Changes in the share of Bitcoin in the crypto market indicate a bullish trend
The dynamics of changes in the share of Bitcoin in the cryptocurrency market from September 2023 to the present day indicate a bullish trend.
Trader Benjamin Cowen noticed that Bitcoin's dominance is fluctuating within an ascending contracting triangle, which he believes will be broken upward.
A similar situation occurred from September 2018 to April 2019, when a bearish trend dominated the market. Five years ago, the figure was broken upward, and the level of capitalization of bitcoins relative to other digital assets increased by 40% and reached 73% of the value of all virtual currencies in circulation.
Ascending triangle on the Bitcoin dominance chart
The analyst, who goes by the pseudonym Beanie, said Bitcoin's share of the cryptocurrency market is increasing as investors begin to favor BTC over riskier digital assets. Therefore, we can assume that the wave of hype around meme tokens will soon end, and traders will invest their profits in BTC.
