Bitcoin (BTC) Dominance Reaches 60.6%, a 5.01% Increase, Despite Price Volatility

CoinMarketCap data reveals that Bitcoin (BTC) dominance has reached 60.6%. This represents a 5.01% increase due to a shift in market dynamics within the last 48 hours.

CoinMarketCap data shows that Bitcoin (BTC) dominance has reached 60.6%, marking a 5.01% increase due to shifting market dynamics over the past 48 hours. This rise comes despite Bitcoin experiencing price volatility during the same period.

This significant rise in BTC dominance indicates that Bitcoin is receiving more capital inflows at the expense of altcoins. Investors still find the future outlook of Bitcoin promising and are betting on it despite the coin experiencing price volatility.

This high dominance rate suggests that the coin may soon experience a long-term bullish cycle. Additionally, with this surge, altcoins could rebound as this dominance, if accompanied by a price increase, will lead to price appreciation.

However, analysts maintain that for altcoins to rally, the market has to experience fresh liquidity injection. This is also critical to avoid market pressure.

Bitcoin is at a wide margin compared to Ethereum, which dropped by 2.36% and 10.1%. Other assets registered 29.3% in dominance, signifying a 2.65% decline.

Veteran traders remain bullish

Within the last 24 hours, Bitcoin has fluctuated between a low of $91,242.89 and a high of $99,397.65. At press time, the Bitcoin price is changing hands at $95,553.51, up 3.35% over the last 24 hours. The trading volume has also soared by 163.04% to $102.37 billion.

Despite the price volatility, this spike in trading volume shows investors have sustained their interest in the coin. Experts see this as indicative of likely bullish potential.

As reported by U.Today, veteran trader Peter Brandt has called on investors to stay bullish despite current liquidations in the market. According to Brandt, even if the leading altcoin should slip to $80,000, BTC is still bullish, and there is no need to despair.