Calm Before The Storm: Bitcoin Dominance Reaches Low Levels Similar To 2018

It seems like the Bitcoin dominance on the market has reached its previous position form a year ago in August. The Google trends data show that the interest in Bitcoin hasn’t been this low since 2018, April. Should we be expecting a massive bull run or the situation will stay the same? Let’s find out in our bitcoin news of today.

BTC dominance is hovering about the 50% level. Bitcoin’s market cap is still the largest despite millions of dollars going into altcoins over the past year rather than Bitcoin. Users in the crypto community have noticed that lower dominance means a major bull run according to the data. In the first Bull Run, the data says otherwise. There is no single relevant information that the first bull run was initiated after a period of low dominance. The interest for the cryptocurrency dropped which made the huge investors dump and there is also no data that suggests that investors will come back.

However, this could be a potential sign of warning that will scare everyone who is not a long time crypto trader or investor. The bull run that leads the price of bitcoin to reach $20,000 was a rare moment that made long-term investors put their funds somewhere else. One thing we can all be sure of is that there is not going to be a ‘’Bitcoin Killer’’ at least not in the near future.

At the same time, smart contract platforms seem to be having a good time and investment products keep emerging on the surface. There are new projects launching every day and Ethereum is now becoming home to hundreds of tokenized projects and platforms. During the bull run, the demand for Ether increased rapidly but the long-term dominance of the cryptocurrency is just as questionable as Bitcoin’s.

Currently, there is a lot more money going into Bitcoin nowadays and those will be filtered between people who invest for the first time or the HODLERS who just want to stay away from extreme volatility.

In the long run, it’s not so crazy to think that Bitcoin might lose its position as the number one cryptocurrency but this won’t mean that the crypto has failed. The next bull run could be around the corner, let’s wait patiently and see what happens.