What Is Bitcoin Dominance and How Does It Affect the Crypto Market?
Bitcoin dominance denotes the market share of bitcoin when compared against altcoins. The Bitcoin dominance chart can be used as an indicator to identify crypto market trends, such as an impending altcoin season or an upcoming bitcoin bull run, based on how the chart correlates to the prices of bitcoin and altcoins.
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$47,000,000 ETH $47,000,000 wBTC $4,700,000 Aave $4,700,000 LINK $4,700,000 TRX $4,700,000 ENA
BTC Dominance is consolidating within a symmetrical triangle pattern and is currently trading inside the Ichimoku Cloud. A decisive breakout or breakdown is needed to confirm the next directional move.
It's crucial to note that BTC Dominance typically has an inverse relationship with the altcoin market cap, so a breakdown could signal potential bullish 🚀 🚀 momentum for altcoins. Stay alert for further developments.
The total cryptocurrency market cap is currently undergoing a retest of the ascending triangle pattern. The Ichimoku Cloud indicates strong bullish momentum🚀. A successful retest of this pattern could validate the potential for a significant bullish rally across the market. $BTC $ETH
On September 25, I predicted that Bitcoin would touch the $99K mark—and it did! 🎉 Now, I'm setting my sights even higher. 🔥 Now, as we look ahead, the next phase of this journey is even more exciting.
📈 The Next Milestone: $BTC to 160k 📈
Eyes are set on a 160k $BTC by March 2025. The momentum is building, and the market is primed for what's next. Will we break new records? Time will tell, but one thing is certain — the crypto revolution is just getting started.