- Oh dear! BTC dominance took a tumble as BTC decided to dip, quite the contrary to its usual shenanigans! 🐻
- Meanwhile, our cheeky little altcoins like Story IP, Maker, and Hyperliquid are throwing a party with double-digit recoveries! 🎉
Bitcoin, the grand old chap, dipped below $90K, and with it, a 2% decline in market dominance. Analysts are scratching their heads, wondering if this might just be the break altcoins have been waiting for! 🤔
According to the mysterious Stockmoney Lizard (yes, that’s a real name!), this decline in BTC dominance while BTC is on a downward spiral is a brand new trend. How exciting! 🦎
“Also new: BTC dropping while BTC.D is dropping…This means many Altcoins are forming local bottoms while BTC makes new lows,” said our friend Lizard. Quite the revelation! 🧐
As BTC plummeted to $86K, its dominance slipped from 62.28% to a mere 60.9%. A drop in BTC dominance usually means the capital is playing musical chairs, moving from the king coin to the altcoins. 🎶
Last November, when the dominance dropped by 10%, it triggered an altcoin pump that made XRP jump a whopping 500%! Talk about a party! 🎈
BTC dominance: Will altcoins recover?
But hold your horses! Analysts like Arthur Hayes and Galaxy Digital’s Alex Thorn are waving their magic wands, predicting a price range of $75K-$85K for our dear king coin. 🪄
“Looking at BTC supply by price last moved (URPD), there’s mostly air between $75-85k. Market may want to test that range. 200d MA is $81.6, which could provide support if we test it,” Thorn mused. 🧙♂️
If this prediction holds water and the new trend continues, BTC dominance might just drop further, giving altcoins a chance to breathe! 🌬️
Speaking of breathing, select altcoins are having a field day! Story [IP] and Celestia [TIA] are up 34% and 22%, respectively, strutting their stuff as top daily performers on CoinMarketCap! 💃
Hyperliquid [HYPE] and Maker [MKR] are also joining the fun with their double-digit recoveries. What a sight to behold! 👀
During this rollercoaster ride, the altcoin market cap increased from $1.16T to $1.17T, a delightful $10B bump! But alas, the altcoin season index is at a mere 25, suggesting it’s still a BTC season. 🥳
AMBCrypto took a peek at the ETH/BTC ratio to get a better grip on the altcoin market’s status. This ratio is like the weather vane for altcoins, gauging ETH’s performance against BTC, the king of them all! 🌪️
Last November and December, we saw alt season with 18% and 25% rallies in ETH/BTC. On Tuesday, the ratio surged 8% as BTC dominance took a nosedive, giving some altcoins a little boost! 🚀
However, the ratio has a pesky overhead hurdle at 0.03 and has declined 32% since December, putting a damper on the recovery outlook for the altcoin sector. Oh dear! 😱
In simple terms, the weak ETH/BTC ratio could throw a spanner in the works
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2025-02-26 20:10