In a recent report, Glassnode co-founders Jan Happel and Yann Allemann discussed current trends in the cryptocurrency market, noting Bitcoin's increasing dominance amid weakened altcoin support.
Bitcoin’s Dominance Strengthens
According to Glassnode co-founders, Bitcoin's market dominance is rising, particularly after a brief dip below the $100,000 mark. Institutional and retail investors are increasingly turning to Bitcoin as a safe haven asset.
Altcoins Losing Crucial Support
While Bitcoin gains dominance, altcoins are experiencing weakness, losing crucial support levels. Glassnode co-founders note altcoins are in accumulation zones, but lack of support may hinder short-term growth.
Bitcoin Stabilization and Altcoin Opportunities
Despite current altcoin weaknesses, Bitcoin's stabilization above $100,000 could boost altcoin growth. This stabilization could lead to increased interest in altcoins, especially those in accumulation zones.
Bitcoin's growing dominance and altcoin challenges suggest the market's focus on Bitcoin. According to Glassnode co-founders, Bitcoin will likely remain the dominant force in the crypto space until it stabilizes above $100,000.
