Bitcoin Dominance exceeds 70, will the Altseason come?
Bitcoin dominance, which refers to the ratio of Bitcoin market value to the overall value of the cryptocurrency market (BTC.D), according to the latest data, exceeded 70 level and reached its highest value in the last 1 year. As analysts tire of this rise to the decline seen in XRP in general, they wonder: “Is Altcoin season coming?”here’s the question. Experts gave positive comments for the subseason.
Bitcoin dominance is one of the key indicators used by analysts to determine market direction. In recent days, the SEC’s lawsuit against Ripple and the more than 50% drop in XRP have been a major factor in raising Bitcoin dominance, according to analysts. Commenting on the issue by sharing a graphic, Willy Woo said on Twitter::
“Bitcoin dominance is rising parabolic with the hard gravel seen in XRP, dragging many altcoins with it.”
Another name commenting on the decline in XRP was Andy Hoffman. Hoffman said the pandemic served as a catalyst for Bitcoin, and now XRP has a big role to play in BTC dominance.
There are positive expectations for the first quarter of 2021
Cryptocurrency analyst and trader GalaxyTrading commented on the altcoin season, saying that BTC dominance has increased to 70.77%. “I’m not saying that the Subseason has started, but looking at the fast and frantic sales seen in ETH/BTC parity, I can say that we are approaching.” said.
Live on YouTube on the evening of December 23, analyst Crypto Michael shared some of his analysis of altcoins and Bitcoin. The analyst said that BTC dominance has peaked in December for the last 3 years, and altcoins experienced an uptick in the quarter that followed these peaks.
Another subseason prediction came from Johnny One Punch Man. “I think we’ll see altcoin season soon, ” the Trader said, saying that the BTC dominance has exceeded 70 and the RSI indicator is also at the overbought level.” said.
Bitcoin’s performance in the last 24 hours
Bitcoin has fallen by 2% in the past 24 hours, according to CoinGecko data. BTC was priced between $ 22,852 – $ 24,029 during the day. Binance was the stock market where it traded the most, with intraday trading volume exceeding $ 44 billion. BTC currently stands at $ 23,200.