Bitcoin dominance slips to 61.35% as altcoin market share continues to expand rapidly
BTC dominance failed to hold 62.5% Fibonacci level signaling weakness and possible altseason
Bitcoin price nears $117,520 while capital flows from BTC to altcoins fuel market rotation
Bitcoin's share of the market has dropped to 61.35%, which could mean that investors are feeling differently. This measure shows how much of the whole cryptocurrency market Bitcoin makes up by market capitalization. The drop comes after a peak of about 66.03% and a correction to 60.43%, which is a big drop.
Analysts say that Bitcoin's dominance couldn't stay above important Fibonacci retracement levels. The 38.2% retracement level at 62.51% acted as resistance, which made the metric go down. The current price action shows weakness below this level, which means that Bitcoin's market share will continue to be under pressure.
Altcoins are gaining ground as capital moves around
When Bitcoin's dominance goes down, it usually means that more money is going to altcoins. If this trend continues, this rotation could make alternative cryptocurrencies do better. Market watchers say that if the price drops below 60.43%, this move could speed up, with targets near 59% and 57% showing up on technical charts.
Traders are keeping an eye on the 62.5% resistance zone to see if it might turn around. If the price goes back up above this level, it could mean that Bitcoin is becoming more popular again. However, the current trend is toward more losses. If the bearish trend continues, altcoins may see more trading and prices go up in the next few sessions.
Bitcoin Price Stays Up Even Though Dominance Drops
Bitcoin's price is still strong even though its dominance is going down. The cryptocurrency was worth about $117,520, which is a 1.27% increase in 24 hours. Intraday analysis shows that there is strong support near $115,430 and resistance near $118,000. If the price stays above $117,770, it could quickly rise to $120,000.
Market cap currently stands at $2.33 trillion and the trading volume at 85.66billion. Such figures demonstrate that traders are interested in it, although the remainder of the cryptocurrency industry is preparing the potential altcoin surges. In the situation where Bitcoin remains at its current condition, then the altcoins may perform even better in the future.
