Arthur Hayes, co-founder of BitMEX, has predicted that Bitcoin’s dominance in the cryptocurrency market could reach 70%. He shares insights on the current market state and behavior of large investors.
Bitcoin Dominance Prediction
According to Hayes, his increasing Bitcoin investments affirm his confidence that the cryptocurrency's dominance will continue to grow, despite altcoins losing value. He wrote: 'Been nibbling on $BTC all day, and shall continue. Shitcoins are getting in our strike zone but I think #bitcoin dominance keeps zooming towards 70%.'
Glassnode Data on Large Holders
Data from analytics platform Glassnode indicate a high level of Bitcoin accumulation among whales. Currently, their 'accumulation score' is close to 1.0, indicating significant buying activity. Although the score has slightly dropped to 0.65, it still shows that large holders are continuing to accumulate.
Current Market Situation and Analyst Predictions
Bitcoin is currently trading around $74,000, aligning with a support level according to Glassnode. Technical analyst Ted from OKX emphasized the importance of reclaiming the 50-EMA level for Bitcoin. If it fails to do so, a drop to approximately $67,000 or $70,000 could be expected.
Arthur Hayes' predictions highlight a renewed confidence in Bitcoin as an investment tool. The market conditions and the actions of large investors suggest a potential for further growth.
