Bitcoin has the whole market on the edge. The coin has a volatile price action at the moment and as a result, has a lot of investors confused about how will it rally. Even the people who are not very keen of investing in BTC itself are closely watching it too and trying to understand its behavior because BTC plays an important role in governing the crypto market general trends. When BTC falls the alts also falls and when it consolidates or rises alts also rises (provided the dominance doesn’t messes up the whole game).
A lot of investors have been liquidated a lot during these past few days because of its volatile price action. Opening shorts at the resistance but Bitcoin shows volume and momentum and it breaks liquidating the shorts and then comes back down. People open longs on supports but suddenly a wick down to the bottom and all the longs have been liquidated.
Current Market Situation
According to coinmarketcap at the moment Bitcoin is being traded at a price of 47,779 after a decrease of 0.87% in the past 24 hours and an overall decrease of 3.96% in the last 7 days. As I talked before the market is choppy and messed up. The coin dropped from $48,915 last day and achieved a price of $46,855. Now again BTC has gained a momentum and trying to break the resistance. BTC market has again dropped from 1T market that it achieved a few days ago after its rally towards $50k.
Bitcoin Dominance Btc.d
Bitcoin dominance chart helps us to understand the crypto market cap and the contribution of BTC in it. Studying the dominance gives you an insight how the market may react in the future so that you prepare yourself better. When dominance is increasing it means that money from different coins have started to pour into BTC. This means that the investors are now interested in Bitcoin rather than other coins. As a result alts start to bleed and their price decrease. Similarly when dominance starts to decrease it means that the investors taking their money out of BTC and their might be a chance that it will go into alts. As a result the alt coins rally upward. At the time of writing (as calculated by Trading View) BTC dominance is at 43% with 43.59% as highest and 42.77% in the 24 hour time period.
