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Bitcoin Dominance Hits 63% – Time to Rethink Your Altcoin Strategy?
The current situation in the cryptocurrency market is quite peculiar, with Bitcoin (BTC) dominance reaching a staggering 63%. This level of dominance is unprecedented and has left many wondering if it’s time to reconsider their altcoin strategy.
It all started when Bitcoin dominance broke through a key resistance zone, which led many to believe that a corrective retracement was imminent. However, the Relative Strength Index (RSI) had already reached deeply overbought levels, making a pullback increasingly likely.
Now, some might argue that such technical conditions have historically preceded capital rotations into risk-on assets, potentially leading to an altcoin resurgence if Bitcoin dominance begins to unwind. But, historical trends aside, it is essential to take a step back and assess the current market situation.
On one hand, while Bitcoin has demonstrated structural resilience amid macro headwinds, high-cap altcoins have been unable to establish any semblance of support, resulting in an overall fragile market structure. This lack of stability makes it less likely that capital will rotate into altcoins anytime soon.
Moreover, a close look at CoinMarketCap’s monthly gainers chart reveals that there has indeed been a decisive capital rotation into low and mid-cap altcoins. For instance, Four [FORM] has surged by an astonishing 194.19% to $2.10, signaling heightened speculative interest and liquidity influx. In contrast, high-cap assets such as Solana [SOL], Cardano [ADA], and Ethereum [ETH] have failed to exhibit similar bullish momentum.
In light of these developments, one must question whether it’s truly time to rethink their altcoin strategy just yet.
Source: https://ambcrypto.com/bitcoin-dominance-hits-63-time-to-rethink-your-altcoin-strategy/
