The post Bitcoin dominance weakens as BTC holds $63K: Will altcoins surge? appeared on BitcoinEthereumNews.com.

Bitcoin dominance weakens as altcoin performance rises.  A potential price correction may be tempered if this trend holds. Bitcoin [BTC] bears have thwarted another breakout attempt, maintaining pressure as bulls hold above $62K. At $63,390 at press time, a reversal toward $70K may not be imminent. While some analysts predict a rebound, others suggest BTC dominance might be topping out, hinting at a potential dip. Could this set the stage for an altcoin season? Bitcoin dominance might be at risk Historically, Bitcoin dominance has played a crucial role in forecasting market tops, reflecting Bitcoin’s massive share in the crypto market. Typically, when BTC approaches a key resistance level, a corresponding peak in its dominance is often observed. However, the chart below revealed a divergence during BTC’s ATH of $73K in March. Despite the price surge, BTC dominance stayed flat, suggesting a decoupling between price action and market dominance. Source : BGeometrics Per AMBCrypto, this hinted at growing altcoin interest, with investors viewing them as less risky alternatives to Bitcoin amid its value surge. Interestingly, Ethereum’s [ETH] recent price action supported this hypothesis, as ETH has outpaced BTC with a double growth rate over the past week, surging more than 15% to $2,656 at press time. In summary, should altcoin investors monitor BTC’s crucial resistance level for a potential surge? This could be key to predicting the next market moves. Diversification signals potential market top According to this data, 15 altcoins have outperformed Bitcoin in the last 90 days, with TAO leading the group, boasting an impressive 80% gain over BTC. While this number is half of what’s needed for an altcoin season, the significant difference certainly challenges Bitcoin dominance. Additionally, TAO has recorded a staggering 18% surge in the last 24 hours, far exceeding BTC’s 2%, which reinforces AMBCrypto’s earlier…

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Filed under: News - @ September 23, 2024 8:26 pm