When you think about Cryptocurrencies, one name immediately comes to mind, Bitcoin. Bitcoin is the largest cryptocurrency with the largest total market capitalization. Since the creation of Bitcoin, there has only ever been one cryptocurrency at the top of the market cap rankings…Bitcoin.
Since the inception of Bitcoin, bitcoin's market cap has added about $80 million in market cap each day.
When the price of Bitcoin rises, generally you can expect altcoin and other digital currency prices to rise with it. Likewise, in a bear market, when the Bitcoin price drops, altcoins also follow. And sometimes when Bitcoin is rising, the altcoins are declining due to cash moving from the altcoin market to Bitcoin and vice versa.
Bitcoin dominance or btc dominance is used to measure the percentage of the cryptocurrency market that can be attributed to Bitcoin. Another way to look at bitcoin dominance is its bitcoin's market capitalization vs. the total cryptocurrency market capitalization or the overall cryptocurrency market. Bitcoin's dominance is tied to the perceived scarcity of bitcoin due to the bitcoin halving that takes place every four years.
Thus, it’s very easy to determine the relative strength of Bitcoin at any point. Not the case for the altcoins…until now. I have taken the more popular altcoins and determined their relative strength, relative to Bitcoin using just moving average. Whether you are a crypto investors, cryptocurrency trader, retail investor, institutional investor, I hope this post adds value to your trading and investment goals.
Binance
Cardano
Ethereum
Hive
Litecoin
Polkadot
Solana
Based on the moving averages and the last daily closing price, relative to the moving averages,
the altcoins relative strength, relative to Bitcoin are the following:
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