Bitcoin Dominance is back up to 48 and a fraction. It's local low was 39.11 on 9/6/22. Near the top of the peak on the left, the Luna Collapse occurred. We are now in a better situation than the other side of this valley, when Do Kwon held our fates, at least of the price.
Is there any significance to this besides having an estimated amount of people holding shitcoins as opposed to bitcoin? (Serious question)
The thing is... it should always be going down. First it's Bitcoins Dominance out of 10 coins, then 100 coins, then 1000, coins, then 10,000 coins, now it's close to 100,000 coins, if not there already. Any shot of it going up says more about the market than about the currency.
And what it's saying (to me) (in my opinion) when the bankruns happened and the NYT article came out at around the same time, but price still went up, I felt the public is starting to understand Bitcoin. I see economic instability ahead, and I see it as fitting the narrative of Bitcoin, aka, a similar narrative to gold. Love that the public is feeling that.
But I get what you're saying. Bitcoin never changed the whole time. Just public sentiments of it.
I don't trade. I dca. Sometimes I smash buy strategically though (or like to think I do.)
Yeah I used to be a degenerate trader, before I realised bitcoin is the only ray of hope for the future of this world haha. And back then, I used this metric to trade, so that's why I wondered why you (as a non-trader I assumed indeed) were pointing it out. Thanks!
Trends up forever
