On November 17, when crypto assets exceeded Tuesday’s $17,000 price zone, the price of Bitcoin hit an all-time high (ATH) in 2020. Bitcoin’s dominance has risen in the past few months and is currently hovering at 65% this week. Although the price of Bitcoin has risen sharply in recent months, the performance of altcoins has not been as good as when Bitcoin was in this price range three years ago.
As early as 2017, Bitcoin (BTC) hit an all-time high (ATH) on December 17, reaching $19,600 per coin that year. In 2017, the dominant index of Bitcoin was slightly different from today because the value of many altcoins increased significantly three years ago. Bitcoin’s dominance is essentially a record indicator of the market value of BTC, matching the market valuation of more than 7,000 other altcoins that currently exist.
The increase in the value of altcoins three years ago will continue until next year. On January 14, 2018, Bitcoin’s dominance index fell to an all-time low of 32%. With BTC occupying a 65% dominance today, the dominance of this crypto asset has increased by 103% since the second week of January 2018.
On Tuesday, the price of Bitcoin (BTC) hovered in an area just above $17,000, and at the time of issuance, the market value of the crypto asset was approximately $315 billion. The historical price chart shows that three years ago when the price of BTC was $17,000 or above, the performance of altcoins was much better than today. This trend makes traders and speculators believe that the infamous “altcoin season” has not yet begun, and some believe it will never begin. For example, historical records show that on December 17, 2017, the Ethereum (ETH) exchange was $719 per unit. Today, even though ETH has risen by 256% this year, the crypto asset is still down 34% from its December 17 price range.
ETH has also reached an ATH of $1,431, and crypto assets still need to obtain more than 67% of gains to reach that position again. Another historical snapshot on the same day in December showed that XRP was trading at $0.72 on the 17th, but it was still 58% lower than that position. In fact, XRP is significantly lower than $3.84 ATH because today it is still 92% below that point. In the past three years, another interesting change is the substantial increase in Tether (USDT) since December 17. That day, the notorious stablecoin USDT could of course be exchanged for one U.S. dollar, but in terms of market value, the stablecoin was in the 24th position in market value.
Today, in terms of market valuation, Tether (USDT) has become the third largest blockchain with a market value of $17.9 billion. This means that since December 17, 2017, the market value of tether has increased by as much as 1527%. If any market capitalization in 2020 is preventing Bitcoin (BTC) from occupying a higher position, it is the valuation of tether. Interestingly, as early as December 2017, Litecoin (LTC) was also hovering in the fifth largest market value position. Just the day before, LTC managed to occupy that position again.
Nevertheless, on December 17, 2017, the price of LTC was US$318 per unit, but it was still 77% lower than that range. In fact, LTC needs to earn more than 80% of its revenue to reach the $375 ATH level it touched many years ago. Bitcoin Cash (BCH) also ranked third on December 17, 2017, with a transaction price of US$1,862 per unit. With the digital currency trading at $252 today, the crypto asset BCH needs to climb more than 86% to capture this price range again.
do you know? ? ! ! ALTCOIN season is here! All my alarms will be closed! ! ! 🔥🔥🔥🔥
With the exception of Cardano (ADA), none of the remaining coins in the top ten rankings in 2020 appeared in the top ten in 2017. The three coins that appeared in the top ten before December 17, 2017 were IOTA, dash and monero. Today in 2020, these positions have been replaced by polkadot, chainlink and binance tokens. At that time three years ago, Cardano (ADA) was trading at $0.51 per unit. As of November 17, 2020, ADA is still 78% lower than that point and 91% lower than the ATH of $1.33.
Despite the statistics, traders are still waiting for the infamous point in time, the “altcoin season” or “altseason”.On cryptocurrency-related forums and social media, the altcoin season Topic is trending And many cryptocurrency supporters are waiting for its arrival.Alone the day before Tweet:
What will happen after spring? summer. What happens after the Bitcoin season? Altcoin season.
On the same day, another cryptocurrency supporter wrote: “It seems that the dominance of BTC is rising, but the price is not rising that much.”
“I think this money left Alts->BTC->USDT, which kept BTC for a while.” Tweet. “Until Alts without a dollar pair enters BTC, and then dumps dollars.” The Twitter account named “Altcoin Sherpa” agreed with the above analysis. Said: “The money must seem to be leaving [altcoins] Generally speaking. The high time frame trend of these events is still a bearish IMO, and it is not the off-season yet,” he added.
What do you think of the 65% share of Bitcoin (BTC) and what people think about another altcoin season? Let us know your thoughts on this topic in the comments section below.