- A crypto analyst, recently tweeted, “Bitcoin dominance downtrend continues.
- Traders may have shown a rising interest in BTC as it climbed to 50.14%.
- A recent whale movement could increase the selling pressure and affect BTC’s dominance.
Will Clemente, a crypto analyst, recently shared a chart showcasing BTC’s dominance in the market, tweeting, “Bitcoin dominance downtrend continues.” This could have ignited a frenzy across the crypto Twitter space; however, it seems that the chart was inverted.
The crypto analyst has not yet stated whether this tweet was a prank. Looking at the comment section, it seems that some Twitter users understood that the chart was inverted. One such Twitter user, the CEO of Into the Crypto Verse, Benjamin Cowen, commented, “You had me in the first half, not gonna lie.”
In the last week of June, Bitcoin’s dominance reached 52.18% as its market cap continued to rise. However, in August, the BTC’s dominance consisted of 48.90% after facing a significant fall. Finally, by September, traders may have shown a rising interest in BTC as it climbed to 50.14%, once again regaining its previous strength.
Although BTC’s price experienced a surge of 4.17% over the week, a significant, unknown wallet-to-exchange whale movement was observed today. The blockchain and whale tracker, Whale Alert notified that 1,062 BTC was transferred from an unknown wallet to Binance.
This move could be a sign that the unknown whale could be planning to dump, creating selling pressure in the BTC market. This whale movement could play an active role in affecting BTC’s dominance. However, traders should note that there may still be a chance that BTC’s price will not be affected if the overall buying pressure is almost equal to the selling pressure.
After experiencing a surge of 0.83% in 24 hours, BTC was priced at $27,072.22 at the time of writing. It seems that the traders’ demand may be settling down as the trading volume, valued at $14,692,778,321, faced a fall of 2.40% in one day.
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