ETHBTC vs. 100-BTC.D
I decided to look at thethe strength of the relationship between Ethereum price and Altcoin dominance. It seems that there is a near perfect correlation between these two lines. That indicates that as investors move from bitcoin to other coins, a lot of money is flowing into Ethereum. As investors seek higher returns than what is possible on the relatively "safe" bitcoin, especially eyeing coins that can do 10-100x increases in price, money will leave further leave bitcoin, and we will reach an altcoin dominance that is even higher than what we saw in the fall of 2020 (during the first Defi hype). This will send altcoins flying at a comparable level to December 2017-January 2018. Since we are now only about halfway through this bull market and have attracted a lot of extra investors, including institutions, the flood of capital flowing into altcoins will be bigger than ever seen before. Additionally, the prospect of revolutionising the economy with blockchain technology such as DEFI means that the use-cases are more solid and better developed.
TLDR: Long altcoins.
TLDR: Long altcoins.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.