Bitcoin struggles to reclaim the $48,000 level and drop its dominance over altcoins

Bitcoin struggles to reclaim the $48,000 level and drop its dominance over altcoins

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Answer Bitcoin struggles to reclaim the $48,000 level and drop its dominance over altcoins

Bitcoin dropped below $50K, making the $48,000 level an important level for many analysts and followers.

Simultaneously and over the past few days, Bitcoin’s dominance of the crypto market has continued to decline, dropping below 40% multiple times and falling back below this week.

According to TradingView, Bitcoin dominance has fallen to 39.66%, close to an all-time low of 36.7% recorded in January 2018.

This is not the first time that Bitcoin’s market dominance has declined this year.

The same thing happened around the time of the market crash in mid-May as dominance slipped to 40.3% and in September 2021 too.

Does Bitcoin’s Dominance Retreat Mean the Beginning of Altcoin Season?

Europac Chairman Peter Schiff, who is also an outspoken critic of Bitcoin, stated in a recent tweet that Bitcoin’s declining dominance indicates that it is losing its competitive edge in the cryptocurrency market.

Read:China reveals important details about its digital currency … Get to know it

A new study published by “TradingPlatforms” two days ago indicates a similar result, and its data indicated that the season of alternative digital currencies may start soon.

Continuous filtering:

In the past two days, Bitcoin has lost more than $4,000 and fallen below $47,000, to fluctuate again around it and is trading at $47013 at the time of writing this article.

Despite the low dominance, its decline severely affected the price of most medium and high-cap altcoins, with many of these coins seeing a drop of over 10%.

The two-day drop in the bitcoin price and especially yesterday’s drop has caused great pain to the leveraged traders.

Data from CoinGlass shows that over $320 million has been liquidated due to Bitcoin’s volatility in the past 24 hours.

Read:Binance will donate all cryptocurrency listing fees to charities

Bitcoin’s popularity on Twitter is unaffected:

CasaHODL co-founder Jameson Loeb shared a graph on Twitter a few days ago, revealing that more than 100 million tweets contain the word “Bitcoin” this year. Compared to the volume in 2020, this represents a 350% increase.

Read:The leaders and founders of Ethereum courting Gulf investors and moneymen to adopt Ethereum

Among the factors that may have contributed to the popularity of Bitcoin on Twitter are:

  • Bitcoin price rises above $60,000 in Q2 2021.
  • El Salvador’s adoption of Bitcoin as legal tender.
  • A statement by Jack Dorsey, founder and former CEO of Twitter about his love of Bitcoin.
  • Tesla buys $1.5 billion worth of Bitcoin.

Read also:

Searches for bitcoin on Google’s search engine drop to annual low

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