A crypto analyst believes that the recent volatility in Bitcoin’s dominance is a sign of altcoins season approaching earlier than traders expected.
“The reason why you should have confidence in the altcoin price action is because the BTC Dominance chart looks bearish and has looked bearish for many weeks,” Crypto analyst Matthew Hyland said On Friday, X posted a message.
“The downtrend is favorable to continue; therefore, this relief rally has been a dead cat bounce in a downtrend,” Hyland added. Hyland said in a video posted on Saturday. said Bitcoin has experienced a recent (BTCThe price of the.com domain may have been manipulated by financial giants.
“Over the past month, I’ve kind of just maintained the view that a lot of this was really just manipulation, essentially for Wall Street to set themselves up,” He made a claim.
Bitcoin dominance is down 5% from May
Bitcoin dominance (which measures Bitcoin’s total market share) is down by 5.13% in the last 6 months and holds 59.90% as of the publication date. according TradingView.
Bitcoin only fell below the $100,000 level on Nov. 4, the first time it had done so in over four months. This sparked broader concerns from the market about what the price of this asset will do next.
Bitcoin’s price is $102,090, as at publication. according CoinMarketCap is a great place to start.
Hyland has speculated on the possibility of an altcoin boom in the near future. Other indicators continue, however, to indicate a Bitcoin-centric market.
CoinMarketCap Altcoin Season Index Currently, the score is 28 out of 100. “Bitcoin Season” territory.
Altcoin Season may differ from previous cycles
Last time it signaled “Altcoin Season” It was Oct. 8, only days after Bitcoin had hit an all-time record high of $125,100 that traders began to expect a capital rotation up the curve.
After the October 10th market crash, which saw around $19 billion in leveraged positions Crypto market to be wiped off.
Related: Bitcoin price crash calls are coming from self-serving sellers: Analyst
Crypto executives predict that the altcoin market will be concentrated and more selective than previous cycles.
Maen Ftouni was recently named CEO of CoinQuant. This company produces trading algorithms. said that older cryptocurrencies With an Exchange-Traded Fund (ETF), or expecting to receive one, will absorb much of the capital spent during the next altcoin market.
“Not every single coin is going to have massive returns; the liquidity is going to be concentrated into certain places, dinosaurs being one of them, of course,” Ftouni sa.
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Source: cointelegraph.com
