Why Is Bitcoin Dominance So Much Lower Than in Previous Bear Markets?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 11 December 2022

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and Kraken. On this episode of “Long Reads Sunday,” NLW reads Noelle Acheson’s “BTC Dominance Is Behaving Weirdly, and That’s Sort of Good” as well as comments from NLW’s Twitter thread on Bitcoin dominance. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is "Back To The End" by Strength To Last. Image credit: Ja_inter/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.2	The breakdown is sponsored by nexo.io, Circle, and Cracken, and produced and distributed by CoinDes.
0:22.8	What's going on, guys? It is Sunday, December 11th, and that means it's time for Long
0:27.7	Read Sunday. Before we get into that, however, if you are enjoying the breakdown, please go
0:31.8	subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the
0:35.5	conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:42.3	All right, guys, happy Sunday. Hope you're having a great weekend. And if you follow me on Twitter,
0:48.4	you will be intimately familiar with this topic if you've been watching it all this week.
0:52.8	Today, we are talking about Bitcoin dominance. and I think there are good questions and debates
0:57.5	to be had about whether it's a relevant measure at all, but it is something that people
1:01.6	have been talking about for a long time, and we're in a moment right now where everyone is
1:05.8	trying to look to historical analogy to try to get a sense of what might come next, what's different this time,
1:12.8	et cetera, et cetera, et cetera. So where we're going to start is with a piece published on
1:17.8	Coin Desk by Noel Atchison, who used to be the former head of research at CoinDesk and Genesis,
1:22.6	and now has a newsletter called Crypto is macro now. The piece is called Bitcoin Dominance is behaving
1:27.7	weirdly, and that's sort of good. And what we're going to do is we're going to read this
1:32.0	piece first, and then we're going to discuss the follow-up thread that happened on my Twitter
1:36.6	feed earlier this week. Bitcoin dominance is behaving weirdly, and that's sort of good.
1:42.1	It's likely we are witnessing the consolidation of the crypto market's speculative nature. In the current whirlwind of dismay and disappointment,
1:49.6	or should I say, shock and shame, many in the Bitcoin ecosystem are no doubt fondly remembering
1:54.9	simple times when the Bitcoin currency crashing was all we had to stress about. In 2011,
	...

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