• Bitcoin dominance has risen since the beginning of June, reaching 52.19%.
• Altcoins are displaying bullish momentum, but the total market cap excluding Bitcoin is flashing bearish signals.
• While altcoins may be bullish for a short time, it could be overpowered by the bulls soon.
Bitcoin Dominance on the Rise
The Bitcoin (BTC) price continues to hover around the crucial resistance level of $30,800, indicating a possible monthly close in a bullish note. The BTC dominance within the market has been rising since the beginning of June and has surged from 47.28% to as high as 52.19%, levels last seen in May 2021. This trend appears to remain largely stagnant between 50% and 52%, which may assist altcoins in gaining some profits.
Altcoin Market Cap Trending Bearish
In contrast to altcoins that are displaying bullish momentum, the total market cap excluding Bitcoin is showing bearish signals. After hovering in a narrow region, its value plunged below a crucial support line and although it attempted to recover losses, current day’s trade pushed it back down again below this support line. No validation of bearish divergence has been seen yet but bears have made their presence known so even if altcoins become bullish for now, they may not stay that way for long before being overpowered by other trends set by bulls soon enough.
Implications for BTC Price
As Bitcoin’s dominance rises and falls while other Altcoins thrive or suffer accordingly, what does this mean for the BTC price? It is difficult to predict how changes in Altcoin prices would affect BTC prices as different coins often react differently depending on their individual circumstances and trends at any given time – one cannot assume that just because BTc dominance is decreasing then its price must necessarily go down too – however these developments can offer an indication of where things might head depending on how all of these factors interact with each other over time.
Shift In Trending Patterns
There appears to be a shift in trending patterns within the crypto space which could bring about an Altseason closer than expected. Although there is still uncertainty about when exactly this will take place or what form it will take should it happen at all – one thing is clear: with bitcoin’s dominance fluctuating alongside other cryptocurrencies’ performance changes abound across markets throughout this period making predictions tricky but providing opportunities for those able to keep up with developments as they occur.
Conclusion
Overall, changes in bitcoin’s domination over other cryptos can offer insight into potential future trends but predicting exact outcomes remains impossible due to wide-ranging variables affecting both currencies‘ prices independently and together at any given time; even so watching such metrics closely provides valuable information when considering investments or trading strategies going forward into uncharted territory!
