CandleFocus Bitcoin dominance drop and ready to break multi-year support, analyst says
2024-12-02
Author: Content Editor
According to data from TradingView, the market dominance of Bitcoin has dropped from 60% to 56% in the past month. Analysts believe that Bitcoin is poised to break below its long-standing support trend line, which could indicate a shift in the cryptocurrency market. Ethereum's dominance has also fallen to 12.9%, while other cryptocurrencies have seen their dominance increase to 31.5%. This drop in Bitcoin dominance is seen as a sign of the beginning of an Altcoin season, where alternative cryptocurrencies outperform Bitcoin. Despite this, Bitcoin is experiencing a high trading volume of $36.5 billion and its price has increased to $97,320, bringing the $100,000 price target back into focus.
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