Bitcoin gains market dominance while Altcoins retreat, and Stablecoin dominance tests the bottom of a significant channel. But what does this mean?
- In the previous week, Bitcoin dominance rose as its price fell, influencing significant declines in Altcoins.
- When we assess Altcoin dominance from different perspectives, it's noticeable that Altcoins are weakening as they lose an interesting trend line.
- Furthermore, it's important to note that Stablecoin dominance is at a crucial resistance region. This means that if it falls again, the cryptocurrency market will rise in price. However, if it breaks the downtrend line and continues to rise, we'll see further overall market decline in the cryptocurrency market.
Stablecoins are crucial analyses for defining market trends, as they account for over 95% of all volume on exchanges.
