Volumes on crypto investment products drop to 2-year low: Coinshares
Digital asset investment products recorded $5 million worth of cumulative weekly outflows in what Coinshare describes as an “apathetic period.”
Digital asset investment products recorded $5 million worth of cumulative weekly outflows in what Coinshare describes as an “apathetic period.”
In this episode of NewsBTC’s daily technical analysis videos, we use the Fisher Transform and other tools to see how close Bitcoin is to putting an end to crypto winter. Take a look at the video below: VIDEO: Bitcoin Price (BTCUSD): October 24, 2022 Crypto Winter Bitcoin continues to be boring, but the theme of this video is all about what happens when the notoriously volatile cryptocurrency gets dull. All downside and no rallies makes Bitcoin a dull boy. Related Reading: Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022 “Here’s Johnny:” What Happens When Bitcoin Becomes A Dull Boy The Bollinger Bands are getting even tighter, showing that explosiveness is coming soon enough and this ongoing lull is just the calm before the storm. Daily Bollinger Band Width is now at the lowest point since October 2020 right before the bull breakout in 2020. Prior to that, the bands got that tight just ahead of the collapse to the bear market bottom in 2018. On weekly timeframes, Bollinger Band Width is the tightest since the November 2018 breakdown, where Bitcoin dropped another 50% to its eventual bottom. All instances before that when the bands got this tight led to an enormous rally. The monthly timeframe shows a very unusual phenomenon. The Bollinger Bands are actually now expanding after being some of their tightest ever. Rising after such a lull in volatility has in the past always triggered a trendmous bull run. Is the third time the charm? The Bollinger Bands are some of the tightest ever | Source: BTCUSD on TradingView.com Related Reading: Is The Final Wave In Ethereum Up Next? | ETHUSD Analysis October 19, 2022 Why We Could Have Several More Weeks Of Crypto Winter After this weekend’s weekly close, Bitcoin bulls have now closed three full weeks with a confirmed bullish crossover on the LMACD. Compared to the 2018 bear market bottom, we would only be a week or so away from making a larger move upward. However, a comparison with the 2015 bear market bottom shows that although new lows might not arrive, there could be twice as long to wait before the bottom is confirmed as in and the range is left behind. Other possible signals on weekly timeframes that could suggest we’ve seen the bottom already, is that Heiken Ashi candles are starting to turn green. How much longer will crypto winter last? | Source: BTCUSD on TradingView.com Related Reading: Bitcoin Price Action Falls Flat | BTCUSD Analysis October 18, 2022 Cyclical Timing Tools Suggest Spring Is Almost Here The two-week Fisher Transform has also started to flip bullish (pictured right). But it will take another 14 days to confirm the signal. The Fisher Transform is used to find major turning points in markets, but works best on the highest timeframes. Moving to the monthly timeframe (pictured left), we can see that even here the Fisher has very little room left and if Bitcoin hands around here for another week or so, the monthly should begin to flatten, signaling a possible turnaround in price action. The Fisher Transform is based on a standard deviation formula, and with Bitcoin monthly at a -3.0 standard deviation, there is only a limited 0.1% chance the bear market will continue. Will the Fisher flip and confirm the bottom? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Data shows the altcoin dominance by volume on exchanges has now risen to 50%, here’s what happened to Bitcoin the last two times the crypto market saw such a shift. Altcoins Are Now Contributing To 50% Of The Volumes On Exchanges As pointed out by an analyst in a CryptoQuant post, altcoins have started to dominate after Bitcoin was number one for an entire month. The relevant indicator here is the “trading volume,” which is a measure of the total amount of coins being traded on centralized exchanges. The percentage to this total trading volume being contributed by an individual crypto is called its “dominance by volume.” Here is a chart that shows how the Bitcoin, Ethereum, and altcoin dominances have stacked up against each other during the last month: The value of the metric seems to have declined for BTC in recent days | Source: CryptoQuant As you can see in the above graph, Bitcoin had the largest individual share for much of the past month, but that has changed during the last few days. BTC’s dominance of the trading volume dropping off has given more room to the altcoins, who now contribute to around 50% of the volumes on exchanges. Related Reading: Bitcoin Bearish Signal: Dormant Supply On The Move Again As for Ethereum, the crypto’s volume hasn’t observed any significant shifts recently, with the coin’s dominance moving sideways just below the 30% mark. During the past year, there have been two stretches where altcoins have enjoyed a similar dominance. The below chart shows how the price of Bitcoin behaved while these periods lasted. Looks like the altcoin dominance reached as high as 60% during these stretches | Source: CryptoQuant From the graph, it’s apparent that the first of these altcoin dominated periods occurred back between November 2021 and January 2022. At the start of this timespan, the price of Bitcoin was around $67k, but by the end of it the crypto had declined to just $36k. The second spell of high altcoin volume took place between April and June of this year, and much like the in first stretch, BTC observed a significant drawdown as its price went from $47k all the way down to $20k. Related Reading: TOP 5 Cryptos To Watch This Week – BNB, BTC, ETH, MATIC, APT If the altcoins continue their recent surge in trading dominance on exchanges, and a similar trend as during these previous instances follows now as well, then it may prove to be troubling times for Bitcoin. Bitcoin Price At the time of writing, Bitcoin’s price floats around $19.3k, down 1% in the last week. Over the past month, the crypto has gained 1% in value. BTC continues to be stuck in consolidation | Source: BTCUSD on TradingView Featured image from Traxer on Unsplash.com, charts from TradingView.com, CryptoQuant.com
We keep seeing articles about what plays have been done and what turned your small of crypto into a huge bag. Some people have done it very succesfully over the years. Think about buying in a BnB, a matic or Ethereum when they were still young and very low in MC. I am looking for…
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Meanwhile, the minting volume of nonfungible tokens have been declining steadily.
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