Bitcoin Network Momentum Suffers from Era of Layer 2 Dominance
Bitcoin’s fundamental outlook has been growing by leaps and bounds throughout the past year, with the vast majority of on-chain metrics pointing to mounting underlying strength. One such metric, however, that has not shown any signs of intense strength is the cryptocurrency’s network momentum, which has remained stagnant throughout the past few days and weeks. […]
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Research reports have shown that Bitcoin’s layer 2 scaling solution, the Lightning Network – a layer separate from the main chain but interacting with the Bitcoin network, has experienced a significant growth of 1,212% in the space of two years. Bitcoin Lightning Network Achieves New Height According to the report from Bitcoin’s financial services River […]
Bitcoin has maintained its dominance on the altcoin market even amidst the ongoing price corrections. The leading cryptocurrency has been in the spotlight throughout this market cycle, but a technical outlook suggests that it needs to give way. Particularly, a crypto analyst known as Seth on social media platform X pointed to Bitcoin’s dominance relative strength index (RSI) as a crucial factor that must change before Bitcoin and the broader market can kick off another leg upward. Bitcoin Dominance RSI Hits New Level Seth’s latest analysis, shared on social media platform X, highlights a....
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....
Layer-one projects register a steady inflow of new users as the cost of using the Ethereum network gives projects like Avalanche and Cardano room to gain a foothold in the market. The rise of decentralized finance and nonfungible tokens has transformed the blockchain ecosystem and generated near unimaginable riches for investors, but none of this would be possible without the strong foundation offered by layer-one blockchain networks like Bitcoin and Ethereum. Smart contracts and layer-two protocols promise to revolutionize the finance and logistics industry, but they require a robust,....
Crypto Analyst Nicholas Merten recently said in a video analysis session on YouTube that Ethereum’s price is poised to explode. Merten pointed out that price analysis really isn’t the reason that the number 2 cryptocurrency is set to explode, but what the market dominance shows that actually shows this. This shows through when the cryptocurrency market dominance is measured. Merten believes that current market trends are very similar to what was done in the market back in 2017. Going back to when the last bull market had started in 2017. Before fizzling out and turning into a....