Bitcoin came out of the weekend strong and stable as a rock. With a high trading volume and bitcoin prices trading close to $8,200, this was great for the bullish market given the market is always unstable and unpredictable during the weekend.
Over the past two weeks, bitcoin has held up its head maintaining close to $8,200 with only one significant scare that came on Thursday 26 when the SEC denied an ETF– which has been the talk of the crypto community since then- sending the price just below $8,000, the impact was however swiftly reversed with prices bouncing back. The same scare creeped back to the market on Monday 30 but again, the market proved fearless.
Bitcoin’s Dominance Growing By The Day, Good Sign?
Altcoins have been much harder to predict over the past two weeks as bitcoin continues to show its market dominance. Altcoins have been turning from green to red by the minute and volumes have been low all through the highs and lows.
This has sparked the debate over the maturity of these cryptocurrencies, and what they need to grab a hold of the market, which is actually simple- they have to shake off the ‘scam’ reputation that continues to haunt them. As long as the market is filled with news of new crypto projects turning out to be scams and ways of stealing investor money, investors and traders will always be wary of new and even established altcoins.
Currently, bitcoin’s dominance sits at just above 47% which for some experts signals a price surge based on historical trends. Just like the surge seen in December 2017, the digital asset’s price surge came in the wake of its dominance.
We know that historic trends aren’t the best way to predict price movements especially dealing with relevantly new markets such as cryptos, however, we just can’t ignore it and experts believe that as that dominance increases, so does the chances of a bullish market.
On Monday 30, bitcoin briefly slipped just below $8,000 but was quickly defended by investors as it climbed back to just above $8,100. It is unclear what led to the slight slip but it’s clear that the bullish market wasn’t going to take it sitting.
So far, the bullish market has defended the $7,800 price level over the past two weeks but the market needs to break the $8,300 to ensure they don’t keep pulling the number one digital asset from below $8,000.
It’s unclear what led to the slight and short-lived price dip but, the silver lining was that investors had the opportunity to buy into bitcoin as they prepare for a long position.
Many experts believe that this is the moment when bitcoin makes it or breaks it. If it maintains this bullish run, all will be well and bitcoin might end up achieving even more than it has ever.
However, experts are also starting to see that bitcoin is running out of opportunities to redeem itself, if this bullish market is unable to keep bitcoin soaring, the next bearish trend might be what breaks bitcoin. Nonetheless, every indication thus far shows prospect the of a bullish market.
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