Bitcoin’s dominance could peak in December since it is expected that the altcoin buying frenzy will start as well so let’s find out more in the upcoming bitcoin news today.
Bitcoin saw a huge upswing in the past couple of days that brought a firm end to the consolidation phase while it is trying to confront its key resistance around $12,000. The level has been holding strong as the resistance and over the year, breaking this level was met with heavy selling pressure which catalyzed a massive selloff.
Bitcoin was guiding the market over the past few weeks but the trend seems to be shifting as the altcoins sell-off was strong and Bitcoin saw a strong move higher as well. this is quite unusual as typically altcoins move together with BTC and the rest of the market. One explanation for this could be the trend seen while looking to the Bitcoin market dominance which is starting to rebound and could continue surging for the next couple of months.
While speaking about the possibility, one analyst stated that he is watching for BTC to go on with growing dominance over the aggregated market for the upcoming few weeks and months before it peaks in December again. Bitcoin’s dominance could peak with the ongoing altcoin buying frenzy. At this time, altcoins could be able to recapture their momentum and shoot higher. At the time of writing, Bitcoin is trading up about 2% of its current price at $11,930 which is around the same price at which it has been trading over the past few hours.
The stronger move which helped lead the crypto up to these highs didn’t create big tailwinds for the market so Bitcoin’s push higher actually came about at the expense of altcoins. There’s a strong chance that this trend could persist in the near-term as investors seem to be fleeing altcoin in favor of Bitcoin. While mapping Bitcoin’s dominance over the market, an analyst explained that he expects it to go on rising for an upcoming couple of months before peaking in December. The altcoins could start seeing rallies which allow the coins to catch up to Bitcoin, but until then they could continue underperforming:
“BTC: Regarding the dominance; still the same figure here. December is the period to buy altcoins.”
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