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Bitcoin’s dominance (BTC.D) within the cryptocurrency market has reached its highest point since 2021. This surge coincides with a multi-month high in BTC’s price, indicating a growing preference for Bitcoin and Bitcoin-based investment products. However, this surge in dominance has raised concerns among analysts. Some believe it marks a local top for the coin, hinting at a possible price correction in the short term.  Bitcoin dominance measures the leading coin’s market capitalization relative to the total market capitalization of all other cryptocurrencies. As of this writing, it sits at 58.76, its highest level since April 2021.  Surging BTC.D indicates that Bitcoin holds a significant share of the market. However, since peaks in dominance often coincide with market tops, analysts frequently regard this metric as an indicator of various market cycles. Some believe that the current uptick in BTC.D signals that Bitcoin may soon reach a local top. Read more: Where to Trade Bitcoin Futures: A Comprehensive Guide Bitcoin Dominance. Source: TradingView In an October 14 post, crypto analyst Elja Boom noted that Bitcoin’s dominance is on the brink of a significant decline, signaling the potential onset of altcoin season. “Bitcoin dominance is about to crash hard. This’ll send alts to new highs. Altseason is coming,” he stated. Furthermore, crypto investor Coach K Crypto noted in a post on X that Bitcoin’s dominance has peaked for this cycle, and the altcoin season may soon begin.  “Bitcoin dominance (BTC.D) has touched an ATH for this cycle. It hasn’t been this high since 2021. We need to let Bitcoin rip before anything else can happen. Soon enough, there’s going to be a breakdown in BTC.D. This will lead to memes and other major alts getting a taste,” Coach K Crypto said in the October 16 post.  Additionally, in an X post on Wednesday, Benjamin Cowen…

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Filed under: News - @ October 16, 2024 11:21 am