Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Dominance
Hits Multi-
Year High: What Does
it Mean
For Altcoins?
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Dominance Hits Multi-Year High: What Does it Mean For Altcoins?
Author: Martin Young
Last Updated Sep 17, 2024 @ 05:37
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s market dominance has just tapped a new high as the asset continues
to strengthen at the expense of the altcoins.
On Sept. 16, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin dominance hit 58%, according to Tradingview. This is the
highest it has been since April 2021, following almost two years of steadily
increasing.
BTC dominance was below 40% in November 2022 following the collapse of FTX,
which sent the asset tumbling to a low of $16,000 in the brutal bear market
that followed.
It has trended upwards since then, leaving the altcoins , especially Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum,
which has seen its market share dwindle, crushed.
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum dominance has declined by 30% over the past year, falling below 14%
for the first time in three and a half years this week, according to
Tradingview. This has also helped BTC increase its market share.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Dominance to Dwindle?
On Sept. 16, analyst ‘Rekt Capital’ observed BTC market share noting that its
weekly close was 57.68%, above a critical support/resistance level for the
first time since April 2019.
“The last time such a weekly close occurred, it kickstarted a multi-month
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin dominance uptrend to 71%,” he added.
BTC dominance last topped 70% in early 2021 but rapidly tanked to 40% over the
four months that followed during the altseason of that year.
#BTC
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Dominance has made history
It has Weekly Closed above 57.68% (green) for the first time since April 2019
That s 5 years ago
The last time such a Weekly Close occurred, it kickstarted a multi-month
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Dominance uptrend to 71% (red) $BTC #Crypto #Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
https://t.co/W8Uggsg4T8 pic.twitter.com/16276CADjN
— Rekt Capital (@rektcapital) September 16, 2024
Other analysts were not convinced, suggesting that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin dominance was
peaking and that a retreat would kick start altseason during this cycle.
‘Cryptollica’ told their 30,000 X followers that dominance may decline to 35%
by mid-2025.
#Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Dominance ðð° pic.twitter.com/QQ0j7i0GaE
— Cryptollica⚡️ (@Cryptollica) September 16, 2024
Meanwhile, crypto YouTuber Kyle Doops echoed the sentiment in a post on X on
Sept. 17.
“This pivotal shift is set to influence market trends and could reshape the
broader crypto ecosystem, particularly the altseason.”
Founder and CIO of Dira Capital, Steven Cook, concurred , stating earlier this
week that despite all the recent chatter about Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin dominance, “this move
is likely close to being done.”
“We may have a few more months of BTC Dom increasing to 60%+. But the time to
have been making calls about BTC Dom was ~2 years ago.”
Crypto Market Outlook
Crypto markets have declined by a further 1.4% on the day, with total
capitalization sinking to $2.11 trillion.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has reclaimed the $58,000 level during the Tuesday morning Asian
trading session following a dip below it in late trading on Monday.
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum is still struggling and could not climb above $2,300, trading at
$2,289 at the time of writing.
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