1/ on thursday, bitcoin dominance fell below 50% for the first time in nearly 3 years

the last time this happened was January 2018, and that cycle last about 6 months

seeing a lot of folks chasing returns by moving further out on the risk spectrum

94 coins w/ mcap > $1B

2/ while bitcoin has seen a 25% sell off since last thursday, a larger rotation is under way

some coins didn& #39;t sell off, but rallied, and HARD.

most of these trade only on crypto to crypto platforms, so its crypto rotation, not cash inflows driving these to new highs

3/ shallow order book depth means small volumes can drive outsized price momentum. this works on the way up... and down. see $SOL market depth for example.

price narratives become a self-fulfilling prophecy, especially in times like these. in reality, the story is more nuanced.

4/ look at the contrast between $LUNA and $BTC for example

not a judgment, simply an observation. trade pairs and market depth matter, esp in a low liquidity trade.

(sidebar: can anyone @coingecko explain why FTX is ranked 1 for bitcoin despite low volume? it& #39;s very sus...)

5/ need more coffee, but, the story around BTC dominance and the rise of alts is def one to follow

history doesn& #39;t repeat, but it rhymes. i& #39;m curious to see how this cycle will unfold and what will be different.

make sure u look at more than just price when making decisions!

6/ and also now i have to research wtf piratechain is, arrrrr, f*in& #39; crypto