On December 26, Bitcoin experienced significant price swings apparently triggered by incorrect data on TradingView’s Bitcoin dominance chart.
Erroneous Data and Market Reaction
Cointelegraph Markets Pro recorded a sharp 4% drop in Bitcoin’s price, ending the calm trading environment of the Christmas period. BTC/USD briefly fell toward $95,000 as a TradingView anomaly inaccurately indicated Bitcoin’s market dominance had plummeted to 0%. The issue, since resolved, appeared to drive panic among traders. "Was there a TradingView glitch surrounding $BTC dominance causing panic dump?" trader Satoshi Flipper questioned.
Bitcoin Dominance Trends and Altcoin Outlook
Bitcoin’s market dominance has been a hot topic among traders. Recent all-time highs for BTC have left altcoins struggling to keep pace. Bitcoin dominance peaked at 61.5% in mid-November but has since declined, fueling speculation about an impending “altseason.” "BTC Dominance reached 2021 breakdown level and rejected," trading account Aqua noted. "I think BTC Dominance peaked and ALTs will start outperforming $BTC in the coming months. Finally we will see true ALTs season soon."
Optimism for Early 2025
Despite the temporary volatility, market sentiment remained optimistic. Participants expect Bitcoin to make a substantial move in the first quarter of 2025, signaling continued confidence in its long-term trajectory.
The panic triggered by erroneous data quickly subsided, leaving traders focused on future growth prospects for Bitcoin and opportunities for altcoins.
