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Is Bitcoin Dominance Topping Out? If So, Traders Should Expect…
The cryptocurrency market has been experiencing some significant shifts lately, with Ethereum’s impressive rally causing quite a stir. While it is true that the altcoin has been on an upward trajectory since April, it does not necessarily mean that Bitcoin dominance is topping out.
However, if we were to assume that ETH/BTC can continue its bullish bias and maintain this trend, it would lead to a conclusion that there is a 99% chance BTC Dominance (BTC.D) has topped.
It’s worth noting that the weekly chart of ETH/BTC does indicate an uptrend; however, the BTC.D on the same timeframe has not broken out of its bullish trend yet. Despite this, it is essential for traders and investors to consider a few crucial factors.
Firstly, even if ETH/BTC maintains its upward momentum, it’s possible that we may see pullbacks or periods of consolidation in the coming weeks. This could be an excellent opportunity for Bitcoin holders to make some gains as well.
In addition, while a potential topping out of BTC Dominance might bring about significant losses for Bitcoin investors, the current market dynamics suggest that it is more likely we will witness another leg of this bull run after the halving in April 2024.
Source: ambcrypto.com
