Analysis: Bitcoin's market dominance exceeds 60%, reaching resistance area, which may be beneficial for altcoins
PANews reported on April 12th, according to Newsbtc, cryptocurrency analyst El Crypto revealed data showing that the current dominance of the Bitcoin market has exceeded 60% and touched the resistance zone. Judging from the historical trend over the past year and a half, this trend has entered a callback area. At the same time, the Relative Strength Index (RSI) is also in an overbought area. This means that the market may be favorable for altcoins or could rebound soon. In addition, cryptocurrency analyst Kevin Capital seems to have an optimistic attitude towards future altcoin trends as well; however, he reminded that ETH might be different because its performance was not good throughout this cycle.
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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