The post Bitcoin Faces Volatility Amid False Dominance Data; Analysts Suggest Potential Upswing in Early 2025 appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) witnessed significant volatility on December 26, as the market reacted sharply to erroneous data from TradingView regarding Bitcoin’s dominance. The false chart erroneously depicted Bitcoin’s market cap share plummeting to zero, triggering knee-jerk reactions among traders. This anomaly, which has since been rectified, resulted in a considerable dip in BTC prices, which fell approximately 4% in a short timeframe, marking a stark end to a week of subdued trading activity following the Christmas holiday. “So there was a Tradingview glitch surrounding $BTC dominance and this caused people to panic dump? People now dumping over Tradingview?” remarked popular trader, Satoshi Flipper, highlighting the panic response among investors. TradingView Glitch Sparks Market Reaction The TradingView glitch that reported Bitcoin’s dominance erroneously presents a crucial lesson in the importance of data accuracy in cryptocurrency markets. Following this incident, around $33 million in BTC long positions were liquidated within a few hours, exemplifying how quickly sentiment can shift in a highly speculative market. This downturn has reignited discussions around Bitcoin’s dominance, which has recently been a focal point for both traders and analysts. In mid-November, Bitcoin’s market dominance briefly exceeded 61.5%, leading many to speculate about an upcoming “altseason.” However, with the recent fluctuations, analysts are reevaluating their expectations. Altcoin Season Predictions Amid Bitcoin Dominance Shifts Trader Aqua recently shared insights indicating a potential peak in BTC dominance, stating, “I think BTC Dominance peaked and ALTs will start outperforming $BTC in the coming months. Finally, we will see true ALTs season soon.” This perspective suggests a shift in market focus, as investors look towards alternative cryptocurrencies for growth opportunities. Further analysis by Michaël van de Poppe offers a historical context, comparing current altcoin valuations to the Dotcom bubble. He noted, “The Altcoin valuations are still substantially low. The total market capitalization is…

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Filed under: News - @ December 26, 2024 11:18 am