Bitcoin's share of the cryptocurrency market is nearing 50%, with recent research pointing to a shift in sentiment towards a more optimistic outlook.
The effects of the economic downturn over the last nine months have been eradicated by this week's rise in Bitcoin prices, which was sparked by a banking crisis.
Bitcoin (BTC) has seen a surge in value that has not been seen since June of 2022. According to data released today, Bitcoin accounts for an overwhelming majority of the total value of cryptocurrency. This is a historic moment for Bitcoin, as it is the first time since June 2022 that it holds such a large piece of the cryptocurrency market.
Bitcoin is back in the spotlight as its market cap dominance is nearing 46%, its highest since last September. According to data from TradingView, the cryptocurrency is on track to reclaim its position as the dominant player in the financial markets. This surge in market share is being driven by a rising demand for Bitcoin, as the asset continues to gain widespread acceptance in the global economy.
"Spike" Hints at Upcoming Dominance Change
Bitcoin continues to make waves as it has surpassed $26,000 this week and its share of the total cryptocurrency market cap has also achieved an impressive 45.7%. This underscores the fact that Bitcoin is still the king of cryptocurrency, despite the growth of other digital currencies. This surge in value has been felt across the entire cryptocurrency market, with many altcoins showing gains in value as well.
Bitcoin is dominating the crypto market, with its market share rising by almost 3% since the weekend. This bullish trend signals a potential shift in the cryptocurrency landscape, showing that Bitcoin may be leading the way for another classic bull cycle. Analysts believe that, if this trend continues, Bitcoin could continue its reign as the number one cryptocurrency.
Tedtalksmacro is asking an important question: Is the current stock market rally a sign of a bull market or an echo bubble?
#Bitcoin dominance on a full surge as expected using wyckoff accumulation schematic. https://t.co/QqIzvIh0rW pic.twitter.com/nxrPMGqKcZ— Hamza (@Itsdehamza) March 16, 2023
Bitcoin investor and research analyst Tuur Demeester expressed optimism for Bitcoin's prospects in the near future, suggesting that its dominance is likely to make a strong comeback. Demeester's comments come amidst a backdrop of increased attention paid to the alternative cryptocurrency, Ethereum, for its potential to revolutionize the blockchain industry. Nevertheless, Demeester is confident that Bitcoin will remain the dominant cryptocurrency in the near future.
“Smart contracts, privacy, high speed transactions, issued assets: after 14 years of maturation it's all being built on Satoshi's granite foundation. Bitcoin is an open standard for all—the internet of money.”
Bitcoin Shifts from Bear Market to Bull Market
After a long winter for the cryptocurrency market, Bitcoin and other crypto assets have seen a much-needed boost in price and sentiment. Contributor Miffy noted that recent events have helped to reverse the negative narrative and bring a more bullish outlook. This has been great news for crypto enthusiasts, who have been struggling to stay motivated during the long winter months. With the crypto market showing signs of life, many are hopeful that the crypto market will continue to improve in the coming weeks.
Decentrader, a decentralised trading platform, is currently trading at $21,800 and has its sights set on $30,000 as its next potential upside target. The platform, which is built on the Ethereum blockchain, is seeing a surge of interest from investors, who have high expectations of seeing a major retracement of the current trading prices.
Cryptocurrency traders are watching the Bitcoin market closely as the digital asset continues to fluctuate. Recently, traders who had taken short positions got squeezed and those who took long positions got punished. Currently, the price of Bitcoin is resting below the 200-week Moving Average. According to Miffy, a cryptocurrency analyst, if the asset needs to drop down to generate enough momentum to reach the $30,000 mark, the 1-day support at $21,800 is a clear target. However, at the moment, the 4-hour support is holding well at $23,900. It remains to be seen how the market will react in the coming days.
“Importantly though, we have seen a major narrative shift for Bitcoin with a clear breakaway from traditional markets which continue to struggle due to their economic troubles and bank blow-ups. We may well see outside interest return to Bitcoin if its price rises further and its use case becomes clearer as the traditional banking system continues to implode.”
Bitcoin prices have continued to climb since the start of 2021, and the digital asset is now trading at around $24,900 according to data from Cointelegraph Markets Pro and TradingView. This marks the highest level BTC/USD has reached since the asset’s all-time-high of nearly $20,000 in December 2017.