Bitcoin experienced notable price swings on Dec. 26, seemingly triggered by incorrect data on TradingView’s Bitcoin dominance chart.
False Data Sparks Market Turbulence
Cointelegraph Markets Pro recorded a sharp 4% drop in Bitcoin’s price, ending the calm trading environment of the Christmas period.
BTC/USD briefly fell toward $95,000 as a TradingView anomaly inaccurately indicated Bitcoin’s market dominance had plummeted to 0%.
The issue, since resolved, appeared to drive panic among traders.
“So there was a TradingView glitch surrounding $BTC dominance and this caused people to panic dump? People now dumping over TradingView?” trader Satoshi Flipper questioned on X.
Monitoring platform CoinGlass reported that approximately $33 million in BTC long positions were liquidated within a four-hour span.
Bitcoin Dominance Trends and Altcoin Outlook
Bitcoin’s market dominance has been a hot topic among traders.
Recent all-time highs for BTC have left altcoins struggling to keep pace.
Bitcoin dominance peaked at 61.5% in mid-November but has since declined, fueling speculation about an impending “altseason.”
“BTC Dominance reached 2021 breakdown level and rejected,” trading account Aqua noted on X.
“I think BTC Dominance peaked and ALTs will start outperforming $BTC in the coming months. Finally we will see true ALTs season soon.”
Trader and analyst Michaël van de Poppe drew comparisons between current altcoin valuations and the Dotcom bubble of the early 2000s.
“The Altcoin valuation are still substantially low. The total market capitalization is barely $1.5T. The Dot.com bubble was $10-15T,” he stated, predicting a significant surge in altcoin values by 2025.
Optimism for Early 2025
Despite the temporary volatility, market sentiment remained optimistic.
Participants expect Bitcoin to make a substantial move in the first quarter of 2025, signaling continued confidence in its long-term trajectory.
