Bitcoin ETF

Bitcoin

Zero

A clear ascending triangle is forming on the Bitcoin dominance chart, signaling a potential surge in Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) market share, according to several crypto traders. Some, however, argue it’s going to go the other way.&nbsp;
“The BTC dominance train is about to leave the station,” crypto trader and Into The Cryptoverse founder Benjamin Cowen declared to his 810,700 followers in a March 27 X post.
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 Since September, Cowen claims Bitcoin’s market cap dominance has been in an ascending triangle pattern. Source: <a href="https://x.com/intocryptoverse/status/1773149140811170268?s=20" target="_blank" rel="noopener nofollow">Benjamin Cowen</a>
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An ascending triangle pattern on a chart develops when the price consolidates between an upward trendline support and a horizontal resistance trendline.
Bitcoin’s dominance — measuring Bitcoin’s share of the total crypto market capitalization — “is coming back in a big way,” crypto trader “Beanie” on X <a href="https://x.com/beaniemaxi/status/1772997932809146786?s=20" target="_blank" rel="noopener nofollow">told</a> his 194,800 followers on March 27.
Beanie suggested Bitcoin’s dominance usually grows in bear markets as crypto-native investors flock to it as a safe haven, preferring its stability over more risky and speculative digital assets.
Despite Bitcoin hitting an all-time high this month, Beanie added the current trend mirrors the 2018 bear market.
“This is far different from the 2021 bull market, where dominance fell considerably from 70% to 40%. It actually parallels the 2018-2019 bear market,” they said.
Bitcoin held an 85% market dominance in March 2017, but by January 2018, it plummeted to <a href="https://cointelegraph.com/news/bitcoin-market-dominance-from-66-to-33-and-up-again">an all-time low of 32.45%</a>.
Bitcoin dominance is currently sitting at 50.1%, <a href="https://coinstats.app/btc-dominance/" target="_blank" rel="noopener nofollow">according</a> to CoinStats data.
Related: <a href="https://cointelegraph.com/news/ark-invest-21shares-bitcoin-etf-record-inflow-btc-price">Cathie Wood’s Bitcoin ETF hits daily inflow record as BTC retests $72K</a>
Not every trader agrees with the sentiment. Some hold that Bitcoin’s market share seems to be decreasing in the long term from a macro perspective.
Crypto trader Zero Ika told his 43,500 X followers that Bitcoin’s dominance is actually in a “long-term downtrend.”
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 “If we take a look at the whole picture considering the logarithmic chart, we can clearly see that BTC D. is in a long-term downtrend.”
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 BTC dominance chart on TradingView. Source: <a href="https://x.com/IamZeroIka/status/1773046059515756959?s=20" target="_blank" rel="noopener nofollow">Zero Ika</a>
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Magazine: <a href="https://cointelegraph.com/magazine/blockchain-transactions-per-second-tps-stupid-big-questions/">Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions</a>

Bitcoin charts suggest the ‘dominance train’ is coming, traders say

Cointelegraph

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