Bitcoin Chart Perfectly Shows The Dominance Of BTC Over Altcoins

The latest cryptocurrency news show losses which were mainly triggered by Bitcoin and the fact that it has lost the $10,500 support overnight – which is now the price at which the most dominant cryptocurrency is trading. Speaking of dominance, one recent Bitcoin chart perfectly illustrates how bigger BTC is compared to altcoins.

As a reminder, let’s just mention that Bitcoin raged back into a bull market in 2019 and left the rest of the cryptocurrency market in dust. Even though BTC is up by 178% this year alone as charts show, Ripple (XRP) and Stellar (XLM) are down by more than 15%. Despite the desperate hopes of an ‘altseason’ surge, most of the altcoins as the coming altcoin news show are stagnant – all while Bitcoin’s dominance goes from strength to strength.

Currently, Bitcoin is sitting at 71% dominance according to Messari. Even though on CoinMarketCap we can see that the BTC dominance is at 67.6%, a Bitcoin chart by Messari created by the popular analyst Willy Woo captures Bitcoin’s brutal dominance over the last seven months.

"Shit runs downhill", 2019 bull season edition.

This is the performance of the the top 200 coins measured in satoshi value (performance against BTC).

Note alts got particularly rekted after BTC broke out on 1st Apr. pic.twitter.com/lN3Jdnsfni

— Willy Woo (@woonomic) August 13, 2019

As you can see, Woo named the chart “Sh*t runs dowhill” addressing the current bull session and how weak it was for the altcoin news and prices measured against BTC. The Bitcoin/USD chart is layered over the top for reference. Woo’s implication for BTC in this Bitcoin chart shows that a vast majority of altcoins have been exposed as useless, over-hyped or pure scams over the last 18 months.

Another crypto analyst commented the Bitcoin chart. Yassine Elmandjra paints a similar picture to Woo and explains that when priced in BTC terms, every major cryptocurrency has plunged against Bitcoin.

“Pricing coins in USD terms is extremely misleading. Pricing them in BTC paints a much different picture. At current USD price levels, EVERY coin in the top 10 is at all time lows in BTC terms,” he said.

2/ In BTC terms:

– ETH is down 77%
– XRP is down 67%
– BCH is down 50%
– LTC is down 90%
– BNB is down 25%
– EOS is down 60%
– BSV is down 26%
– XMR is down 60%

from when their current USD price levels were at highs in BTC terms.

— Yassine Elmandjra (@yassineARK) August 12, 2019

The ARC founder Cathie Wood also went on to confirm this and said:

“Bitcoin is the reserve currency of the crypto asset ecosystem, an exalted role.”

The big question frequently asked in the coming altcoin news is – ‘Will Bitcoin give way to an altseason soon?’

It seems like no one knows this. But as the Bitcoin chart by Willy Woo illustrates, the dominance for BTC is strengthening which is a clear indicator of stability.