Dominance Of Bitcoin Nears 50%, Asset Is Becoming More Bullish
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The market valuation of Bitcoin (BTC) has been growing since the beginning of 2023. The asset has become the top choice among investors and no other asset is able to compete with its demand.
With every passing day, the valuation of digital assets has continued to grow stronger. At the time of writing, the total valuation of Bitcoin is almost equal to the combined valuation of the rest of the crypto industry.
The record shows that the overall valuation of Bitcoin at the moment is almost higher than the combined valuation of the entire crypto market since June 2022.
Data from TradingView
The latest data shared by TradingView shows that the market valuation of Bitcoin has been surging significantly.
As a result, the dominance of Bitcoin has been rising throughout the crypto-verse. The TradingView data shows that the dominance of the largest crypto asset is close to hitting the 46% mark.
This is the highest dominance that the asset has hit in the past nine months.
Dominance Spike Hints Stronger Trends
After a very long time, the trading price of Bitcoin was able to make it past $26,000. Despite staying above $26k for a brief moment, it is a promising indication that the price of BTC had finally broken the shackles.
The investors had to wait for so long before Bitcoin could hit such a higher trading level. The entire crypto market rejoiced as Bitcoin went past a particular level.
Although the price retreated to around $24.5k, it has given new hope to investors. They are confident that strong rallies can be formed to push the asset’s price higher than $25k and more.
They are now determined to entertain strong rallies and achieve higher gains in the long run. For months, Bitcoin price had been cursed with short-selling.
The investors were selling BTC the moment they saw some profits. The situation seems to have changed since the beginning of 2023.
Since the beginning of the year, BTC’s trend has shifted positions. It has moved into bullish territory. Although BTC has paid a visit to the bearish zone from time to time, it has mainly remained in the bullish zone.
This is a positive indication that BTC is moving in the right direction and its value may continue rising. As of now, Bitcoin’s market capitalization is 45.7% of the total market valuation of the crypto industry.
Rise in Bitcoin’s Dominance
The latest data shows that since the weekend, the dominance of Bitcoin has risen by 3%. This clearly indicates that BTC is currently hovering in bullish territory.
This is the reason why the dominance of the asset has been rising significantly.
Tedtalksmacro, one of the crypto market commentators has commented about the trend of Bitcoin. He made a statement on March 15 about the movement of Bitcoin.
He has stated that every surge Bitcoin has witnessed has helped push its dominance higher. There was a time when BTC’s trading price surged to the highest levels.
Even at that time, the overall dominance of BTC was around 42%. Then in the year 2022, the entire crypto market crashed and even then, BTC’s dominance fluctuated between 40% and 41%.
Future Price Movement of BTC
As the dominance grows for Bitcoin, more investors will rally in favor of the asset. They will continue supporting the trend that would help push the asset’s price higher in near future.
It is expected that the trading price of BTC may surge to higher levels with the rallies supporting the asset. More investors will continue entering the market to help push BTC’s price higher.
With strong buying momentum, the bulls may be able to cross the $30,000 mark for the first time in several months.
At the time of writing, Bitcoin’s trading price is $24,900. It has reportedly experienced almost a 2% surge in the past 24-hours.
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