Bitcoin’s market dominance is back in the crypto space. Meanwhile, traders are eagerly waiting for the right time to grab some coins. We can expect altcoin to remain distant from the buzz until the BTC’s dominance subsides.
Bitcoin Dominance and Its Effects on Altcoins
The representation in the section is from The Birb Nest. Which gives a clear picture of how Altcoins react to the dominance of the star crypto. In simpler terms, when BTC dominance grows alongside BTC price, altcoin plummet. While the price of BTC falls, when the dominance of BTC grows, altcoin fall.
In addition, when Bitcoin price consolidates, altcoin consolidates, while the dominance is still growing. The price of altcoin coins rises with the price of BTC rising, while the dominance falls. altcoin tends to rise or move sideways, while the price and dominance of BTC fall. altcoin rise, while the Bitcoin price consolidates, when the dominance falls, altcoin rises.
Popular Analyst Predicts the Right Time to Grab Alt Coins
Amidst growing curiosity regarding altcoin purchases. Popular analysts opine December/January to be the best time to buy some altcoin. The analyst expects USDT pairs with ALT coins to perform well. While altcoin paired with BTC might witness corrections for 6-8 weeks.
Honestly, I think we'll be continuing to see strength on #Bitcoin.
USDT pairs will be fine on #altcoins, but perhaps we'll be having 6-8 weeks of some corrections on the $BTC pairs, before a new party starts.
December/January is often the best period to buy alts.— Michaël van de Poppe (@CryptoMichNL) October 6, 2021
Collectively, from historic price movements, it is evident that altcoin will be interrelated to the dominance and price of the star crypto. In addition, we can expect the dominance of Bitcoin to continue until the end of the year. Hopefully, by the first quarter traders and investors will be able to grab some coins for their portfolio.
Bitcoin Forecast and Analysis BTC/USD October 22, 2021
BTC/USD are trading at 64619 and continue to move as part of the correction and the bullish channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $1,194,342,792,891. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the signal lines up, which indicates pressure from buyers of ”Digital Gold” and a potential continuation of the rise in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 22, 2021, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 57505 area. Where again should we expect a rebound and an attempt to raise the Bitcoin rate with a target above the 74055 area.
Bitcoin Forecast and Analysis BTC/USD October 22, 2021
An additional signal in favor of the growth of BTC/USD quotes will be a test of the rising trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the growth rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 52205. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 42055. Confirmation of the rise in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 69205.
Bitcoin Forecast and Analysis BTC/USD October 22, 2021 suggests an attempt to test the support level near the 57505 area. And further, the cryptocurrency will continue to grow with a potential target at 74055. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 52205 area. This will indicate a continued fall with a potential target below the 42055 area.
Bitcoin Price Flash Crashes for Second Time in a Month in the US
The price of bitcoin (BTC) on Binance.US, the US-based exchange affiliated with Binance, briefly crashed to as low as USD 8,200 today – a drop of 87% – before recovering again. The crash marks the second time in a month when bitcoin prices in the US have briefly disconnected from the rest of the world.
Today’s flash crash, which was one of the most significant on a major exchange in bitcoin’s history, all happened within less than 1 minute, the BTC/USD price chart from Binance.US showed.
Although the flash crash was all over within a minute, the trading volume showed that a significant number of coins did change hands during the crash, indicating that some traders may have been able to fill orders for bitcoin at extremely low prices.
Flash crashes can happen when large market sell orders are sent to exchanges without sufficient liquidity on its order books, for instance, because a large trader accidentally placed the order as a market order instead of a limit order.
Today’s flash crash on Binance’s US exchange is the second such incident in a month in the US. On September 20, a data feed for crypto prices called Pyth that is used by some of the largest financial institutions on Wall Street showed a 90% crash in the price of bitcoin.
The feed briefly showed bitcoin at a price of USD 5,402. However, a similar price crash was nowhere else to be seen. Two days later, in a report about the incident, Pyth concluded that the abnormally low price was indeed a technical glitch, “caused by the combination of (1) two different Pyth publishers publishing a near-zero price for BTC/USD and (2) the aggregation logic overweighting these publishers’ contributions.”
Discussing today’s incident on Twitter, many traders complained about being forced by US regulations to use exchanges such as Binance.US, which has thin order books and low liquidity compared to the international version of the exchange.
No statement has yet been made from Binance or Binance US regarding today’s flash crash.
At 16:11 UTC, BTC trades at USD 63,180 and is down by almost 6% in a day, trimming its weekly gains to 10%.
Mt. Gox Bitcoin Payouts On Horizon After Creditors Approve Plan
The light finally appears to be at the end of the tunnel for the Mt. Gox creditors, who have approved a plan that will let them choose to receive some of the coins they have been waiting years for.
In a translated letter, Nobuaki Kobayashi, the Japanese lawyer and trustee for the now-defunct bitcoin (BTC) exchange, explained that “approximately 99%” of the creditors had voted in favor of an offer that has since been put before a branch of the Tokyo District Court.
A voting process that began back in May this year wrapped up earlier this month.
The court has since confirmed the order, although there was no mention of an exact timescale for the token refunds.
The trustee wrote that an announcement “will be made to rehabilitation creditors on the details of the specific timing, procedures and amount of such repayments.”
However, Kobayashi wrote that the process would “finalize” and become “binding” in “approximately one month from” October 20.
The creditors will then be able to file their claims through a website, by filing a proof of rehabilitation claim.
Kobayashi wrote that the trustee “would like to express sincere gratitude to all involved parties for their understanding and support.”
The BTC exchange was once the world’s biggest, but spectacularly folded in 2014 following a spate of hacking attacks that saw raiders make off with thousands of BTC tokens.
Creditors have been trying to recover their funds ever since, but have been locked in a protracted legal struggle that has rumbled on over the years.
The Fortress Investment Group has previously offered creditors some 80% of claims. But the trustee promised a higher figure, closer to about 90%. The tokens lost in the hacks will likely have to be written off, however, meaning that payouts are going to be a fraction of the original amounts held.