- Bitcoin’s dominance has massively rebounded
- This renewed market dominance has dented the altcoin season
- BTC’s breach of the $11K mark points to a bull market for the coin
Cryptocurrency News Today – the price of Bitcoin has reportedly had an amazing ride in recent days. This move has caught digital asset traders off guard. The number one crypto was originally finding it difficult to break the $10,000 mark. However, at press time, the BTC price has zoomed past the $10k psychological barrier with relative ease.
BTC’s journey to this point didn’t stop there as the digital asset has continued on this upward trajectory. It has breached the $11,000 mark and has experienced a local top at the $11,400 area. It is now changing hands at $10,888. No wonder crypt enthusiasts have hinted that we are in a full-scale bull market. So how has BTC dented the ongoing altcoin season?
Bitcoin’s Renewed Dominance Dents Altcoin Season
Bitcoin’s push from the $9,100 area to the $11,400 mark happened in seven days. The move has caused Bitcoin’s market dominance to rebound. Before Bitcoin’s push above $10,000, the coins’ market dominance was below 60%. However, the current trajectory has seen it spike to around 64%. This indicates that the focus has been shifted to Bitcoin once more.
In a bid to further demonstrate the effect of BTC’s price movement on the prominent altcoins, we can see that after Bitcoin zoomed past the $11,000 mark, the number two coin Ethereum went down and is trading at the $320 resistance. The coin had briefly dropped to the $310 mark particularly when Bitcoin’s price pumped. Similarly, the digital asset Chainlink which was previously in an obvious downward movement fell below the $7 mark. This action meant that it posted a local low of $6.44. Meanwhile, this happened as Bitcoin’s market dominance returned.
Bitcoin has Moved From $9100 to $11400 in the Last Seven Days
In the last seven days of trade, the price of Bitcoin has managed to push hard by more than $2,000. This addition has helped it push from $9,100 to $11,400. By this move, the price of Bitcoin has erased the losses it incurred months ago. That it is the losses triggered by the coronavirus pandemic back in mid-March. The exciting push upward by Bitcoin has dented the ongoing altcoin season. Because it has increased Bitcoin’s dominance in the market.
Therefore, a renewed market interest in BTC might ensure that some altcoins pause their upward movement and possibly experience some level of retracement or sideways price action. As is the case with the recent analysis of Bitcoin and most altcoins, investors and traders are advised to take advantage of adequate stop losses and low leverage if they wish to protect trading capital.