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Bitcoin ($BTC) Faces Potential Drop in Market Dominance

Bitcoin ($BTC) Faces Potential Drop in Market Dominance

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by Giorgi Kostiuk

2 hours ago

Analysis shows that Bitcoin's dominance in the cryptocurrency market may face a decline, despite temporary fluctuations in its value.

Current Situation in Bitcoin Market

At present, Bitcoin's dominance stands at around 58.65%. Market data indicates that even after a slight increase of 0.96% over the past week, this position may be subject to corrections.

Analysts Forecast Declines

Analyst Michaël van de Poppe states that despite a potential rise in dominance to the 60-61% range, Bitcoin is likely to continue its downturn. He bases this on historical behavior, which suggests vulnerability.

Impact of Altcoins on the Market

There is speculation that the rising interest in altcoins could contribute to a further decrease in Bitcoin's dominance. This is due to heightened speculation surrounding the upcoming altcoin season, which may affect investor preferences.

Thus, the current state of Bitcoin indicates potential changes in its dominance, and analysts suggest the likelihood of another decline alongside upward trends in altcoins.

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