Bitcoin Dominance on the Rise Once Again
Price is in the high $38000’s – let’s get this party started!
Bitcoin dominance on the rise once again as crypto market rallies
“Bitcoin’s price has been rallying in tandem with altcoins, sending mentions of the markets flipping back to a bullish supercycle for Bitcoin (BTC). The flagship cryptocurrency went through the resistance levels of $42,000 for the first time since May 19, hitting a peak of $42,541 on July 31.
Alongside the market rally, the Bitcoin dominance (BTCD) index has been seeing an uptrend as well. As per data from TradingView, BTCD hit a 3 month high of 49.2% on July 31. The last time it was at these levels was back in May when it was on the decline from the yearly high of 73.6% it hit at the start of January.
The BTCD index is calculated using the ratio of the Bitcoin market versus the rest of the cryptocurrency market. As the name suggests, being the flagship crypto asset indicates the dominance that Bitcoin has over the rest of cryptocurrency tokens.”