Even if the price of BTC sees 45 thousand dollars, the supremacy of Bitcoin threatens to be ‘on’
Bitcoin (BTC) will “roll over” to cancel its recent gains, warns new analysis as altcoins surge.
In a post on X (formerly Twitter) by renowned analyst and social media commentator Matthew Hyland on BTC price action.
Bitcoin's dominance risks breaking a key standard.
Bitcoin bulls continued to test late in the week's Wall Street trading, with BTC/USD sealing a new 19-month high of $44,729 on Bitstamp on December 8.
Data from Cointelegraph Markets Pro and TradingView tracked the retracement below $44,000, as Bitcoin cemented itself for the day.
But for Highland, there are more ominous signs that the bull run may be in trouble after a solid 60% gain since early October.
The smoking gun, he said, is Bitcoin's share of the overall crypto market capitalization.
Dominance is rolling according to the mentioned bearish divergence. The other day he gave back all the gains by going up,” he wrote on the X-Post.
“If it breaks and closes below 51.81, it will be the first low in a year and end with the high set.”
Hyland cited a recent surge in Bitcoin dominance, which reached 55.26 percent on December 6 — the highest level since April 2021. A quick turnaround has shown upside growth, showing a 53.4% lead at the time of writing.
Altcoins Extend Daily Profits.
Others believe that such a reversal of dominance will allow altcoins to start a massive rally of their own – a phenomenon commonly known as an “altsession”.
Related: Price Analysis 12/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC
This appears to be in motion on the day, with the top 10 cryptocurrencies by market cap led by Cardano (ADA) and Avalanche (AVAX), both of which gained 22% in 24 hours.
Only the largest altcoin, Ether (ETH), is treading water, rising 12% in the past seven days. ADA and AVAX also formed leaders for the week, with gains exceeding 50 percent.
In his comments on December 6, the famous trader Jacob Canfield told X subscribers in part: “Bitcoin dominance and alts decreased by 2%.
“Like I said, it's just a taste. When dominance begins to fall, we all see the face we all know and love melt away.
The overall altcoin market cap rose 2.4% on the day.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
