Is Bitcoin [BTC] still the market’s most dominant crypto, especially after…
Bitcoin [BTC] may be on the verge of losing market dominance again, having regained it only recently. This is opinion by CryptoQuant analyst, Maartunnn. The analyst had predicted September 11 that Bitcoin was going to take back the position of dominance, despite Ethereum [ETH] takes the position at the forefront of the merger. Interestingly, his prediction came true.
Here is AMBCrypto’s Bitcoin Price Prediction for 2022-2023
However, recent antecedents such as 50% altcoin market dominance on October 23 may propel BTC to the backseat. According to the analyst, this percentage accounted for the altcoin dominance of exchange activity within the aforementioned period. He added that if this episode prolongs, it could leave Bitcoin in a state of capitulation, like in April and November 2021.
During these periods, BTC fell from $47,000 to $20,000 and $67,000 to $36,000 respectively. Therefore, the royal coin may be in danger once more.
Back as Commander-in-Chief
Now an assessment of BTC-ETH dominance the chart showed that Bitcoin is still in control.
Despite that, however, Glassnode showed that Ethereum has been in fierce competition with the crypto. The on-chain analytics platform revealed that the ETH peak dominance was -0.085. As for BTC, it remained positive with a reading of 0.085.
Source: Glassnode
The implication of this is that investors still see BTC as a preferred asset. Additionally, BTC’s value compared to other cryptocurrencies has maintained a race that other cryptocurrencies may never win.
For the exchange network flows, Glassnode reported that BTC recorded more negatives than ETH. Over the past week, BTC’s online exchange flow was -$1.8 billion. For ETH, it was -$183.9 million.
🚨 Weekly exchange flow on the chain 🚨#Bitcoin $BTC
➡️ $3.1 billion in
⬅️ $4.3 billion out
📉 Net flow: -1.2 billion dollars#Ethereum $ETH
➡️ $1.6 billion in
⬅️ 1.8 billion dollars out
📉 Net flow: -$183.9 million#Tether (ERC20) USD USD
➡️ $2.0 billion in
⬅️ $2.0 billion out
📈 Net flow: +$57.4M— glassnode alerts (@glassnodealerts) 24 October 2022
Despite these lows, both coins seemed to have it settled back a bit in the last 24 hours.
In accordance CoinMarketCapBTC appreciated by 0.82% while trading at $19,333. Here, it is worth noting that the rally has not stopped institutional investors from holding back their restrictions on adding more BTC.
This indicated the distribution data, according to Glassnode. Based on available data, addresses with 100 and 1000 BTC, which had been declining since July, have not reversed to form an uptrend. At press time, addresses with more than 1,000 BTC had fallen to 2,129.
Source: Glassnode
Still off form
Additionally, the BTC/USD chart revealed that the coin is far from getting closer to bullish momentum. Indications from the Awesome Oscillator (AO) at -91.79 showed that BTC may struggle to gain positive momentum. Moreover, the Moving Average Convergence Divergence (MACD) revealed that the condition of the coin was mostly bearish.
Although buyer strength (blue) and seller momentum (orange) struggled for relevance, sellers appeared to be favored more. However, with small gains revealed on the histogram, BTC’s potential to add more to its recent gains may not be off the cards.
Source: TradingView
