Bitcoin dominance drop and resistance at $55K stoke altseason hopes
Ethereum's new all-time high, a drop in Bitcoin’s dominance rate and overhead resistance at $55,000 have analysts predicting that an altcoin season is at hand. The overall cryptocurrency market saw a second day of gains on April 27 after the weekend sell-off proved to be a good buying opportunity for retail and institutional investors.Lower gas fees following the Ethereum network's Berlin upgrade along with an increase in institutional buying and decentralized finance activity lifted the price of Ether to a new all-time high at $2,680.Data from Cointelegraph Markets and TradingView shows....
Related News
It happens every cycle. During a bull run, Bitcoin reaches some kind of temporal stability and traders get bored. And if a sharp drop in prices mixes with that, traders run out of the building through the window. It’s human nature. It’s Altseason. The grass is always greener on the other side. Related Reading | […]
Bitcoin dominance is climbing as altcoins search for a new bottom in what may be the perfect set up for a BTC rally to new all-time highs. Bitcoin (BTC) has been on a tear and there’s no escaping it. But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already? Is it over or is there more to come?Multi-year resistance levelsBTC/USD 12-hour chart. Source: TradingView Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300,....
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 crypto economy has dropped significantly in value during the last few days tapping a low of $2.06 trillion on Monday. Additionally, the leading crypto asset bitcoin has seen its market dominance drop to 40% of the crypto economy’s overall valuation. Bitcoin’s dominance index hasn’t been this low since June 2018. Bitcoin Dominance Drops to the Lowest Point Since 2018 At the time of writing, the cryptocurrency economy is worth roughly $2.06 trillion, as far as the value of all 9,869 digital currencies in existence is concerned. Furthermore, bitcoin’s (BTC) market....
BTC currently makes up 41% of the total crypto market cap — its smallest market share since January. Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already "alt season."Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022.Bitcoin sheds market cap prowessAfter suffering at the hands of the Terra LUNA — now renamed Terra Classic (LUNC) — collapse, altcoin markets have rallied considerably in recent months. Alongside....