CandleFocus

Altcoins In The Spotlight As Bitcoin Dominance Flashes Sell Signal

Bitcoin's hold on market supremacy is weakening as its dominance drops to 55.80%, signaling a potential shift to "altseason" where other cryptocurrencies outperform Bitcoin. Long-term Bitcoin investors are reducing their holdings, suggesting a repositioning in the market. Bitcoin's price has encountered strong resistance at $97,500 and has seen volatility, making it uncertain where the market is heading. However, the Spent Output Profit Ratio (SOPR) indicates a potential rally in the next one to two months. Risk-tolerant investors may find opportunities amidst the negative sentiment. Experts are also preparing for a possible slump in January 2025. Overall, the crypto scene is experiencing changes as Bitcoin's dominance declines.

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