Bitcoin's (BTC) dominance in the cryptocurrency market continues to grow, threatening to undo altcoins' outpacing BTC gains since the start of 2021. The dominance share rose to 52.45% on Monday, reaching its highest since April 2021, according to TradingView.
This rise is consistent with the bullish breakout that occurred in June and ended a long swing range between 38% and 48%. Fairlead Strategies analysts expect Bitcoin dominance to continue to rise, reversing the 60% to 40% decline seen in March-April 2021.
"The index is poised for further gains, especially after breaking through a two-year trading range this summer," Katie Stockton, founder and managing partner of Fairlead Strategies, said Monday. Bitcoin is expected to outperform altcoins, further reversing their gains achieved in the first half of 2021.
#BTC
This rise is consistent with the bullish breakout that occurred in June and ended a long swing range between 38% and 48%. Fairlead Strategies analysts expect Bitcoin dominance to continue to rise, reversing the 60% to 40% decline seen in March-April 2021.
"The index is poised for further gains, especially after breaking through a two-year trading range this summer," Katie Stockton, founder and managing partner of Fairlead Strategies, said Monday. Bitcoin is expected to outperform altcoins, further reversing their gains achieved in the first half of 2021.
#BTC
