Bitcoin dominance surges. Will the BTC price go up?
As Bitcoin’s dominance rises, it could hint at a bullish wave of BTC price amid 2024 halving and geopolitical issues. We asked experts to get insights. Bitcoin’s (BTC) dominance represents the proportion of the total cryptocurrency market capitalization that belongs to Bitcoin. It acts as an indicator that crypto traders can use to assess market conditions. Recently, this dominance metric rose above the 50% mark once more, turning heads in the crypto community, especially with the anticipated 2024 halving. BTC dominance chart | Source: CoinMarketCap To give you perspective, in January 2021, Bitcoin towered with an impressive 70% market dominance. However, by May, it faced a sharp decline, slipping to 40%. Numerous other cryptocurrencies achieved record highs as funds shifted from Bitcoin to altcoins. From May 2021 to November 2022, Bitcoin’s dominance was between 38-40%. A notable shift in this narrative came after the FTX collapse, with Bitcoin once again asserting i...