Bitcoin sets accidental multi-year high
Bitcoin's price action volatility in the last 48 hours has been doing its thing, this if we take into account that Bitcoin dropped to the $61,000 area and at the time of writing this was above the $65,500 area, a fact to keep in mind is that we are 5 days away from Halving and the price is still holding in one area.
According to William Suberg, "Bitcoin's market dominance over crypto market capitalization has reached its highest level in three years as altcoins feel renewed downward pressure."
The truth is that alternative cryptocurrencies have suffered "real damage" after falling in price over the weekend with a cascade of liquidations that took the BTC/USD pair to the $61,000 area, triggering "altcoins to face much worse conditions, as data shows, many of the top twenty cryptos by market capitalization fell more than 15%"
However, hopes for an "alt season" remain alive this because, "Historically, Bitcoin bull markets tend to see a rise in dominance in their early stages, with altcoins then catching up once the BTC/USD pair experiences an extended period of consolidation."
Noted in "An accompanying chart compared the dominance of Bitcoin and altcoins, drawing comparisons to late 2020, the point at which BTC price action had just escaped its previous macro trading range below USD 20,000"
SOURCES CONSULTED
Cointelegraph. Bitcoin dominance hits 3-year high as BTC price dip pressures altcoins. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
Bitcoin is certainly performing quite well and I am so sure this is just the beginning. Bitcoin will still perform more in price value soon in the future. It is just a matter of time actually