Bitcoin (BTC) Dominance Is Weak - Altcoins Await
Bitcoin (BTC) could make one more try for a new local high at $50,000, or it could stay in a range around the current price. The latter scenario could potentially be very positive for altcoins.
The bitcoin dominance chart is extremely important for gauging the likelihood of a move up or down for the altcoins. Currently, the chart looks weak. A lower high, followed by a lower low in dominance leaves the percentage of total money spread across the entire ecosystem at a critical juncture.
If bitcoin dominance should drop the support at 51%, the next area of support is at just under 49%. Below this, the next major support comes in at 44.4%, and then, should altcoins really rage against $BTC, 39% would be a bottom level of support.
While the lower support levels are probably unlikely to be found any time soon, a dominance drop to 49% could present the altcoins with room to increase their prices against bitcoin, at least for a while.
