The backbone of my personal crypto trading strategy is Bitcoin. This is simply because BTC’s price has a huge influence over the price of other cryptocurrencies.

If Bitcoin dominance is going up, this means money is moving from altcoins into BTC. If Bitcoin dominance is going down, this means money is moving from BTC into altcoins.

Once I’ve assessed Bitcoin dominance, I need to confirm that the market is headed in the direction that I think it is, and I use the total cryptocurrency market cap for that confirmation.

___

For more news and information from MNN, subscribe to our free email newsletter.

___

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.