Bitcoin's dominance has settled at an important level of 56%. The 56% level is the 0.5 Fibonacci retracement mark. ๐ช
If this level is broken, Bitcoin dominance could rise to 60% and return to 2021 values. But I am not considering this game-plan right now. I am leaning towards a consolidation below the 56% level and a subsequent decline in dominance, which will lead to a spillover into altcoins. Which will trigger a new boom around altcoins.
The Ethereum ETFs and the overall technologization and usefulness of many altcoins could contribute to this. When Bitcoin continues to be a savings vehicle and already less profitable for miners after halving.
We may see a reduction in dominance to 50% as early as September.
