Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K
Bitcoin is moving with conviction to the $60,000 area. At the time of writing, BTC’s price trades at $57,681 with a 4% profit in the weekly and daily charts. The general sentiment in the market remains bullish as Bitcoin has been able to shake off the bears over the past days. Traders and savvy investors have called BTC’s recent price action the beginning of the “Bitcoin Season”. Related Reading | TA: Bitcoin Starts Fresh Rally To $60K, What Could Fuel More Upsides During this period, BTC takes over the spotlight and rallies absorbing capital from other cryptocurrencies. As a....
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BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Ethereum Breaks 200,000....
The recent market recovery has seen digital assets such as Bitcoin and Ethereum put on significant amounts of value over the last couple of days. However, there have been some who have been market leaders in this regard, and Ethereum is one of them. The digital asset had rallied upwards due to the announcement that the Merge was happening in September, but that is not the only aspect where the second-largest cryptocurrency in the crypto market had recorded a recovery. Ethereum Steals Market Dominance Ethereum’s rally above $1,500 had seen its market cap grow above $190 billion once more.....
Bitcoin dominance over the market has still not receded even as the price has fallen below $30,000. Just as BTC had taken a hit, so had the altcoins. This had given the pioneer cryptocurrency more leeway to eat back into the market dominance. Even though the market has been brutal to investors in the past week, it is starting to level out and as the end of the month draws closer, indicators are starting to point towards better forecasts. Bitcoin Still On The High Side With Bitcoin, there has never been a dispute regarding its dominance in the crypto space. However, this dominance has since....
BTC dominance can directly affect altcoins by displaying the market’s trading volume in BTC vs. altcoins. Bitcoin (BTC) is both the first and the most prominent cryptocurrency in the world when it comes to market capitalization as well as trading volume. These factors are quite significant, considering that all cryptocurrencies trade against Bitcoin and Bitcoin’s dominance can actually serve as a valuable indicator when trading all different types of cryptocurrencies.This post will offer insight on how to trade cryptocurrency while utilizing the Bitcoin dominance indicator and how to read....
During the past 30 days, $285 billion has left the crypto economy and bitcoin’s USD value hit a 2022 low at $17,593 per unit on June 18. Moreover, last month’s statistics show bitcoin’s market dominance was 2.9% higher and ethereum’s market dominance was 2.1% higher than it is today. Bitcoin and Ethereum Dominance Has Dropped Over the Last Month The crypto bear market has done some damage to the digital currency economy and many continue to wonder if the market carnage will continue. The market has seen a brief consolidation period after the most recent....