Bitcoin Dominance Threatens 'Likely Top' as Altcoins Surge

Bitcoin Risks Uptrend Reversal

New analysis warns that Bitcoin (BTC) may be at risk of canceling its latest uptrend as altcoins experience a surge. Popular analyst Matthew Hyland expressed caution about BTC price action in a recent post. Despite reaching new highs of $44,729 on Bitstamp, there are signs that the bull run may be in trouble, with Bitcoin dominance threatening a key level.

Bitcoin Dominance and Altcoins

Bitcoin's share of the overall crypto market cap has seen a recent spike, reaching its highest level since April 2021. However, there has been a swift turnaround, and Bitcoin dominance currently stands at 53.4%. Some experts believe that a dominance reversal will lead to a major rally in altcoins, known as "altseason." The top ten cryptocurrencies by market cap, including Cardano (ADA) and Avalanche (AVAX), have already experienced significant gains.

Altcoin Market and Bitcoin Dominance

Altcoins have seen substantial growth as Bitcoin dominance decreases. On December 6th, the altcoin market cap was up 2.4% for the day, with month-to-date gains at 18.4%. This trend has sparked excitement among traders and investors, with many anticipating further growth in altcoins.

This article does not provide investment advice or recommendations. Readers should conduct their own research and assess the risks before making any investment or trading decisions.