Altcoins Could See “More Blood” as Bitcoin Dominance Reaches Bedrock Support

Altcoins Could See “More Blood” as Bitcoin Dominance Reaches Bedrock Support


Bitcoin has been firmly guiding the altcoin market throughout the past week or so, with mid-cap and small-cap cryptos firmly tracking its every move This trend has come about following a period in which these tokens significantly outperformed the benchmark crypto This trend led BTC’s dominance over the aggregated market to plunge lower, and it now appears to have reached a bedrock support level One analyst believes that this support level will allow Bitcoin’s dominance to spike higher This could strike a serious blow to altcoins and lead them to see further blood

Bitcoin’s dominance has been ceded to altcoins throughout the past few weeks and months, with the ongoing DeFi craze leading return hungry investors to flock away from the largest digital asset and towards smaller, more volatile ones.

The collapse in the cryptocurrency’s market-wide dominance shows that investors are growing more comfortable with taking on risk, as BTC is typically viewed as being the safer play.

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