No one Cares About Most Altcoins Despite Lower Bitcoin Dominance Index
Comparing different cryptocurrencies is often a futile task. Even so, many enthusiasts pay close attention to the Bitcoin Dominance Index, which continues to drift lower week over week.
For some time now, Bitcoin has been losing dominance over the altcoin markets.
Bitcoin Dominance Index is Slipping Again
While the slippage remains relatively limited overall, it is evident that reaching levels of May 2019 is certainly possible.
At that time, the Bitcoin Dominance Index sat nearly at 55%.
That was a vast improvement compared to the 53% level just days prior.
However, since peaking at 72% again in September 2019, the BDI has shown signs of slipping to much lower levels.
In 2020, the “low” point came in the form of 64%.
Today, the Bitcoin Dominance Index sits at 65.85%, which is far from impressive.
A strong decline has become apparent in recent weeks.
This leads some speculators to believe that an altcoin season may be kicking off soon.
As hopeful as those individuals may be, the demand for most altcoins outside of the market cap top 20 is virtually nonexistent.
Many traders learned their lesson the hard way after the major crash in 2018 and the subsequent bear market that lasted roughly 19 months.
Bitcoin is the industry leader and the only asset most people should feel comfortable investing in.
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JP Buntinx, Khareem Sudlow