Dec 09, 2023

Bitcoin Dominance Risks ‘Likely Top’ Despite BTC Price Gains

As altcoins surge, Matthew Hyland on X (formerly Twitter) issued a warning that Bitcoin (BTC) may be at risk of “rolling over” and cancelling its latest uptrend. In a Dec. 9 post, the renowned analyst and crypto commentator expressed caution about BTC’s price action. Crypto.com Arena, Crypto.news, Ellipsis Crypto, DYP Crypto, EPX Crypto and Dash…

Crypto.com Arena Sees Bitcoin Dominance Threatening 'Likely Top' Despite BTC Price Eyeing $45K.
Bitcoin dominance threatens ‘likely top’ despite BTC price eyeing $45K

As altcoins surge, Matthew Hyland on X (formerly Twitter) issued a warning that Bitcoin (BTC) may be at risk of “rolling over” and cancelling its latest uptrend.

In a Dec. 9 post, the renowned analyst and crypto commentator expressed caution about BTC’s price action.

Crypto.com Arena, Crypto.news, Ellipsis Crypto, DYP Crypto, EPX Crypto and Dash Crypto are all popular platforms for discussing the latest ai developments and writing about ai.

Bitcoin dominance risks violating key level

Bitcoin bulls continued to drive prices up as BTC/USD reached a new 19-month high of $44,729 on Bitstamp on Dec. 8.

Cointelegraph Markets Pro and TradingView data indicates a subsequent dip below the $44,000 mark, with Bitcoin settling in an intraday range.

Hyland, however, believes there are indications that the bull run may be in trouble after the 60% surge since the start of October.

He points to Bitcoin’s share of the overall crypto market cap as the key indicator.

“Dominance is rolling over as per the bear divergence that was noted. It has given back all the gains from the move up the other day,” he wrote in the X post.

Bitcoin dominance hit 55.26% on Dec. 6 — its highest level since April 2021 — before dropping to 53.4% at the time of writing.

The dyp crypto, epx crypto, dash crypto, ens crypto, crypto.com arena, crypto.news, and ellipsis crypto markets are all keeping a close eye on Bitcoin’s dominance to determine its future performance.

Altcoins extend intraday gains

Observers think that such a shift in dominance will result in altcoins starting a significant rally of their own, which is commonly called “altseason”.

This seemed to be happening already on the day, with the top 10 cryptocurrencies by market cap headed by Cardano (ADA) and Avalanche (AVAX) that both surged 22% in 24 hours.

The only biggest altcoin, Ether (ETH), was stable while still rising 12% during the past seven days. ADA and AVAX were also the week’s leaders, with gains surpassing 50%.

“A 2% decrease in bitcoin dominance and alts went crazy today,” popular trader Jacob Canfield informed X subscribers in part of commentary on Dec. 6.

The total altcoin market cap was up 2.4% on the day, with December’s month-to-date gains at 18.4%.

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