The post Bitcoin dominance dips to 55%: Time for altcoins to shine? appeared on BitcoinEthereumNews.com.

Bitcoin’s dominance was around 55% at press time. The market remained in Bitcoin season despite a drop in its dominance. Recently, Bitcoin [BTC] has experienced significant declines, causing its price to drop below the $60,000 mark. This downturn in Bitcoin’s price also impacted its market dominance, which decreased, giving rise to a slight momentum in the altcoin market.  Bitcoin suffers price drops AMBCrypto’s analysis of Bitcoin on a daily timeframe chart indicated a challenging start to August. The chart showed that BTC experienced consecutive declines that dropped its price below the critical $60,000 mark. Also, the chart showed a low cost of around $49,000, which impacted the Bitcoin dominance. However, a notable rebound recently pushed its price back to the $60,000 range, but it has since slipped again. At the close of the latest trading session, BTC saw a modest increase of 1.08%, ending at approximately $59,358.  Source: TradingView It continued to hover around the $59,000 level at press time, with a slight decline of less than 1%. Furthermore, the Relative Strength Index (RSI) remained below the neutral threshold, signaling that it was still entrenched in a bearish trend. How price decline affected the Bitcoin Dominance Bitcoin’s dominance in the cryptocurrency market revealed a significant downturn in August, correlating with a decrease in its price.  Data illustrated that Bitcoin’s market dominance dipped to approximately 53%, with the highest dominance recorded this month being around 56.5%. At press time, Bitcoin’s dominance was at 55%. This was a slight recovery, attributed to a minor uptick in its price and declines in other cryptocurrencies.  Source: CoinMarketCap The market cap trend indicated that Bitcoin accounted for over 55% of the total crypto market capitalization, totaling around $2.09 trillion. Furthermore, Bitcoin’s market capitalization surpassed $1.1 trillion, underscoring its substantial influence within the market.  Bitcoin dominance…

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Filed under: News - @ August 14, 2024 10:24 am