Bitcoin's dominance might set a new record, on this condition

bitcoin‘s Dominance and Potential Uptrend

In the world of cryptocurrencies, bitcoin (BTC) has always held a dominant position. With a market dominance of more than 52%, it is clear that bitcoin is the preferred choice for many. However, recent data suggests that this dominance could increase further if BTC continues to hover around a specific price range.

bitcoin‘s Dominance on the Rise

Over the years, bitcoin‘s dominance has seen significant growth. Currently, it stands at 52%, while the second-largest cryptocurrency, ethereum (ETH), only has a dominance of 18%. This demonstrates that bitcoin‘s dominance is unparalleled in comparison.

Popular crypto analyst Caleb Franzen recently shared on X (formerly Twitter) that BTC‘s dominance could receive a further boost if its price remains within the $34,000 to $35,000 range.

bitcoin‘s Price Hovers Above $35,000

Looking at bitcoin‘s price action, it seems likely that it will continue to remain within this range. According to CoinMarketCap, bitcoin‘s price has increased by over 1.15% in the last 24 hours and is currently trading at $35,179.83. This indicates that bitcoin is comfortably above $35,000.

Although the trading volume for bitcoin has dropped in the past day, there are positive indicators suggesting that another rally may be on the horizon. Crypto analyst CryptoCon highlighted that bitcoin‘s monthly stochastic indicator is nearing a level that historically precedes a price uptrend. Similar situations occurred in 2013, 2017, and 2022, leading to significant price increases.

Further analysis of bitcoin‘s network health reveals positive signs. bitcoin‘s Miners’ Position Index (MPI) and Binary CDD, as analyzed by CryptoQuant, are both in the green. This indicates that both miners and long-term holders are reluctant to sell their holdings at the current price.

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Bullish Derivatives Market Statistics

bitcoin‘s derivatives market also shows bullish signs. The Open Interest for bitcoin has increased alongside its price, suggesting a high possibility of trend continuation. Additionally, BTC‘s Funding Rate on Coinglass remains green, indicating that futures buyers are purchasing bitcoin at its higher price.

With these indicators pointing towards a potential uptrend and bitcoin‘s dominance already strong, it will be interesting to see how the cryptocurrency market evolves in the coming days.

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By Team