Bitcoin Is Losing Market Dominance - Has The Time Of Altcoins Come?
Bitcoin's (BTC) $70,000 resistance level is causing the cryptocurrency to lose long-term dominance.
BTC Dominance is the method used to compare the token's market cap to the total market cap of all cryptocurrencies. In simple language, it shows the share of Bitcoin throughout the crypto market.
Data from Trading View reveals that BTC's dominant position at the time of writing is 55.4%.
The fact is that with the decline of Bitcoin's dominance, space is opening up for altcoins. These cryptocurrencies will head for higher values and potentially replace the most dominant one.
Bitcoin's dominance is waning, and as Jelle, a BTC analyst, reported in one of his posts on X (Twitter) that this could be attributed to the recent price consolidation.
However, Jelle points to the idea that other altcoins could gain if the leading cryptocurrency breaks out of its current trading range.
In addition, another well-known figure in the crypto market, Decentricstudio, revealed "that"BTC dominance forms bearish divergence for 8 months". This means BTC's loss of strength could trigger an altcoin season.
Bitcoin Relative Strength Index (RSI) stands at 41.11 and Money Flow Index (MFI) value is 30.17.
This data suggests a weakening of demand for BTC, causing the price to drop.
Parabolic SAR is an extremely important indicator for identifying possible trends in both directions and for a reversal. When the lines are above the price of the asset, it suggests a market deterioration.
At the time of writing, the leading cryptocurrency is trading at $65,590, down 0.2% over the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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