According to Cointelegraph: Bitcoin's (BTC) dominance in the overall cryptocurrency market cap is in jeopardy, according to analyst Matthew Hyland. In a recent post on social media, Hyland expressed concerns over BTC price action, warning of a potential 'rollover' that could disrupt its current uptrend.
On Dec 8, Bitcoin hit new 19-month highs of $44,729 on Bitstamp, continuing the bull run that amassed a 60% gain since October. The BTC dominance in the crypto market peaked at 55.26% on Dec 6, the highest since April 2021. However, Hyland notes a swift reversal afterwards, with dominance at 53.4% at the time of writing and warns of a potential downturn if it falls below 51.81%.
Such a dominance reversal could potentially trigger a major rally for altcoins, commonly known as 'altseason.' Despite a recent fall, Bitcoin's price still hovers around $44,000. Significant 22% 24-hour gains were observed for top 10 cryptocurrencies Cardano (ADA) and Avalanche (AVAX), while Ether (ETH) remained steady with a 12% increase over the past seven days.
The altcoin market cap rose by 2.4% for the day, with gains for December running at 18.4%.
