Through a series of winnings and losses in the past week, the price of Bitcoin (BTC) registered no significant overall change that indicates widespread market uncertainty despite the inauguration of pro-chrout Donald Trump as US president. Interestingly, Blockchain Analytics Company Glassnode notes that a broader development points to a haissely future for flagship crayon access.
Bitcoin dominance is increasing, what is ahead?
IN An X post On January 24, Glassnode reports that Bitcoin dominance is currently growing after a decline to ~ 54% in December 2024 during which the main Cryptocurrency experienced a significant price correction of about 14.5%. Following a remarkable price recovery in January, Bitcoin’s market share has now moved over 57% which indicates increased investors’ preference for BTC in the middle of much market uncertainty.
According to Glassnode, this development is similar to the bull cycle 2020/2021 where BTC dominance reached a local bottom of 60% in November 2020 before rising to 69% in January 2021, followed by another decline.
During this cycle, the Bitcoin dominance eventually topped about 72%, before the asset’s increase to $ 40,000 doubled the previous bicycle’s highest time of $ 19,764. Noteworthy bitcoin still rose to record a maximum time of $ 64,800 in that bull run.
Therefore, if the main Cryptocurrency reflects such results, investors can expect a lowest price case of $ 128,000 in the current bull run. However, based on historical data from Glassnode, BTC will only begin to get exponentially when its dominance reaches a top value and begins to sink.
In particular, this period is called Altseason where Altcoins generally surpass Bitcoin in terms of market results due to a shift in the risk of investors. During this period, altcoins would experience a greater capital inflow than bitcoin due to their ability to potentially produce higher returns than the foremost cryptocurrency. Although, BTC would still produce a significant price rally that is crucial for the haus -working direction in the general crypto market.
Altseason on vent?
With BTC dominance on the emergence, it seems that it is not yet starting with the Alt’s season Previous popular speculation. According to data from Coinmarketcap, the Altsease index is currently 46, which indicates that the market is still relatively neutral but slightly leaning towards a bitcoin season.
However, this current market status can be attributed to the current uncertainty about investors. According to Previous predictionsAltseason is expected to soon kick in with significant price border, which is expected to occur in March.
Albeit some analysts like Ali Martinez Now postulates An altar season must not occur in this bull bike due to a huge increase in altcoins over the past four years. At press time, Bitcoin continues to trade at $ 104,680 reflects a profit of 1.05% on the past day.
Image from Binance Academy, Chart from TradingView
