The last two days we mainly see green on the charts, but what does it mean?
As we can see the market capitalization growing most of the coins will correlate with the market and grow with the market cap.
The market cap reached its All-time High on January.07.2018 at 818,843,549,696 USD. After the big collapse in 2018 the Bitcoin price reached its bottom at around 3000 USD, at December.15.2018 the Market Cap was at its lowest point, at 101,501,688,348 USD since 2018 at this point the global market cap lost 87,6% of its value.
You can clearly see that Volume has constantly gone down since the collapse. The question now is, if the bear market is over just because Volume is growing again.
Growing Volume and global Market Capitalization is definitely a good sign, but there are more things you have to take in account.
Bitcoin dominance shows the correlation in price between Bitcoin and altcoins, if the BTC dominance is above 60%, it is a good indicator for the whole crypto market.
Back in January the BTC dominance was constantly over 80% peaking at 87%, after the price collapse in 2017 the alt rally began, lowering the BTC dominance to 37,8% and even 32,8%.
Now with the hype in the last two days the BTC dominance has again started falling, nearly one percent in 2 days from 68,84% to 67,91%, maybe creating the next alt rally. Which would make sense, as many altcoins reveal their products creating whole new markets. Don't forget that dapps will drive the mass adoption and only useful coins and dapps will survive.
Whales have always been manipulating the crypto market, just because of the vast amount of value they transfer around. Don’t be fooled by big rises in certain coins, as it always could be just a whale who dumped a lot of his money onto some coin just to pump it.
Of course many of you probably noticed Bitcoin SV (BSV) and the huge gains of 220% in 7 days.
After I visited their website and saw that this was a hard fork of Bitcoin Cash (BCH), this immediately reminded me of Bitcoin Cash’s gains back in December.20.2017 when BCH’s price went from 2214.44USD (December.19.2017) to a whopping 4355.62 USD in just one day, that were 49,15%.
Well after just 2 days the price went back down to 1974.64 USD, for me this was a classic pump and dump, but not somewhere on shady telegram groups, no this were whales from coinbase.com.
Here are some articles if you are interested in what they did.
Thank you for your attention!
If you would like to get alerts when whales transfer big values try this twitter bot!
My twitter: https://twitter.com/maxiknohen