Cryptocurrency
Bitcoin Dominance: 2-Year Uptrend Breaking Could Spark Altcoin Boom
As reported by NewsBTC, “Bitcoin dominance has not only broken down from a two-year-long uptrend, but it has also retested the trend line as resistance and failed to reclaim the key level. “With trend line support now confirmed as resistance, its likely that Bitcoin dominance could see an extended downtrend in the days, weeks, and months […]
As reported by NewsBTC, “Bitcoin dominance has not only broken down from a two-year-long uptrend, but it has also retested the trend line as resistance and failed to reclaim the key level.
“With trend line support now confirmed as resistance, its likely that Bitcoin dominance could see an extended downtrend in the days, weeks, and months ahead. But what does this mean for altcoins and the rest of the cryptocurrency market?
“Bitcoin dominance is a metric that weighs Bitcoin’s market cap against the rest of the cryptocurrency landscape.
“As the first-ever cryptocurrency, Bitcoin enjoys a first-mover advantage, brand power, and the most institutional interest and financial world support compared to the rest of the crypto market…
“…Prior to 2017, Bitcoin dominance had never fallen below 94%. It was that year and the hype bubble that sent BTC dominance is a brutal downtrend, falling to as low as 35% dominance…
“With a bearish retest confirmed, further downside in BTC dominance is probable. And when Bitcoin dominance drops, it is time for altcoins to shine…”