In the cryptocurrency world, all eyes are on the altcoin market as the Bitcoin Dominance Indicator signals the potential arrival of an altcoin season. This indicator, which measures the market cap dominance of Bitcoin compared to other cryptocurrencies, is indicating a shift in investor sentiment towards altcoins.
The global cryptocurrency market has been experiencing an upward trend and saw positive movements early Tuesday morning. Bitcoin (BTC) and Ethereum (ETH) surpassed the $31,000 and $19,000 marks, respectively.
These milestones have brought optimism to the market as these leading cryptocurrencies have recorded significant gains.
Total crypto market cap: $1.22 trillion (+1.29% in 24 hrs)
24-hr market volume: $37.76 billion (+25.34%)#CryptoUpdate
— NewsBytes (@NewsBytesApp) July 4, 2023
Altcoins, alternative cryptocurrencies, also experienced positive trends during this period.
Notably, Dogecoin (DOGE), a cryptocurrency inspired by memes, and Ripple (XRP), a payment protocol, were among the altcoins that recorded gains. This indicates a broader upward momentum in the market, extending beyond the performance of Bitcoin and Ethereum.
#Altcoins have begun their rally, signaling the start of a new minor alt season in the cryptocurrency market. Get ready for potential gains and opportunities in the world of alternative cryptocurrencies! #AltSeason #CryptoRally #GRT #XVG #COMP on pic.twitter.com/o2Js3cHJ2a
— Crypto Spot Pro (@CryptoSpotPro) July 3, 2023
Interestingly, the Bitcoin Dominance Indicator suggests the possibility of an upcoming altcoin season, indicating that altcoins such as DOGE, XRP, GCR, and others may receive increased attention and potentially see a rise in value.
GCR Surges by 43.26% in 24 Hours, Showcasing Strong Performance
The Global Currency Reserve (GCR) was the best performer during this period, which experienced a remarkable surge of 43.26 percent within just 24 hours. GCR is a lesser-known cryptocurrency that aims to establish a decentralized global currency accessible to individuals worldwide.
In terms of the overall market, the global cryptocurrency market cap reached a significant milestone of $1.22 trillion, representing a 0.92 percent gain within 24 hours.
Bitcoin (BTC) was priced at $31,130.43, showing a moderate increase of 1.32 percent. Ethereum (ETH) was valued at $1,958.16, indicating a more modest gain of 0.58 percent. Meanwhile, Dogecoin (DOGE) was trading at $0.0687, and Ripple (XRP) maintained a price of $0.4911.
These figures highlight the resilience of the market and the diverse performance of different cryptocurrencies during this period.
Bitcoin Dominance Surpasses 50%: Altcoin Season Potential Emerges
Bitcoin dominance, which represents the proportion of Bitcoin’s market value compared to other cryptocurrencies, has exceeded 58%. This means Bitcoin holds a significant share of the cryptocurrency market, with the highest dominance since April 2021. Its market capitalization of $590 billion surpasses that of Ethereum and other altcoins.
The recent surge in Bitcoin was triggered by BlackRock’s application for a Bitcoin exchange-traded fund (ETF), leading to positive market momentum. However, increased regulatory scrutiny by US authorities has impacted the market capitalizations of certain cryptocurrencies.
Notably, Bitcoin’s dominance has risen significantly from its lowest point of 37% in January 2022.
CRYPTO BREAKING NEWS
Why Bitcoin Dominance Hints At A Surprise Altcoin Season Ahead. Over the last month, a coordinated attack against altcoins by the US SEC caused Bitcoin dominance to surpass 50%. Above the psychological level ma… check us out @ https://t.co/8dh137aX4R pic.twitter.com/kanV5OIbgV
— InnovatekMobile (@Neome_com) July 4, 2023
Given these factors, if Bitcoin’s dominance surpasses 50% and altcoins demonstrate positive performance, there is a possibility of increased interest and investment in altcoins.
A rising Bitcoin accompanied by stronger altcoin performance has the potential to attract mainstream investors to the altcoin market. This development allows altcoins to regain momentum and potentially achieve significant price gains.
Bitcoin Price Prediction
Bitcoin faces resistance around the $31,000 level, but it is holding just above it at around $31,050. A bullish engulfing candle on the daily timeframe suggests a strong possibility of a bullish trend.
If Bitcoin breaks above the $31,350 resistance, the next target could be $32,500, potentially even higher at $34,150.
Technical indicators like the relative strength index (RSI) and moving average convergence divergence (MACD) indicate positive sentiment, with the 50-day exponential moving average supporting the upward trend.
On the downside, immediate support levels are around $30,500 and possibly $29,650. A break below $29,650 could lead to a decline towards $28,650 or lower to $27,900.
Therefore, monitoring the $31,000 level is important as it could signal a potential buying trend.
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