Bitcoin dominance is a fascinating way to examine the overall crypto market, but how can it be utilized for crypto trading?
The logic behind the Real Bitcoin Dominance Index is that many altcoins such as stablecoinsand, so, it may paint a more realistic long-term view on Bitcoin’s dominance.
Conversely, bear markets might see higher BTC dominance, as traders may be pulling their funds out of altcoins and putting money into Bitcoin since it’s more of a reliable asset. The point is, while Bitcoin dominance might paint the crypto market a certain way on a surface level, there are various factors to consider to gather an informed view.
As a result of this activity, Bitcoin’s dominance could quickly drop and rebound, impacting short-term trades negatively. Another factor that could lead to unpredictable short-term drops or rises in Bitcoin dominance is fear of missing out . before altcoins entered the market. However, enthusiasts note that Bitcoin’s dominance is unexpected to hit that number again due to the prevalence of altcoins in today’s market. But, it’s impossible to say for sure, as if countries follow El Salvador implement Bitcoin as legal tender BTC’s dominance may rise once again.
That said, a Bitcoin price dip could occur if users are pulling funds out of all cryptocurrencies, resulting in a lower crypto market capitalization overall. In this case, Bitcoin dominance may remain at a certain percentage despite traders’ anticipation of a potential bear market.
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