A crypto analyst has shed light on the latest trends regarding the bitcoin (btc) dominance within the cryptocurrency marketsuggesting a possible shift in investor sentiment as they diversify their portfolios beyond the pioneering cryptocurrency.
bitcoin dominance is declining
Popular cryptocurrency trader and analyst, Michael van de Poppe, visited x (formerly twitter), on Monday, April 22, to x.com/cryptomichnl/status/1782457059671253340?s=46″ rel=”nofollow” target=”_blank”>share valuable insights into bitcoin dominance and investor sentiment about the cryptocurrency following the halving event.
bitcoin/fourth-bitcoin-halving-completed/” rel=”nofollow noopener” target=”_blank”>The Halving Event occurred in the early hours of April 20, cutting miners' block rewards by 50% and reducing the supply of the cryptocurrency. This previously anticipated event had provoked excitement among cryptocurrency enthusiasts and investors, such as bitcoin/bitcoin-halving-could-catalyzed-100000-price-surge-bitwise-ceo/” rel=”nofollow noopener” target=”_blank”>Market analysts predicted a bull run. following the event.
However, the conclusion of the fourth bitcoin halving cycle failed produce some profound effect on the price of btc, particularly compared to its massive rise to new all-time highs before the halving. During the period leading up to the halving, bitcoin-news/bitcoin-whale-217-million-profit-btc-73000/” rel=”nofollow noopener” target=”_blank”>bitcoin soared above $75,000 in March, driven by growing demand for bitcoin-news/increased-bitcoin-etf-adoption-propels-btc-dominance-to-highest-level-since-2021/” rel=”nofollow noopener” target=”_blank”>bitcoin Spot Exchange Traded Funds (ETFs).
At the time of writing, the cryptocurrency is trading at a price of $66,205, down $8,000 from its previous all-time high, according to CoinMarketCap.
Poppe has explained that following the completion of the bitcoin halving event, the overall cryptocurrency market has been experiencing an upward trend. The analyst stated that btc dominance within the cryptocurrency market was declining significantly. Additionally, TradingView data has btc.D/” rel=”nofollow noopener” target=”_blank”>shown that bitcoin's dominance over the market capitalization is currently 55.29%, reflecting a decline of 0.26% over the past week.
This decline in dominance suggests that investors are starting to Potentially moving away from the popular cryptocurrency to diversify your holdings into other digital assets. Poppe referred to this change as a “turnover” and noted that the movement has started slowly but steadily.
Shared a bitcoin vs Tether (USDT) price chart showing the bitcoin-news/market-expert-predicts-new-paradigm-for-bitcoin-days-under-100000-numbered/” rel=”nofollow noopener” target=”_blank”>btc price movements from February to April. The crypto analyst predicted a support level, pointing to $57,000 as the potential bottom if btc fails to break above $70,300.
Altcoin season on the horizon?
He bitcoin-news/why-bitcoin-dominance-hints-at-a-surprise-altcoin-season-ahead/” rel=”nofollow noopener” target=”_blank”>altcoin season It typically occurs when the prices of minor cryptocurrencies shoot significantly higher and surpass bitcoin. This period usually follows a major decline in bitcoin's dominance in the crypto space.
“We may see another altcoin season if bitcoin's dominance rate continues to decline, shifting investors' focus towards altcoins,” said a member of the crypto community. x.com/harrytandy/status/1782000666451358101?s=46″ rel=”nofollow” target=”_blank”>fixed.
Furthermore, Poppe has x.com/cryptomichnl/status/1782473694666756257?s=46″ rel=”nofollow” target=”_blank”>declared that “the time for altcoins is on the horizon.” He revealed his strategy of taking a long position in anticipation of this. potential reboundemphasizing that an altcoin bull run would depend on ethereum's performance in the market and the possibility of a ethereum/ethereum-to-20000-spot-ethereum-etfs-bull-run/” rel=”nofollow noopener” target=”_blank”>ethereum Spot ETF.
x/jsjhh4FH/” alt=”Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price above $66,000 | Source: BTCUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
