The Cryptocurrency Market Explodes with Bitcoin Surpassing $100,000
The cryptocurrency market is 'hot' as Bitcoin's price surpasses $100,000, sparking discussions about a strong rally for altcoin. Veteran investor Raoul Pal believes that Bitcoin Dominance has peaked, signaling the beginning of what he calls the 'Banana Zone' — a parabolic growth phase for altcoins. However, not everyone agrees.
Bitcoin Reaches $103,000; BTC Dominance Decreases
At the beginning of May, Bitcoin was trading around $94,197. It maintained in the range of $94,000–97,000 until May 7. However, in the past 24 hours, BTC has risen 3.5% to $103,322, breaking the important $100,000 mark. Overall, Bitcoin has increased by 9.66% this month and 6.9% in the past week. Meanwhile, BTC dominance has decreased from 65.36% on May 7 to 63.69% today, a drop of 2.5% — the first decline after two months of consecutive growth.
What is the 'Banana Zone'?
Named by Mr. Pal, the 'Banana Zone' describes a sharp upward curve in altcoin prices, resembling the shape of a banana. This is when investors transfer profits from Bitcoin to altcoin, driving explosive growth across the market. However, cryptocurrency analyst Mark Harvey disagrees. He believes that Bitcoin Dominance could strengthen due to increasing ETF capital inflows and institutional acceptance.
CMC's Altcoin Season Index
CMC's Altcoin Season Index currently stands at 41, the highest since February but still far from the threshold of 75 to achieve a true altcoin season. This means we are not yet in a complete altcoin season — but the configuration is being formed.
Historical Breakthrough of Bitcoin
Bitcoin's breakthrough past the $100,000 mark is a historic milestone. Whether this triggers the 'Banana Zone' or further solidifies BTC's dominance remains a question. Currently, all eyes are on altcoin.
Source: https://tintucbitcoin.com/raoul-pal-mua-altcoin-sap-den-bitcoin-giam-thong-tri/
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