This website uses cookies to ensure you get the best experience on our website
New to trading? CryptoAltum has launched a top-rated cryptocurrency trading course on Udemy! Get the course details here 

Blog

Date:
21st Oct 2020
Author:
CryptoAltum Research Team

Bitcoin Trading Dominance is at a 3-Year High

The Bitcoin trading dominance is back to 2017 levels, as per TheTie report. Trading dominance is a metric that shows the level of back and forth changing of hands between BTC and altcoin pairs. The rapidity, the crypto analytic firm indicates, is increasing as traders appear to be strategically positioning themselves for a possible moonshot.


Details: 

Bitcoin is a base currency for most trading pairs. That traders are shifting back to BTC base pairs--and possibly hoarding the world’s most valuable coin at the back of supportive fundamentals-- is overwhelmingly bullish. Already, BTC-related transactions are increasing, pointing to renewed interest at a time when more traders move their coins out from leading spot crypto exchanges.


Impact on the BTC Price: 

Bullish. Traders consider BTC a shield against inflation and other macroeconomic factors that impact their fiat value. That there are more BTC-related trades is bullish for the coin as buyers try to build momentum to blast the $12,000 resistance level.


More market updates on our Blog 


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020