this year, the combined dominance of TETHER and USDC reached its ATH, aka 16.78%... almost 20% if we add BUSD and other minor stables...
From there, the uptrend in dominance was broken and a correction began that is leaving the dominance of these stables around 12%. This means that part of these digital dollars are being used to "accumulate" other crypto assets...
And what are these crypto assets that are accumulating?
You know that in tradingview you can search for any ticker or symbol of an asset, if you add to this ticker the ending ".D" then you get the dominance of this ticker with respect to the entire crypto market.
For example, for BITCOIN we would search for "BTC.D" obtaining the following historical dominance graph:
As you can see, the dominance of BTC is not going through the best of its moments today, we are touching the historical lows at 39%...
In other words, the dominance in STABLES is going down, but it does not seem that BTC is its destiny, so we are going to do the search with the other TOP10 crypto assets.
ETH Dominance
As I imagined, its dominance is rising, and a lot, it is at 20.79%... it has not yet reached its ATH (around 30%) but it could happen because the ETH MERGE is planned for the middle of the month and there are many people trying to take advantage of the possible airdrops (ETH PoW) that may come, so, they accumulate ETH...what happens after the MERGE is unknown to me, but I wouldn't be surprised if a market DUMP afterwards since it doesn't seem that there is nothing "appetizing" then...
BNB Dominance
Damn, this is amazing IMO, BNB is reaching its ATH these days, 4.85% !!! people are accumulating BNB as if there were no tomorrow... It is the crypto asset that gains the most dominance in relative terms. It is not strange since, in such a speculative world, CZ's business has been the one that has made the most profit, becoming one of the richest men on the planet... however, and although I do not detract from him, I think that "betting" on BNB more than on more decentralized options can be a problem for the future of this market, but this is just my personal opinion.
In any case, the numbers are clear, the crypto community is accumulating more BNB than BTC and that worries me... however, I understand the reasons... although I don't share them.
Nice to see you linking from Stacker News.... I gave you a massive 25 sat tip over there :-) before giving you a proper upvote here.
hahahha! yes, I saw it, thank you! There are a few reacting not positively there but I don't care.
I want to see how long before the censorship resistant fans at Stacker News start demanding ban and block buttons 😂😂
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They will come, for sure
A mi me llamo mucho la atencion como el nivel del 28-29 agosto no lo rompia a la baja como Bitcoin parte del mercado. La referencia que tengo es Solana pero al ver que esto ocurria entre en Coingecko y BTC llevaba en 24H y 7 dias mas caida que 20-30 altcoins.
What are thinking about Cardano and the upcoming hardfork on 22of September?
Its dominance is increasing as well but I would expect a sell the news afterwards
I'm waiting for a bigger discount on BTC before I start buying
BNB has shown some strength lately and this is probably due to Binance growing and getting the regulation problems with quite some countries solved step by step. Nevertheless I think BTC will keep up and get moving once the macro headwinds begin to turn. A lot of investors are still on the sideline and waiting to step in once they see a sustainable trend again upwards. My view.
That’s what I expecting as well
🙌🏻
BNB performs really well in bear markets. It outperformed BTC in the last one as well.
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agree
I bet 10 years from now BTC won't even have a 30% dominance. The days of 70% dominance are gone. The space is evolving.
Not sure about it. To do so we would need to see if decentralization is achievable by other major projects as ETH and I have my doubts about it to happen
And what about cardano? You missed that
Its dominance is increasing as well but I would expect a sell the news afterwards