- Bitcoin hits a new all-time high, boosting investor confidence and market growth potential.
- BTC dominance weakens, suggesting altcoins may surge as crypto market dynamics shift.
- Technical indicators show bullish momentum, but overbought signals hint at a possible correction.
Bitcoin reached a new all-time high (ATH) of $88,600.71, a 9.06% gain in the last 24 hours. This strong performance shows investor confidence and indicates strong buying pressure, which is pushing the crypto market toward growth.
As Bitcoin’s dominance stabilizes, the altcoin market may be ready for a parabolic breakout. Looking at previous bull cycles, altcoins often see rapid price increases after Bitcoin breaks through to new ATHs.
CryptoAmsterdam, a crypto analyst, predicts that in Q4 2024 and Q1 2025, we will see another altcoin surge when the total crypto market cap, excluding Bitcoin and Ethereum, reaches a crucial resistance zone.
Bitcoin Dominance Shows Signs of Weakening
Despite Bitcoin’s impressive rally, the long-term trend in Bitcoin points to a potential shift in market dynamics. Historically, Bitcoin’s dominance has followed a downward trend since 2017, with resistance levels marked in December 2020.
The dominance chart suggests that if the trendline resistance holds, Bitcoin’s impact on the overall crypto market may decrease, potentially creating opportunities for altcoins to capture a larger share of market attention.
BTC Price Surge and Market Cap Growth
Bitcoin’s market capitalization reached $1.77 trillion, a 10% increase over the last day. Additionally, trading volume increased 77% to $136.34 billion.
This strong price movement began its upward trajectory on the previous day and picked up at around 4:00 PM, dragging Bitcoin beyond the $86,000 mark.
The technical analysis of Bitcoin’s price shows that the MACD indicator remains positive, with the MACD line above the signal line. This suggests continued bullish momentum, increasing confidence in the current rally.
However, the RSI stands at 78.85, signaling overbought conditions that could indicate a potential price correction if buying pressure wanes.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
