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Bitcoin Dominance Hits Resistance, Is It Time for Altcoins to Shine?
December 27, 2024
The recent surge in Bitcoin’s market dominance has led many investors and traders to question whether it is time for altcoins to take center stage. The data suggests that the cryptocurrency market may be poised for a shift, as Bitcoin’s dominance reaches its highest peak since June 2023.
According to our sources, Bitcoin’s dominance (BTC.D) tested crucial resistance levels at around 58%-60%, with the possibility of retracement in the near term. This comes after it reached an all-time high of 59% earlier this week. As a result, traders are advised to closely monitor key pivot zones, including those between 55%-63% and the lower support at 47%.
As Bitcoin’s dominance continues to test these levels, many experts believe that altcoins could be poised for significant gains. This is especially true considering the market’s volatility in recent months.
“We’re seeing a clear resistance in Bitcoin’s dominance, which means we should start to see some rotation into other assets,” said James Fickel, an experienced trader and analyst. “The data suggests that there are better opportunities for growth in altcoins at this point.”
The question on everyone’s mind now is whether the recent surge in Bitcoin’s dominance is a sign of things to come or simply a blip on the radar. While no one can predict with certainty, our sources suggest that it may be wise to diversify your portfolio and consider investing in altcoins.
In other news, we are also seeing a surge in crypto hacks, with a staggering $2.2 billion stolen by Q3 2024 alone.
Source: cryptonewsland.com
