Bitcoin Dominance Continues Surging and Hits Two-Month High
On the 23rd of July, BTC garnered a two-month peak, settling at $7820 on the market and as a crypto-gauge has revealed, Bitcoin is providing positive signs on even more gains.
The BTC dominance rate from CoinMarketCaps is an indicator that monitors Bitcoin’s market cap contributions and indicated a 46 percent climb, the highest it’s been since December of 2017 and providing trust in its bull climb throughout last week by 20 percent in total. The meter used to gauge the dominance rate has displayed a rise from BTC, which means that Bitcoin is currently exceeding in demand over altcoins.
As BTC has climbed from its staggering low of seven-months, dropping under the $6K mark and the surge in dominance points to investors counting on even more gains in price by the coin and not acquiring Bitcoin simply as a means of being introduced into altcoins.
Should the latter situation occur, altcoins will dominate over Bitcoin. This often occurs are Bitcoin valuations begin to look exaggerated and forces investors to begin pouring funds into other coins. The 4-week high rise in BTC’s dominance rate could be a clear display of faith in the coin’s climb among investors. As a result, Bitcoin may reach the 100-day MA and breakthrough $8000.
Currently, the leading crypto is at $7700 on Bitfinex. A pattern forming could indicate a positive climb would occur as BTC aims for $8720 as its next significant resistance level. Moving average on the 50, 100 and 200 candle is rising positively in order for bulls. If the coin does manage to drop past its latest support level, a possible and even stronger bearish rally could happen.