Both retail and Institutional adoption Interest in Bitcoin continues to see notable growth following the recent surge in prices over the past week, which has led to a significant rise in BTC’s dominance over other crypto assets in the market.
Bitcoin’s market dominance is almost over
As Bitcoin continues to skyrocket in price, its dominance in the general cryptocurrency market has risen to the 60% threshold, indicating strong confidence among investors. Benjamin Quinn, Chief Executive Officer (CEO) and Founder of Into The Cryptoverse He pointed out Recent rise in control while providing insights into development.
This rise in market dominance shows that traders are still making choices Bitcoin Compared to other cryptocurrencies, indicating a growing demand for Bitcoin as a reliable asset in a turbulent market. It also indicates that Bitcoin may be gaining further momentum, highlighting its position in the market as the leading asset during a period of optimism.
Since Bitcoin dominance reached 60%, Benjamin Cowen emphasized his extreme optimism on the ALT/BTC pairs, suggesting that the level could be the top. “I think there’s a good chance that 60% is the highest,” he said.
After examining the development, the expert believes that the surge in Bitcoin market control has ended or is coming to an end. However, the bottom Ethereum/BTC The pairs will ultimately determine whether Bitcoin’s market dominance reaches a new high or a lower level in December.
So far, the market expert has highlighted two key factors within the cyclical and monetary policy outlook that investors should consider that could cause the ALT/BTC pairs to hit a final bottom and then turn around. Bitcoin dominance Bullish again in December.
According to the founder, exactly four years ago, in mid-November, the ALT/BTC pairs also saw a two-week rise before falling again in December. This factor is especially important for those who consider a cyclical outlook.
Meanwhile, for those who prefer a monetary policy view, Cowen emphasized that the ALT/BTC pairs in 2019 did not bottom out until the end of QT, which has not happened yet.
The relationship between BTC and Altcoin dominance
As the market continues to show upward momentum, market expert and trader Ash Crypto also said Highlight On the relationship between Bitcoin and Alternative currency Market dominance, indicating that the alternative season will soon be upon us.
Ash Crypto noted that historically, there has been an inverse correlation between… Bitcoin The dominance of alternative currencies. In the last two cycles, this correlation has been particularly evident through a rise in altcoin market dominance amid a decline in BTC market dominance.
Specifically, this has happened every 8 months in the past after the periodic Bitcoin halving event. Meanwhile, we are currently in the seventh month since this cycle halved. With Bitcoin and altcoins dominating at crucial levels, Ash Crypto forecasts a potential near-term reversal that would lead to a long-awaited rally. com. altseason 2.0.
Featured image from Unsplash, chart from Tradingview.com