The rise of Bitcoin dominance might be one of the most obvious events in the crypto ecosystem. Since November 2022, when the market started to recover, Bitcoin's dominance has been on a bullish rise with no signs of reversal.
Of course, it has to stop at some points because the end of the rise in the Bitcoin domination will bring the alt season that we all are waiting for. It is nothing surprising that the spot Bitcoin ETFs became the most essential factor in the increasing demand for Bitcoin. On the other hand, the spot Ethereum ETFs could not perform as successfully as the spot Bitcoin ETFs as the global concerns were highly effective in limiting the performance of " highly risky " digital assets that we call altcoins.
We have entered into a zone in the Bitcoin domination chart where the breakout of the parallel channel can change everything in the market.
When you look at the BTC domination chart above, you will notice that the uptrend is too strong to violate even once. Over the last two years, we had no opportunity to stop the trend to trigger an altszn in crypto.
As long as the domination rate does not close above 61%, the long - waited bull run can show some real signs for the rest of the crypto market. In the case that the monthly close is below %57,6 in the domination chart, I'll be super bullish to make purchases of altcoins with my stablecoin portfolio.
Below 57,6%, the next stop might be as low as 50% for Bitcoin. Meanwhile, several altcoins can easily test up to 2x if the global factors do not interfere.
As a sign of confirmation, I will be following the USDT.D chart which is supposed to stay below 5% to test up to %3,8 in the bullish scenario. If the things do not come true as planned, then the mid range of the current channel, around 6,4% can be the next stop for USDT domination.
I am hopeful that domination charts will go lower. It might be a nice time to gear up for me.
What do you think about the dominance of Bitcoin in the crypto ecosystem?
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Hive On ✌️
Posted Using InLeo Alpha
