{"id":29082,"date":"2022-06-06T11:36:15","date_gmt":"2022-06-06T15:36:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=29082"},"modified":"2022-06-06T11:38:47","modified_gmt":"2022-06-06T15:38:47","slug":"bitcoin-btc-dominance-extends-to-47-is-this-good-for-the-market","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-btc-dominance-extends-to-47-is-this-good-for-the-market\/","title":{"rendered":"Bitcoin (BTC) Dominance Extends To 47%, Is This Good For Market?"},"content":{"rendered":"\n
Bitcoin (BTC)<\/a> seems to be taking a major part of the crypto market's recent recovery when it accounts for 47% of the market.<\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

Bitcoin has gained more than 6% in the last 24 hours, reclaiming the $31,000 mark. Given that the token has been held at $30,000 for over a month, the focus now is on whether it can maintain these gains.<\/p>\n\n\n\n

The token has a market capitalization of $599.2 billion in comparison to a global crypto market value of $1.29 trillion.<\/p>\n\n\n\n

But while BTC has somewhat held its ground, most other altcoins, except Ethereum, have witnessed a drastic reduction in value. This, combined with the recent Terra crisis, has pushed BTC dominance to levels not seen since July 2021.<\/p>\n\n\n\n

Nonetheless, BTC's dominance may indicate that a major rally is on the way.<\/p>\n\n\n\n

High Bitcoin dominance comes before<\/strong> Altcoin rally <\/strong><\/h3>\n\n\n\n

High BTC dominance, as witnessed in July, often comes before a strong rally. This can be observed in October 2021, when the market soared to new highs when BTC dominance hit around 47%.<\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

High BTC domination usually suggests that the altcoin market is undervalued, which attracts new investors into the space. The buying then tends to trickle over into BTC, boosting overall valuations.<\/p>\n\n\n\n

But the macroeconomic picture is currently different from that of 2021. The Federal Reserve has begun to reduce market liquidity, which has been a major factor in the crypto boom over the last two years.<\/p>\n\n\n\n

Any attempts at a price increase may be hindered as a result of this.<\/p>\n\n\n\n

Dominance is currently rising alongside alts, which is positive as it indicates they likely still have room to run. My macro sentiment remains largely bearish, however, there\u2019s a strong possibility we see an extended rally in the short term.<\/p>\n\n\n\n

-Crypto analyst Miles Deutscher said on Twitter\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

Will the altcoin rally be temporary or continual?<\/strong><\/h3>\n\n\n\n

Despite their recent weakness, most of the leading altcoins have been following Bitcoin's recent rally.<\/p>\n\n\n\n

But Analysts warn that this could be another bull trap, considering the token's inability to break beyond the $32,000 barrier for over a month. A decrease in the token's value also results in broader losses.<\/p>\n\n\n\n

Still, with the United States stock market expected for a favorable open this week<\/use><\/svg><\/span><\/a>, a short-term crypto surge could be on the cards.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) seems to be taking a major part of the crypto market’s recent recovery when it accounts for 47% of the market. Bitcoin has gained more than 6% in the last 24 hours, reclaiming the $31,000 mark. Given that the token has been held at $30,000 for over a month, the focus now is […]<\/p>\n","protected":false},"author":32,"featured_media":28835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-29082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/bitcoin-price-rally.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=29082"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/28835"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=29082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=29082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=29082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}