{"id":57930,"date":"2022-11-28T09:57:20","date_gmt":"2022-11-28T14:57:20","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=57930"},"modified":"2022-11-28T09:58:32","modified_gmt":"2022-11-28T14:58:32","slug":"crypto-update-this-major-coin-could-bounce","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2022\/11\/crypto-update-this-major-coin-could-bounce\/","title":{"rendered":"Crypto Update: This Major Coin Could Bounce"},"content":{"rendered":"

It is time to update the crypto charts as I spotted one strong alert in a major coin for you. <\/p>\n

Let me start with the charts showing the balance of power in the crypto-sphere. The two majors will be first. <\/p>\n

\"Bitcoin<\/a>
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Source: TradingView<\/a><\/em><\/center><\/small><\/p>\n

In spite of the so-called \u201ccrypto-winter\u201d in the market, these two mastodons have kept their stranglehold on both individual and combined market share. <\/p>\n

Bitcoin\u2019s market share (orange bars) remains stable at 40% of the market no matter what. However, it is located on the downside of the range as other coins have taken their place in the sun. The all-time low was recorded at 35% in distant 2018. \u00a0\u00a0<\/p>\n

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Ethereum\u2019s dominance (black bars) is also solid at 18%. It saw a high market share of 31% at the beginning of its life. Currently, it is exactly in the middle of the range. It's worth noting that moving to a new proof-of-stake (PoS) mechanism didn't add power to the second largest coin so far.\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

The combined market dominance is solid, hovering around 60%.<\/p>\n

Let us move on to the rest of the top ten list excluding stable coins. <\/p>\n

\"Top<\/a>
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Source: TradingView<\/a><\/em><\/center><\/small><\/p>\n

Binance's native cryptocurrency (BNB, green line) hit the charts as it rose to #4 spot despite not being a crypto-coin in a traditional sense since it is used as a \"fuel\" for exchange transactions. Its market dominance of 6.3% stands at the highest close reading ever. The rise of Binance's exchange and the activity of its traders are driving the demand for this coin, which is beyond the reach of the remaining cohort.<\/p>\n

Ripple (XRP, black line) had its best year ever with a market share of 18% in 2018. Since this coin is backed by banks, its fame evaporated quickly. Its dominance dropped like a rock to the valley of 1% at the end of 2020. The current rise to 2.6% looks like a dead-cat bounce. \u00a0\u00a0\u00a0<\/p>\n

Last month, Dogecoin (DOGE, orange line), the meme-currency, was ranked #8<\/a> captivating the news radar after scoring more than one hundred percent in less than a week amid Twitter's (TWTR) takeover. The coin was pumped and then dumped back down to 7 cents from a peak of 15 cents. However, the recent tweet<\/a> of David Gokhshtein, \u201cI feel that we\u2019ll all see Vitalik and Elon working together to somehow upgrade $DOGE\u201d<\/em> has turned the tables again as the new pump of Dogecoin is underway with price soaring above 10 cents. The market share is at 1.7%. <\/p>\n

Cardano (ADA, blue line) had a promising future, however, the high of 4.5% last summer was the best market share level ever and the current dominance of 1.4% shows the fading popularity.<\/p>\n

Polygon (MATIC, purple line) takes the share of \u201cfalling angels\u201d and prominent Ethereum killers that turned to zombies now. Its market share reached the all-time high of 1.2% this month. <\/p>\n

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What is your favorite crypto these days?<\/strong><\/p>