Nov 09, · Bitcoin prices crashed after the first bull run in , and by January , Bitcoin's dominance was resting at an all-time low of % as a bear market commenced. Unfortunately, the alt season was officially over too, with many first-time investors losing substantial amounts of money as ICO projects crashed and burned. “BitMEX has been drastically losing market share in the last 6 months. By the end of November, BitMEX had % of the total open interest and now only less than 21%. So they lost ~50% of their market share now. Eventually if you don’t innovate, you will be overtaken.”. Bitcoin losing market share. More than 20% of the crypto pie is now owned by altcoins. The network effect is all that matters. If bitcoin can't adopt to market demands (privacy, fast transactions, low fees - what digital cash is all about), then it will continue to lose potential users.
Bitcoin losing market shareCrypto traders go into hiding as BitMEX continues losing market share
The DMI on the daily chart shows bears taking control of the pair, although at the moment there is not enough momentum to secure control of the pair for the sell-side. The MACD on the daily chart completes the bullish cross and takes on a robust configuration that confirms the potential for upward movement. The DMI on the daily chart shows a borderline situation, with both sides of the market in full swing.
The MACD on the daily chart shows a very flattened profile, which complicates a possible bullish cross. This structure could require a violent move in the price to react to the upside. The DMI on the daily chart shows the bears leading the pair but without a lead to make this control effective. The MACD on the daily chart shows a bullish cross in progress. The slope is adequate for the success of the upward attempt. The DMI on the daily chart shows the bears are climbing after approaching the buy-side.
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The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The cryptocurrency market slipped into a red zone, with all major altcoins nursing significant losses.
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