Despite speculation of Bitcoin dropping to the $20,000 mark, its market dominance trajectory appears to be on the upside. Currently, Bitcoin’s share of the cryptocurrency market stands at a staggering 47.33%, while altcoin prices suffered recently.
According to Project Syndicate, a trader with active presence on TradingView, Bitcoin will further increase its market share. He expects Bitcoin to reach a peak of 50%, which could only strengthen its case in the minds of regulators. If Bitcoin goes on to retest the 50% level, claims of Bitcoin supporters like Michael Saylor could be reinforced.
Last month, the Microstrategy CEO predicted massive upside to Bitcoin due to a potential shakeout in the industry due to acceleration of regulation. Regulation is going to move the asset class from being a $1 trillion asset class to $10 trillion, Saylor said.
Project Syndicate predicted that altcoins will continue to bleed until Bitcoin retests the 50% market dominance level. Owing to macro-economic situation and last month’s Terra collapse, altcoin prices suffered huge losses in the recent past.
The trader suggests that the downside to altcoins will continue until July or August. It does not look like a great setup for altcoin traders, they stated. Bitcoin is likely to hover between the 40-50% dominance levels.
“Expect Ethereum and other altcoins to bleed until we re-test 50% dominance level. Bitcoin set to flip flop between 40%-50% dominance range.”
Meanwhile, Bitcoin had in the last few weeks showed volatility in the range of $29,000-$31,500. Contrary to bullish claims that the top crypto had already bottomed at around $29,000, historical patterns show otherwise. As of writing, Bitcoin price is $30,511, up 2.79% in the last 24 hours, according to CoinMarketCap.
On the other side, revenue generated by Bitcoin miners is continuing to drop. This continues even as production costs are increasing as the market sentiment is bearish.
The “Trump Insider whale” has reportedly opened a $430 million long position in Bitcoin and…
Western Union has announced plans to launch a U.S. dollar-backed stablecoin built on the Solana…
Trump Media & Technology Group has announced a partnership with Crypto.com to launch Truth Predict.…
Bitget, the top Universal Exchange (UEX), has introduced the COMMON token to its Launchpool, as…
Coinbase Prime has entered a partnership with Figment Inc. in a bid to bring institutional…
Zcash price tumbled over 10% in the last 24 hours after a more than 500%…