Markets are moving up and down but in the end just go round and round
It seems we are once again in neutral territory for bitcoin and alternative cryptoassets, as mixed signals are leaving traders confused. The average market cap for the top 100 projects changed exactly 0% in dollar terms over the past 24 hours.
In bitcoin terms, the top 100 alts moved 1.5%, which is aligned with the old adage that alts tend to perform better when bitcoin is consolidating sideways. Dentcoin, a recent ICO that was one of the few projects to receive a negative rating by CrushCrypto is currently leading the pack. The project pumped 50% as it's leading Binance's community vote for 'Coin of the Month'the winner of which gets a free listing on their exchange.
Finally, Nano is recovering part of its recent losses after trading close to its ICO price and Cindicator and Monero jumped 10%, seemingly for no reason!
Some say that if you ask five chartists their thoughts on a given market at a given time you will receive ten opinions. As today's prices are a bit slower and even the best chartists say charts don't predict the future let's look deeper at the opinions regarding a popular metric of the space; dominance.
A term in crypto used to address a project's percentage of total market capitalization, it used to be a gauge for Bitcoin's strength. Media companies like CNBC used it for flashy headlines, arguing that BTC was getting weaker due to the rise of the Ethereum and Ripple platforms.
We are still at a time where bears are crying wolf for Bitcoin's lost dominance of the space - now standing at a monthly high of 39% so it's important to continue analysing this indicator's fallacy. While before there were very few solid projects, now one could argue that a significant fraction of all projects have some viable use case as a result, BTC's relative leadership in the market has become diluted. This isn't as bad for Bitcoin as it sounds, however, as crypto networks are not businesses and are not expected to operate as such.
Ether is still 39% down from its all-time high, compared to 46% for bitcoin. Check what can happen next with Brave New Coin's latest price analysis.
Are you a developer in London? Gnosis, a decentralized prediction project with one of the most popular ICOs, has a technical meet-up at 18:00 at King's College London!
If you prefer traditional research over Medium articles, check the latest volume of Ledger - the first peer-reviewed journal on cryptocurrency and blockchain.
If you prefer investment thesis over TA tweets, check this great document outlining the plans of Placeholder Ventures, co-founded by the popular Chris Burniske!