Where Does Bitcoin Stand With Depleting Dollar Dominance
The world has relied on the US Dollar as a reserve currency for decades now, needless to say that it is one of the world’s strongest currencies. As far as Bitcoin and its potential prevalence are concerned, many experts believe that the digital currency could threaten the global supremacy of dollar. It is no news that […]
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Bitcoin price is nearly trading at its former all-time high, and at a price point that feels unreachable for many to own a full coin, interest has again turned toward altcoins. BTC dominance has sunk as a result, and at the same time, the dollar is breaking down from support. The scenario in the past […]
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....
Bitcoin just rocketed above $11,000 following the recent Square news, and DeFi tokens everywhere had a significant bounce. As well as Bitcoin has done, altcoins have outperformed the top crypto asset prompting another intraday fall in dominance. Interestingly, a deeper review of the DXY dollar currency index’s relationship with altcoins has uncovered a bizarre correlation […]
Bitcoin’s dominance over the entire market has continued to increase steadily over the past few weeks, even as many Bitcoin and many other cryptocurrencies started the week on a negative note. According to data from CoinMarketCap, Bitcoin’s dominance is now at 60.4%, its highest level since the 2021 bull market. This increasing Bitcoin dominance has […]
Both retail and institutional adoption and interest in Bitcoin continue to see notable growth following the recent price upswing over the past week, which has led to a huge rise in BTC’s dominance over other cryptocurrency assets in the market. Bitcoin’s Market Dominance Almost Over With Bitcoin persistently witnessing a significant price rally, its dominance […]