{"id":507560,"date":"2022-10-24T19:00:03","date_gmt":"2022-10-24T19:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=507560"},"modified":"2024-06-11T07:00:35","modified_gmt":"2024-06-11T07:00:35","slug":"altcoin-exchange-dominance-rises-50-mean-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoin-exchange-dominance-rises-50-mean-bitcoin\/","title":{"rendered":"Altcoin Exchange Dominance Rises To 50%, What Does It Mean For Bitcoin?"},"content":{"rendered":"

Data shows the altcoin dominance by volume on exchanges has now risen to 50%, here’s what happened to Bitcoin the last two times the crypto market saw such a shift.<\/p>\n

Altcoins Are Now Contributing To 50% Of The Volumes On Exchanges<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, altcoins have started to dominate after Bitcoin was number one for an entire month.<\/p>\n

The relevant indicator here is the “trading volume<\/a>,” which is a measure of the total amount of coins being traded on centralized exchanges.<\/p>\n

The percentage to this total trading volume being contributed by an individual crypto is called its “dominance by volume.”<\/p>\n

Here is a chart that shows how the Bitcoin, Ethereum, and altcoin<\/a> dominances have stacked up against each other during the last month:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have declined for BTC in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, Bitcoin had the largest individual share for much of the past month, but that has changed during the last few days.<\/p>\n
BTC’s dominance of the trading volume dropping off has given more room to the altcoins, who now contribute to around 50% of the volumes on exchanges.<\/p>\n
Related Reading:  Bitcoin Bearish Signal: Dormant Supply On The Move Again<\/a><\/div>\n
As for Ethereum, the crypto’s volume hasn’t observed any significant shifts recently, with the coin’s dominance moving sideways just below the 30% mark.<\/p>\n
During the past year, there have been two stretches where altcoins have enjoyed a similar dominance. The below chart shows how the price of Bitcoin behaved while these periods lasted.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the altcoin dominance reached as high as 60% during these stretches | Source: CryptoQuant<\/a><\/pre>\n
From the graph, it’s apparent that the first of these altcoin dominated periods occurred back between November 2021 and January 2022. At the start of this timespan, the price of Bitcoin was around $67k, but by the end of it the crypto had declined to just $36k.<\/p>\n
The second spell of high altcoin volume took place between April and June of this year, and much like the in first stretch, BTC observed a significant drawdown as its price went from $47k all the way down to $20k.<\/p>\n
Related Reading:  TOP 5 Cryptos To Watch This Week \u2013 BNB, BTC, ETH, MATIC, APT<\/a><\/div>\n
If the altcoins continue their recent surge in trading dominance on exchanges, and a similar trend as during these previous instances follows now as well, then it may prove to be troubling times for Bitcoin.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, Bitcoin’s price floats around $19.3k, down 1% in the last week. Over the past month, the crypto has gained 1% in value.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to be stuck in consolidation | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Traxer on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Data shows the altcoin dominance by volume on exchanges has now risen to 50%, here’s what happened to Bitcoin the last two times the crypto market saw such a shift. Altcoins Are Now Contributing To 50% Of The Volumes On Exchanges As pointed out by an analyst in a CryptoQuant post, altcoins have started to dominate after Bitcoin was number one for an entire month. The relevant indicator here is the “trading volume,” which is a measure of the total amount of coins being traded on centralized exchanges. The percentage to this total trading volume being contributed by an individual crypto is called its “dominance by volume.” Here is a chart that shows how the Bitcoin, Ethereum, and altcoin dominances have stacked up against each other during the last month: The value of the metric seems to have declined for BTC in recent days | Source: CryptoQuant As you can see in the above graph, Bitcoin had the largest individual share for much of the past month, but that has changed during the last few days. BTC’s dominance of the trading volume dropping off has given more room to the altcoins, who now contribute to around 50% of the volumes on exchanges. Related Reading: Bitcoin Bearish Signal: Dormant Supply On The Move Again As for Ethereum, the crypto’s volume hasn’t observed any significant shifts recently, with the coin’s dominance moving sideways just below the 30% mark. During the past year, there have been two stretches where altcoins have enjoyed a similar dominance. The below chart shows how the price of Bitcoin behaved while these periods lasted. Looks like the altcoin dominance reached as high as 60% during these stretches | Source: CryptoQuant From the graph, it’s apparent that the first of these altcoin dominated periods occurred back between November 2021 and January 2022. At the start of this timespan, the price of Bitcoin was around $67k, but by the end of it the crypto had declined to just $36k. The second spell of high altcoin volume took place between April and June of this year, and much like the in first stretch, BTC observed a significant drawdown as its price went from $47k all the way down to $20k. Related Reading: TOP 5 Cryptos To Watch This Week \u2013 BNB, BTC, ETH, MATIC, APT If the altcoins continue their recent surge in trading dominance on exchanges, and a similar trend as during these previous instances follows now as well, then it may prove to be troubling times for Bitcoin. Bitcoin Price At the time of writing, Bitcoin’s price floats around $19.3k, down 1% in the last week. Over the past month, the crypto has gained 1% in value. BTC continues to be stuck in consolidation | Source: BTCUSD on TradingView Featured image from Traxer on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":507593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85876,5651,3],"tags":[87312,142,428,13510,5351,1119,1144,87311,87313],"class_list":["post-507560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin","category-bitcoin","category-news","tag-altcoin-dominance","tag-altcoins","tag-bitcoin","tag-bitcoin-dominance","tag-bitcoin-volume","tag-btc","tag-btcusd","tag-dominance-by-volume","tag-exchange-dominance"],"acf":[],"yoast_head":"\nAltcoin Exchange Dominance Rises To 50%, What Does It Mean For Bitcoin?<\/title>\n<meta name=\"description\" content=\"Data shows 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Altcoin Exchange Dominance Rises To 50%, What Does It Mean For Bitcoin?","url":"http:\/\/uniquehot.com\/news\/altcoin-exchange-dominance-rises-50-mean-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/altcoin-exchange-dominance-rises-50-mean-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/traxer-4PljbcYIzyE-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/traxer-4PljbcYIzyE-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Altcoin","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin dominance","altcoins","bitcoin","bitcoin dominance","bitcoin volume","btc","btcusd","dominance by volume","exchange dominance"],"dateCreated":"2022-10-24T19:00:03Z","datePublished":"2022-10-24T19:00:03Z","dateModified":"2024-06-11T07:00:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Altcoin Exchange Dominance Rises To 50%, What Does It Mean For Bitcoin?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/altcoin-exchange-dominance-rises-50-mean-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/altcoin-exchange-dominance-rises-50-mean-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/traxer-4PljbcYIzyE-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/traxer-4PljbcYIzyE-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Altcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin dominance\",\"altcoins\",\"bitcoin\",\"bitcoin dominance\",\"bitcoin volume\",\"btc\",\"btcusd\",\"dominance by volume\",\"exchange dominance\"],\"dateCreated\":\"2022-10-24T19:00:03Z\",\"datePublished\":\"2022-10-24T19:00:03Z\",\"dateModified\":\"2024-06-11T07:00:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/traxer-4PljbcYIzyE-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/507560"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=507560"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/507560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/507593"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=507560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=507560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=507560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}