Bitcoin (BTC) Dominance Reaches 60 Despite Major Price Reversal

Bitcoin’s market dominance recently reached 60%, indicating a major shift in market dynamics and a reversal of trends that have shaped the industry for years. Bitcoin once again took the lead after a protracted altcoin season during which investors were more bullish on ALT than Bitcoin.

This comes at a time when altcoins continue to lose value in their pairings with BTC, although the price of Bitcoin in dollar terms has risen mainly due to its own upward movement. Reaching this 60 percent dominance level was not easy because Bitcoin faced several obstacles. The altcoin stronghold has begun to weaken as Bitcoin’s recent rise has allowed it to outperform many smaller coins. While the price of altcoins did rise, this was largely due to the rise of Bitcoin.

Article image

As a result, many altcoins have failed to maintain their momentum and have been declining relative to BTC since March when Bitcoin set new highs. According to chart analysis, Bitcoin price recently pulled back from the $70,000 mark, failing to maintain its position above this critical level. This decline illustrates the selling pressure Bitcoin is experiencing at higher levels, but it does not necessarily herald a break in the cryptocurrency’s overall bullish trend.

The key support levels of $67,000, $64,000 and $62,000 are worth keeping an eye on as they could act as stabilizing points for Bitcoin if it continues to decline. To maintain the bullish momentum and possibly move higher, Bitcoin needs to recover and hold above $70,000.

The market is largely influenced by the current dominance of Bitcoin. Altcoins will likely continue to struggle with their BTC pairs as long as Bitcoin is strong. Because of this cycle of dominance, Bitcoin appears to be concentrating capital, making riskier bets on altcoins less attractive. The dominance trend suggests that Bitcoin will continue to dominate the performance of altcoins until it is able to establish a stable base close to its recent highs, which could give altcoins a chance to regain their pairings with BTC.

Leave a Reply

Your email address will not be published.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

Best Exchanges
Buy, trade, and hold 600+ cryptocurrencies on Binance
Buy, trade, and hold 450+ cryptocurrencies on ByBit
Buy, trade, and hold 150+ cryptocurrencies on Kucoin
Buy, trade, and hold 100+ cryptocurrencies on BitFinex 
Buy, trade, and hold 150+ cryptocurrencies on CoinBase

Guru Investing is an independent source of information about investing , not controlled by any broker. All our reviews and guides are created honestly, according to the best knowledge and judgement of the members of our independent expert team; however, they are intended for informative purposes only and should not be construed as, nor relied upon as, legal advice. You should always make sure that you meet all regulatory requirements before making any financial operations . Copyright ©2024 Email for contact [email protected]
follow telegram
pornhd.com hindisexyporn.com kashmiri girls sex jayasex indaporn.info desi bhabi xxx xlnindia sexo-vids.com 1st time sex video たかはししょうこ動画 javfuck.mobi 真正中出し3本番 彩乃なな sex film sexy film xxxhindividoes.com xnxx indian teens
ano nga ba ang pangarap iwantmoreteleserye.com hello heart episode 3 reshma hot saree images nuporn.mobi xvidies com bihar chudai tubezaur.mobi heroine photo hot dasixx hardcoreporntrends.com ileana d'cruz hot photoshoot www.xxxsexvideo.com xbeegtube.mobi hindi movi
www sxe vidoes erohardcore.info boops sucking dehati fuck kitporn.info chuk chuk rail fuckcomix.com mojoporntube.net gujaratisexvidio probinsyano october 18 2021 full episode freeteleseryetv.net ang probinsyano july 14 2022 قصص سكس كرتون cmsextra.net سكس بنات تخينة