Bitcoin Dominance Dips as Altcoins Soar: What Does This Mean for BTC Price?
• Bitcoin dominance is slowly falling while altcoins are surging, indicating the possibility of an Altseason.
• The total market cap, excluding Bitcoin, is displaying bearish signals and testing the lower trend line.
• However, there is no confirmation of a bearish divergence as the bulls are still in control and may overpower any short-term bullish moves by altcoins.
Bitcoin Dominance Drop
The crypto space has triggered a fresh bullish move! The Bitcoin price continues to hover around the crucial resistance level of $30,800, manifesting the possibility of closing the monthly trade on a bullish note. On the other hand, the dominance of Bitcoin is slowly plunging and other altcoins are displaying a magnificent upswing. Therefore, a shift in trending patterns is being witnessed within the crypto space that may bring an Altseason closer.
BTC Dominance Rising
The BTC dominance within the market has been rising since the beginning of this month and had surged from 47.28% to as high as 52.19%, levels that were last seen in May 2021. However, back then it was bearish compared to now which is more bullish in nature. Moreover, it appears that this dominance could remain mostly stagnant between 50-52% for some days which may help altcoins gain some profits.
Altcoin Market Cap Plunges
Although altcoins have been showing bullish momentum lately, their total market cap (excluding Bitcoin) shows bearish signs and has plunged below its crucial support level after hovering in a narrow region for some time now. It attempted to recover these losses but today’s trading caused them to test out their lower trend line again – however no confirmation of a bearish divergence can be seen yet as bears haven’t taken full control yet while bulls still remain strong and can overpower any short-term gains made by altcoins anytime soon .
What Does This Mean For BTC Price?
As mentioned before when discussing about dropping BTC domination rates – it appears that this could result in positive outcomes for both bitcoin’s price and altcoin prices alike depending how well they perform against each other going forward into next months trading sessions or even longer periods like over next year’s worth too! With all those factors being considered there remains chances that we might see further growth both within bitcoin’s price as well as its alternative counterparts too if things stay on course or continue improving during this period where BTC domination levels seem to be declining slightly each day now compared what they were at previously before June’s start point here onward so far…
It appears that even though Bitcoin’s domination rate is falling slightly while Altcoins thrive – this doesn’t necessarily mean negative outcomes for either one given their current performance trends right now because with such low levels it means opportunities exist both ways depending how well they perform against each other going forward into future months ahead too potentially speaking!