Bitcoin dominance approaches critical level

Bitcoin (BTC) continued to lose power on Thursday, falling back to around $ 52,000.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: TradingView

Investors are waiting for altcoin season

According to Cointelegraph Markets Pro and TradingView data, BTC investors had a tough day today with the BTC / USD parity falling below $ 53,000.

Bitcoin, on the other hand, was about to lose its market dominance to altcoins, which is historically regarded as the “true” start of the altcoin season (collective rise in the altcoin market).

Bitcoin’s share of the total value of the crypto market fell to 50.1 percent, according to the data of on-chain monitoring source CoinMarketCap.

Bitcoin’s market cap compared to altcoins seems to be about to break a strong support held for three years.

A look at historical movements reveals an altcoin season, often led by Ether (ETH) every time Bitcoin’s market dominance drops below 50 percent.

This happened in mid-2017 and early 2018.

The value chart of the crypto money market. Source: CoinMarketCap

Ether, on the other hand, remains strong as of translation broadcast time. The cryptocurrency has gained 6 percent in the last 24 hours, approaching $ 2,500.

The same positive atmosphere was not seen in other crypto currencies, and most of the top 50 cryptocurrencies in terms of market value lost value.

Dogecoin (DOGE), which has made a show with its rally in the past days, has already lost 40 percent as of Thursday after rising to $ 0.44.

1-hour candlestick chart of the DOGE / USD pair (Bittrex). Source: TradingView

Check Also

Grayscale will unlock 16,000 BTC: Bitcoin selling pressure may end

Institutions investing in the Bitcoin (BTC) currency have their eyes on the upcoming big cash …

Leave a Reply

Your email address will not be published. Required fields are marked *