As 2019 nears its end, Bitcoin price looks back on an overall positive year.
Altcoins shared in the exuberance surrounding Bitcoin's parabolic price rise, with the majority of top market cap cryptocurrencies posting notable gains.
The state of the altcoin market seems to have changed though, as Bitcoin's market dominance falls and many digital assets start to show positive market data.
As the cryptocurrency market leader, Bitcoin often paves the way for altcoins in one form or another.
Bitcoin dominance shows the amount of money in the crypto market that is currently invested in Bitcoin, comparative to the rest of the altcoins.
At press time, Bitcoin dominance holds at 66%, which means 66% of the money in the crypto space currently is invested directly in Bitcoin.
At the height of the last monumental alt season in January 2018, Bitcoin dominance visited levels as low as 35%, while most altcoins tallied drastic gains on a daily basis.
Barring any significant negative news for Bitcoin or the overall cryptocurrency space, a downward trend in Bitcoin dominance likely will result in positive price action for altcoins, as has been the case in the past.
If Bitcoin price takes another downward dive, history has shown that the entire cryptocurrency market will likely follow.
With less than 220 days before the next Bitcoin halving, the market waits in anticipation of other positive factors to push up the price.
2 Key Indicators Show ETH, BNB Could Rally as Bitcoin Price Eyes $9K
gepubliceerd op Oct 11, 2019
by Cointele | gepubliceerd op Coinage
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