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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    how NFTs became a global brand and a Web3 “social currency”

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    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

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    CryptoPunks Floor Price Hits 3-Year High of $208,000

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

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    Early Off the Grid Skin Holders Are Cashing In – Will You?

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    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

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    On-Chain Games Don’t Have a ‘Secret Sauce,’ YGG’s New Advisor Says

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin dominance nears 60%: Will BTC help altcoins boost as well?

August 9, 2024
in Bitcoin
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Bitcoin dominance nears 60%: Will BTC help altcoins boost as well?
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  • Bitcoin’s dominance was set to surpass 60% at the time of writing.  
  • Bitcoin wallet activities saw a resurgence despite negative Funding Rates.   

Bitcoin’s [BTC] dominance has steadily been increasing, with 60% at reach during press time.

The death cross, where the short-term average falls below the long-term average, has crossed over on the daily chart, but remains on the weekly chart. 

In 2023, Bitcoin began to rise right after this event, moving above its 50-day moving average and maintaining it as support. 

However, in 2022, Bitcoin had a small rally before the death cross, but it faded afterward, similar to 2021. 

Source: TradingView

In 2020, Bitcoin also rose into the death cross, had a brief pullback, and continued upward, similar to 2023.

The strength of the current move depends on Bitcoin staying above $60K and holding that level as support. If it fails, a slow decline might follow until the Fed makes a move.

What does the negative BTC Funding Rate mean?

Bitcoin has recently experienced its first major, 33% decline in this bull market. The Funding Rate for BTC has gone negative again, signaling a potential buying opportunity for long-term investors. 

Major buyers such as Blackrock and MicroStrategy are increasing their Bitcoin holdings. 

As the business cycle reaches a low point with the ISM index below 50, Bitcoin’s dominance in the market is expected to rise.

Source: CryptoQuant

Bitcoin addresses holding more than 0.1 BTC hits ATH

The number of Bitcoin addresses holding more than 0.1 BTC is growing steadily, signaling dominance is increasing as well as whales’ buying activities. 

See also  Bitcoin: 'Quite confident' whales with 'most pull' have this price prediction

Over the past month, they have accumulated $23 billion worth of Bitcoin. Long-term holders, those who plan to keep their BTC for the foreseeable future also moved 404,448 BTC, valued at $22.8 billion, to their addresses. 

This significant accumulation indicates a strong belief in Bitcoin’s future potential.

Source: Bitcoin Magazine PRO


Is your portfolio green? Check out the BTC Profit Calculator


ETH/BTC rotates back up

Ethereum initially rebounded strongly after this week’s market crash, but quickly lost those gains as Jump Trading continued to sell. 

The declining ETH/BTC chart indicates that Bitcoin’s dominance will likely continue to grow, especially considering Ethereum is the largest cryptocurrency after Bitcoin.

Source: TradingView

Next: ‘Ethereum is ready for a big run if THIS inflow sustains’ – Exec

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Bitcoin’s dominance was set to surpass 60% at the time of writing.  
  • Bitcoin wallet activities saw a resurgence despite negative Funding Rates.   

Bitcoin’s [BTC] dominance has steadily been increasing, with 60% at reach during press time.

The death cross, where the short-term average falls below the long-term average, has crossed over on the daily chart, but remains on the weekly chart. 

In 2023, Bitcoin began to rise right after this event, moving above its 50-day moving average and maintaining it as support. 

However, in 2022, Bitcoin had a small rally before the death cross, but it faded afterward, similar to 2021. 

Source: TradingView

In 2020, Bitcoin also rose into the death cross, had a brief pullback, and continued upward, similar to 2023.

See also  'Bitcoin Jesus' charged with tax fraud and arrested in Spain

The strength of the current move depends on Bitcoin staying above $60K and holding that level as support. If it fails, a slow decline might follow until the Fed makes a move.

What does the negative BTC Funding Rate mean?

Bitcoin has recently experienced its first major, 33% decline in this bull market. The Funding Rate for BTC has gone negative again, signaling a potential buying opportunity for long-term investors. 

Major buyers such as Blackrock and MicroStrategy are increasing their Bitcoin holdings. 

As the business cycle reaches a low point with the ISM index below 50, Bitcoin’s dominance in the market is expected to rise.

Source: CryptoQuant

Bitcoin addresses holding more than 0.1 BTC hits ATH

The number of Bitcoin addresses holding more than 0.1 BTC is growing steadily, signaling dominance is increasing as well as whales’ buying activities. 

Over the past month, they have accumulated $23 billion worth of Bitcoin. Long-term holders, those who plan to keep their BTC for the foreseeable future also moved 404,448 BTC, valued at $22.8 billion, to their addresses. 

This significant accumulation indicates a strong belief in Bitcoin’s future potential.

Source: Bitcoin Magazine PRO


Is your portfolio green? Check out the BTC Profit Calculator


ETH/BTC rotates back up

Ethereum initially rebounded strongly after this week’s market crash, but quickly lost those gains as Jump Trading continued to sell. 

The declining ETH/BTC chart indicates that Bitcoin’s dominance will likely continue to grow, especially considering Ethereum is the largest cryptocurrency after Bitcoin.

Source: TradingView

Next: ‘Ethereum is ready for a big run if THIS inflow sustains’ – Exec
Tags: AltcoinsBitcoinBoostBTCDominanceNEARs

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