Bitcoin Dominance Leaps to New Highs! Path to Altseason Is Here!
The primary cryptocurrency has given a massive kickstart for quarter 4, by taking the price beyond $50k. In the last 24 hours, BTC price soared by 2.27% reaching $56,423 at the press time. The total market cap of the asset now stands at $1.063 trillion, while the dominance over the Altcoins has risen to 45.283% since most of them are lagging behind the market leader.
Bitcoin Price On the Verge Of Major Breakout!
As Bitcoin dominance is in an uptrend, a huge flow of money is flooding into the asset causing price surges. On the other hand, the most dominant asset is on the verge of breakout at a crucial resistance of $57k. Surpassing this limit could lead to a major bull rally of the coin. Interestingly,
as per the recent data from Santiment, in the past two weeks, 85.7k BTC was accumulated by addresses with 100-1,000 BTC. Seems a big price action is on the way.
Collectively, at present, the money is flooding into Bitcoin. Also, a massive amount is flowing to Ethereum as well to keep up with the pace of the primary coin. A shift in the market trend could catalyze Ether to outperform the dominant asset. Slowly altcoins with large market caps might carry forward the momentum by late November or December. And by January 2022, regardless of the market cap altcoins with strong fundamentals could leap to new highs giving rise to mega altseason.
Also Read: Analyst Predicts 6-Digit For BTC Price ! Here’s when Bitcoin Will Hit $250k
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