Bitcoin Dominance Chart ( Altcoins Pump or Dump ? )
Bitcoin Dominance Chart Analysis: Market Insights and Predictions
Bitcoin dominance, or BTC dominance, is a metric that measures the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies. This indicator is used to gauge the strength of Bitcoin relative to the broader crypto market. Currently, Bitcoin dominance stands at 51.30%.
Key Takeaways:
- Bitcoin dominance is trading at a higher resistance zone, which may lead to a retracement.
- A potential test of the 47.50% support level is possible before a leg up.
- The relationship between Bitcoin dominance and altcoins:
a. Increasing Bitcoin dominance: Altcoins may go down in value.
b. Decreasing Bitcoin dominance: Altcoins may experience a pump in value.
Support and Resistance Levels:
Support levels: 47.50% / 40%
Resistance levels: 53% / 70%
Analysis:
Bitcoin dominance is currently at a higher resistance zone, which could result in a retracement to the support level of 47.50%. This could potentially lead to a short-term pump in altcoins' value, as Bitcoin dominance decreases.
Bitcoin dominance, or BTC dominance, is a metric that measures the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies. This indicator is used to gauge the strength of Bitcoin relative to the broader crypto market. Currently, Bitcoin dominance stands at 51.30%.
Key Takeaways:
- Bitcoin dominance is trading at a higher resistance zone, which may lead to a retracement.
- A potential test of the 47.50% support level is possible before a leg up.
- The relationship between Bitcoin dominance and altcoins:
a. Increasing Bitcoin dominance: Altcoins may go down in value.
b. Decreasing Bitcoin dominance: Altcoins may experience a pump in value.
Support and Resistance Levels:
Support levels: 47.50% / 40%
Resistance levels: 53% / 70%
Analysis:
Bitcoin dominance is currently at a higher resistance zone, which could result in a retracement to the support level of 47.50%. This could potentially lead to a short-term pump in altcoins' value, as Bitcoin dominance decreases.
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