Bitcoin dominance has weakened as the market grips with uncertainty. Yet, few altcoins are capitalizing for an altcoin season.
bears have thwarted another breakout attempt, maintaining pressure as bulls hold above $62K. At $63,390 at press time, a reversal toward $70K may not be imminent.
However, the chart below revealed a divergence during BTC’s ATH of $73K in March. Despite the price surge, BTC dominance stayed flat, suggesting a decoupling between price action and market dominance.Per AMBCrypto, this hinted at growing altcoin interest, with investors viewing them as less risky alternatives to Bitcoin amid its value surge.
Additionally, TAO has recorded a staggering 18% surge in the last 24 hours, far exceeding BTC’s 2%, which reinforces AMBCrypto’s earlier hypothesis.Currently, a spike in TAO outflows has reached a two-month high of $3M, indicating that investors are moving into altcoins as BTC prices rise, signaling a direct correlation between the two.
Additionally, this may trigger a shift in asset allocation toward altcoins, which investors might view as a safer option.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Volatility spikes across all markets as rate cut hopes lift Bitcoin back above $63k supportThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold shines as stock rally fizzles, Bitcoin consolidates below $63kThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold hits record high as risk-on euphoria fades, Bitcoin consolidates above $63kThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Bitcoin: Binance moves 75,177 BTC – Is a major sell-off incoming?Binance Bitcoin Cold wallet which holds 75,177 BTC, transferred a 30,000 BTC to its hot wallet and the remaining 45,177 BTC to another wallet
Read more »
Bitcoin: U.S inflation holds steady, but will rising Fed rate cut odds help BTC?Fed rate cut odds in September surged to 70% amid steady July inflation. Despite being a potential positive for BTC, its price was unmoved...
Read more »
Bitcoin short-term holders hold the key to $70KShort-term Bitcoin holders could determine BTC's next move after reaching the highest profits since August after the price broke past $63K.
Read more »