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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Dominance Tipped To Hit 57% — Altseason Incoming?

Semilore Faleti
Semilore Faleti
3 months ago
3 mins read
Bitcoin Dominance

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Este artículo también está disponible en español.

In the past week, Bitcoin recorded a net negative performance translating into a 5.73% decline in market prices. However, the premier cryptocurrency boosted its market dominance amid this turbulence as the altcoins suffered a larger collective loss. Interestingly, popular market analyst Egrag Crypto predicts Bitcoin Dominance could soon retrace indicating a potential short-term bust for the altcoin market.

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Bitcoin Dominance Forms Adam & Eve Pattern – Key Levels To Watch

As Bitcoin prices moved with much volatility in the past week, the asset’s crypto market dominance rose to 61.0%; meanwhile, Ethereum and other altcoins saw their market shares shrink by 1.99% and 2.38% respectively. Commenting on this development, Egrag Crypto notes that Bitcoin Dominance has now completed an Adam and Eve Pattern highlighting certain significant levels for its future trajectory.

Bitcoin Dominance
Source: @egragcrypto on X

Generally, the Adam and Eve Pattern is a bullish reversal chart pattern that consists of two distinct bottoms. The highest point between these troughs acts as a resistance which a price break above confirms a bullish trend. Recently, Bitcoin Dominance moved above this neckline resistance (59%). However, Egrag Crypto explains a stronger resistance lies at 62.30% capable of forcing a pullback to around 61.50%.

However, if Bitcoin Dominance fails to hold at this critical support level, a more pronounced decline could be in store, potentially driving Dominance to around 57%. In line with basic market dynamics, Egrag Crypto’s projection proving true would translate to a rise in altcoin market shares indicating a potential boost in altcoins prices in the short term.

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Ethereum Is Consolidating After The Flush Last Weekend – The Calm Before A Big Move?

Ethereum Is Consolidating After The Flush Last Weekend – The Calm Before A Big Move?

3 months ago

Is An Altseason Still Feasible?

While Egrag Crypto’s prediction of a declining Bitcoin Dominance might mean some altcoins gain, the possibility of an altseason remains in the air. For context, the altseason marks a period in the bull run where altcoins outperform Bitcoin. This is indicated by a fall in Bitcoin dominance amidst a general surge in crypto asset prices.

In a recent blog post, analytics firm IntoTheBlock highlights several factors: low level of network addresses, lack of real-world utility, and unfavorable macroeconomic conditions all of which are currently preventing the manifestation of an altseason.

Notably, there is also an absence of compelling narratives such as NFTs or DeFi which served as bullish drivers in previous altcoin seasons. The analysts at IntoTheBlock postulate that until these issues are addressed, investors are likely to experience isolated price surges in e.g. memecoins rather than a widescale altseason.

At press time, the crypto market remains valued at $3.13 trillion following a slight 0.07% increase in the past day. As earlier stated, Bitcoin maintains a 61.0% dominance, followed by Ethereum (10.1%) and other altcoins (28.9%).

Bitcoin Dominance
Total crypto market valued at $3.1 trillion on the 4-hour chart | Source: TOTAL chart on Tradingview.com

Featured image from Shutterstock, chart from Tradingview

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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