{"id":42236,"date":"2021-02-09T13:22:33","date_gmt":"2021-02-09T18:22:33","guid":{"rendered":"https:\/\/www.tradestation.io\/insights\/?p=42236"},"modified":"2021-02-09T13:29:09","modified_gmt":"2021-02-09T18:29:09","slug":"elon-musk-bitcoin-dominance","status":"publish","type":"post","link":"https:\/\/www.tradestation.com\/insights\/2021\/02\/09\/elon-musk-bitcoin-dominance\/","title":{"rendered":"Elon Musk Triggered a Huge Technical Event in the Crypto Market: Chart Study"},"content":{"rendered":"\n
Tesla’s $1.5 billion Bitcoin purchase<\/a> didn’t just send prices to new record highs. It also produced an unusual concentration of interest in the world’s biggest cryptocurrency<\/a> at the expense of Altcoins like Ethereum.<\/p>\n\n\n\n Bitcoin Dominance jumped 3.74 percent yesterday, according to TradingView<\/a>. It was the biggest increase since October 2018.<\/p>\n\n\n\n Bitcoin Dominance is a measure of popularity, showing Bitcoin’s market capitalization as a percentage of the entire crypto space. It typically declines when crypto prices are rising, serving as a contrary indicator like Cboe’s volatility index (“VIX”). Yesterday was just the opposite because it rose simultaneously with Bitcoin enjoying its biggest one-day gain in over three years.<\/p>\n\n\n\n