Bitcoin (BTC) Dominance Falls as Price Seeks Bottom

BTC is stepping back with a market cap dominance of 66%, as leading altcoins keep relatively stable.

Bitcoin (BTC) saw its dominance over the entire crypto market cap slide toward 66%. During the latest price drop, BTC headed downward, while altcoins stabilized or even gained.

BTC, which saw a significant growth of activity on futures markets, is at a crossroads again. The price stagnated around $8,800 for a short time, before sliding to $8,787.28 on Wednesday. Now, the predictions are for BTC finding a bottom, with the potential to go as low as $8,500.

https://twitter.com/VIP25SIGNALS/status/1193918515394306048

The coming days and weeks will show if BTC reverses the trend, or goes to a lower range. BTC so far failed to fulfill expectations of a rally to $16,000, with some skepticism on whether the halving narrative would work to push prices upward.

More than 75% of all BTC volumes are propped up by Tether (USDT), and activity is still spread out to multiple exchanges, with no one market having significant influence. The Bitcoin blockchain carried around $860 million in transactions in the past day, a lower range in comparison to the $2.7 billion during the recent rally above $9,000.

BTC markets have now entered a mode stagnant stage, with less inflows of new liquidity and BTC to exchanges. Still, there are selling pressures from the occasional mid-range transaction.

https://twitter.com/whale_alert/status/1194336746248581120

BTC prices are also seen as turning bearish, unless a breakout happens quickly. The Fear and greed index has turned down a notch into fear territory, down to 38 points. Expectations are for BTC to bottom out before the next rally, or spend the next few weeks in bearish territory.

https://twitter.com/BottomHunt/status/1193886682464112642

The current BTC price dominance is also much lower than the expected, as some predictions saw the dominance return to above 90% by the end of 2019. BTC has gained ground in 2019, though the rallies have been short-lasting and with a subsequent correction.

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