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Rising Altcoin Price Reduces Bitcoin Dominance
May 12, 2021 Forex News
The surge in the value of Ethereum and other altcoins has led to a sharp drop in the Bitcoin Dominance Index (BTC).
It now stands at 42.2%, the lowest since mid-July 2018. This is evidenced by the latest data from CoinMarketCap.
The decline in the dominance of Bitcoin was a direct result of the so-called "altseason", which has already led many cryptocurrencies to renew their highs. At the same time, Bitcoin is showing a correction. In the middle of this week, the BTC rate is kept around $55000.
Observers believe that as soon as the price of Bitcoin resumes its growth, and such signals have already appeared, then the dominance of BTC will begin to grow again in the market.
The chances for growth are still there, according to analysts at Glassnode. Their report says that institutional demand for Bitcoin is on the rise. Miners switched to accumulation, which creates conditions for the formation of a shortage of coins and will push the price up.
According to the forecasts of the IntoTheBlock team, investors who bought BTC at higher values are trying to return the cryptocurrency to such levels that will be optimal for them. The researchers highlighted that between $56100 and $58900, traders previously purchased over 1.568 million coins.
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