Bitcoin’s Market Dominance Rises To 60%, Is BTC Poised For Even Greater Control?

Bitcoin’s Market Dominance Rises To 60%, Is BTC Poised For Even Greater Control?
фото показано с : bitcoinist.com

2024-11-12 17:00

Both retail and institutional adoption and interest in Bitcoin continue to see notable growth following the recent price upswing over the past week, which has led to a huge rise in BTC’s dominance over other cryptocurrency assets in the market.

Bitcoin’s Market Dominance Almost Over

With Bitcoin persistently witnessing a significant price rally, its dominance in the general crypto market has surged to the 60% threshold, suggesting strong confidence among investors. Benjamin Cowen, the Chief Executive Officer (CEO) and founder of Into The Cryptoverse pointed out the recent spike in control while offering insights on the development.

This rise in market sovereignty shows that traders are still choosing Bitcoin over other cryptocurrencies, suggesting the growing demand for BTC as a dependable asset in a tumultuous market. It also indicates that BTC may gain more traction, highlighting its position in the market as the leading asset during a time of optimism.

Since Bitcoin’s dominance reached 60%, Benjamin Cowen has underscored his extreme optimism for the ALT/BTC pairs, pointing out that the level might be the top. “I think there is a good chance that 60% is the top,” he stated.

After examining the development, the expert believes the significant upswing in Bitcoin market control is either over or drawing closer to its end. Nonetheless, the bottoming of the ETH/BTC pairs will ultimately determine whether Bitcoin’s market dominance reaches a new high or a lower high in December.

Thus far, the market expert has highlighted two key factors under the cyclical view, and the monetary policy view for investors to consider that may cause the ALT/BTC pairs to hit a final low and then turn BTC’s dominance bullish once more in December.

According to the founder, exactly four years ago, in mid-November, the ALT/BTC pairs also had a two-week rally before descending again in December. This factor is especially crucial for those who consider the cyclical view.

Meanwhile, for those who prefer the monetary policy view, Cowen underlined that the ALT/BTC pairs in 2019 did not bottom until the conclusion of QT, which has not yet taken place.

BTC And Altcoin Dominance Correlation

As the market continues to demonstrate upward momentum, market expert and trader, Ash Crypto has also shed light on the connection between Bitcoin and Altcoin market dominance, suggesting that the altseason will soon be upon us.

Ash Crypto noted that historically, there has been an inverse correlation between BTC and altcoin dominance. In the last 2 cycles, this connection has been particularly evident by altcoin’s market dominance surging amidst a drop in BTC’s market control.

Specifically, this has occurred every 8 months in the past following the Bitcoin Halving cyclical event. Meanwhile, we are currently in the 7th month since this cycle’s Halving. With the dominance of Bitcoin and altcoin positioned at crucial levels, Ash Crypto expects a potential reversal in the near term that will trigger the much-anticipated altseason 2.0.

origin »

Bitcoin (BTC) на Currencies.ru

$ 81003.95 (+0.70%)
Объем 24H $59.908b
Изменеия 24h: 1.18 %, 7d: -1.34 %
Cегодня L: $76901.4 - H: $81874.59
Капитализация $1606.747b Rank 1
Цена в час новости $ 87508.48 (-7.43%)

btc bitcoin dominance market past price recent

btc bitcoin → Результатов: 126


Фото:

Bitcoin Unable To Break Upward As 1.6 Million BTC Resistance Wall Blocks Path

On-chain data shows the presence of a massive Bitcoin supply wall around the $97,200 level, something that could impede BTC’s advances beyond the mark. Bitcoin Has Significant Resistance At Price Levels Just Ahead In a new post on X, the market intelligence platform IntoTheBlock has discussed how BTC support and resistance levels are looking from an on-chain perspective right now.

2025-2-13 08:00


Bitcoin May Hit $1.5 Million By 2035 According To Metcalfe’s Law, Analyst Predicts

As Bitcoin (BTC) continues its pullback into the low $90,000 range, analysts are divided on how much further the top cryptocurrency might fall before a potential bounce. However, long-term market observers remain confident, emphasizing that short-term price action does not alter their belief in BTC’s eventual rise to a million dollars or more in the coming years.

2025-1-10 09:30


Фото:

MicroStrategy’s smallest Bitcoin acquisition in 8 weeks sees BTC drop to $92,000

Bitcoin’s price fell by 2% within an hour after MicroStrategy announced its eighth consecutive weekly BTC acquisition. According to CryptoSlate’s data, the market reaction was less enthusiastic about the firm’s latest Bitcoin purchase, which dragged BTC down to $92,900 at the time of writing —a 10% drop from its record high of over $108,000.

2024-12-31 19:00