Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching

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[NEWS BLOG]: Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching

"Bitcoin’s Crypto Market Dominance Remains Steady at 65%"

Bitcoin has been largely outperforming smaller altcoins in the time following its mid-March meltdown.

This is clear while looking towards the growth its dominance has seen over the aggregated crypto market in the time following this bout of capitulation.

At the time of writing, Bitcoin’s dominance is sitting at 65%. This is around the level at which it has been hovering at over the past several weeks.

In late-February, BTC’s dominance hit its year-to-date lows as altcoins begin incurring massive momentum. This market-wide uptrend proved to be short-lived, as the turbulence seen across the traditional markets caused virtually all cryptocurrencies to decline.

This downtrend reached a boiling point on March 12th when Bitcoin plummeted from the $8,000 region to lows of $3,800.

The capitulation seen on this day proved to be more potent to altcoins than it was to BTC, causing the benchmark crypto’s dominance to rebound from lows of 60%, ultimately finding itself caught within an uptrend that led it to highs of 68% in early-May.

"Here’s Why “Altseason” is Closer Than Ever"

One analyst recently explained that he believes the proverbial “altseason” is closer than ever.

He justifies this controversial opinion by offering an analysis of BTC’s dominance, noting that it recently posted a bearish retest that suggests a significant decline is imminent.

The crypto analyst also went on to explain that it is about to break an 871 day uptrend, and that a decisive decline beneath 62% would mark the start of altseason.


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