Rally

Bitcoin

April

Rise

<p style="text-align: justify">A new challenging period is emerging for altcoins. The dominance of <a href="https://en.coin-turk.com/the-time-is-coming-watch-out-for-bitcoin-btc-and-cryptocurrencies-on-may-11/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/spot-bitcoin-etf-threatens-grayscales-dominance-says-bernstein/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) in the cryptocurrency market, which indicates its share on the total market value of the cryptocurrency market and its dominance over the market, continues to rise. This shows that altcoins are at risk of losing all the gains they made in their rallies against BTC at the beginning of 2021.</p>
<h2 style="text-align: justify" id="rise-in-bitcoin-dominance-will-hit-altcoins">Rise in Bitcoin Dominance Will Hit Altcoins</h2>
<p style="text-align: justify">According to data tracked by the charting platform TradingView, Bitcoin’s dominance ratio (BTC.D), which shows its share in the total market value, reached 52.45% on October 16, reaching the highest level not seen since April 2021.</p>
<p style="text-align: justify">The rise in BTC.D chart follows the breakout that indicates the end of a long-lasting range between 38% and 48% seen in June.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-267262" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-Hakimiyet-Grafigi-Altcoin.jpeg" alt="" width="1622" height="898"></p>
<p style="text-align: justify">Technical analysis conducted by Fairlead Strategies shows that the rise in BTC.D chart can continue by reversing the drop from 60% to 40% seen during the bull market days in March-April 2021. Investors had caused a decrease in Bitcoin’s dominance ratio on the market by transferring their funds from relatively expensive BTC to altcoins during that period.</p>
<h2 style="text-align: justify" id="bitcoin-s-dominance-ratio-can-reach-60-17">Bitcoin’s Dominance Ratio Can Reach 60.17%</h2>
<p style="text-align: justify">Katie Stockton, the founder and managing partner of Fairlead Strategies, said in an investor note sent to clients, “The Bitcoin dominance chart is preparing to rise further, especially after breaking a two-year trading range this summer.” Stockton also added, “Our long-term trend tracking indicators also support the rise of Bitcoin’s dominance on the market, and there is room for it to rise until the next resistance. As a result, we expect Bitcoin to outperform altcoins and for altcoins to lose their gains in the first half of 2021.”</p>
<p style="text-align: justify">If Bitcoin’s dominance ratio exceeds the highest level of June, which is 52.18%, it will turn its direction towards the Fibonacci 0.618 level, which corresponds to 60.17%. Such a trend will deepen the losses in altcoins, especially in BTC trading pairs.</p> Continue Reading: <a href="https://en.coin-turk.com/rising-bitcoin-dominance-threatens-altcoins-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/rising-bitcoin-dominance-threatens-altcoins-rally/</a>

Rising Bitcoin Dominance Threatens Altcoins’ Rally

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