Market Sentiments Shift from Bitcoin to Altcoins, How Will This Impact the BTC Price?
The post Market Sentiments Shift from Bitcoin to Altcoins, How Will This Impact the BTC Price? appeared first on Coinpedia Fintech News
Bitcoin is the most dominant token in the crypto space, holding nearly 48% to 50% of the market share. Many altcoins, including the top ones like Ethereum, Solana, Cardano, XRP, etc., carry their own significance, but the leader still remains the same. However, in the coming days, this trend is expected to change to a large extent as the traders now appear to have discovered the true potential of the altcoins and their use cases.
In recent times, the markets have witnessed the nativity of many tokens like PEPE, which traded with a 4-digit margin. Moreover, some of the existing altcoins also performed extremely well despite the BTC price maintaining a stagnant trend. Alongside, the volume of the altcoins kept on rising, while in the case of Bitcoin, it maintained the same lower consolidated area.
Despite all the fractals going against the star crypto, Bitcoin, its dominance continued to soar. However, it may still not remain the same as the social dominance of BTC is waning while the social dominance of altcoins, specifically Ethereum, XRP, and Binance Coin, is rising.
A significant drop in the BTC’s social volume was witnessed after the March ascension. As the altcoins continue to recover, ETH, XRP, and BNB are now being discussed more. This transition may eventually increase the combined market share of the altcoins, which is less than 50% at the moment.
Presently, Binancecoin is gaining more attention as it successfully surpasses $250 with a jump of 7.12%. Meanwhile, Ethereum & XRP remain stuck within the same regions and trade at $1742.27 & $0.5159, with a drop of 0.33% and 2.56%, respectively. The altcoin market cap continues to hover within the predetermined resistance and support levels without displaying any possibility of a breakout.
Therefore, an extended consolidation may further lead to a significant breakout as a couple of events like the CPI rates, progress in the Ripple vs SEC lawsuit, etc, may have a wider impact on the altcoin rally ahead.
Filed under: Bitcoin - @ June 14, 2023 6:23 am