While just about every altcoin chart currently looks like it is fading into the abyss. Bitcoin remains steady at $8,000 and continues to grow in dominance over the entire market.
Bitcoin’s market dominance has reached 48.4% which is as high as it was around December 2017.
The clear picture being painted is that investors are moving altcoin funds back into a more stable and reliable currency that is Bitcoin.
Bitcoins recent jump in price was the catalyst for more funds flowing into the currency. However, the increase in BTC popularity over the past month has seen altcoins continue to drop back down to 2017 prices.
Most coins are beginning to test new all time lows such a Wanchain ($WAN). $WAN had previously recorded its lowest price of around $3.00 in March before rallying to nearly $10.00 per coin. The price has since dropped over 80% and now sits at an all time low of $1.59.
— Crypto Freak (@teddycleps) July 31, 2018
Most of the market remains in the red with only three of the top 100 coins seeing green. $POLY saw a 25% increase in price due to being listed on Binance and $XVG saw a 2% increase in price due to their Huobi listing. Over 25% of the top 100 coins see double figure losses within the last 24 hours with $MITH seeing a 25% drop in price.
Investors will be wondering if we will ever see another altcoin bull run as the current altcoin winter has all but wiped out the Dec 2017 altcoin season that saw some if the biggest price gains in crypto history.
While current sentiment suggests we will see more altcoin blood, a few brave investors have begun buying back into their favorite projects. There is no guarantee the market is ready for a massive reversal on altcoins especially with a potential Bitcoin ETF decision looming which in theory could see a massive pump for Bitcoin. This would push more money into BTC dominance and alts would bleed even more.
The #altcoin market continues to contract in favor of $BTC. Investors see more security or profitability with more % of their money in the dominant crypto. Meanwhile, the whole market is in a negative trend. Maybe it lasts at least 10 days more or until Sep (decisions of the ETF) pic.twitter.com/y9Rhr8othC
— Crypto Skipper (@Crypto_Skipper) July 31, 2018
Only the future will tell.