- BTC’s market dominance has dropped over the last 24 hours.
- Traders may look to ETH for an indication of what altcoins will do in the coming days.
- Santiment stated that altcoin prices will continue to climb if traders tame their FOMO.
The market dominance of Bitcoin (BTC) has slipped slightly over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the market dominance of BTC stands at 39.01%, which is a small decrease of 0.05% compared to what it was yesterday.
BTC’s dominance dropped slightly following a mini rally for altcoins as the start of the new year saw some liquidity make its way back to the market. The majority of this liquidity was injected into smaller-capped altcoins.
Santiment, the blockchain intelligence firm, tweeted this morning that prices may continue to surge if traders can “temper their FOMO.” The tweet warned that an increase in the hashtag “#ALTSEASON” all over Twitter will result in a pullback.
Traders and investors may look to turn to Ethereum (ETH) for any indication of what the future holds for altcoins, given that ETH is the biggest altcoin by market cap. Currently, ETH’s price is up 1.34% over the last 24 hours. As a result, ETH’s price stands at $1,325.70 at press time.
ETH’s price is still trading above the 9 and 20 EMA lines on its 4 hours chart. However, the RSI indicator on the 4-hour chart suggests potential bearishness as the RSI line is looking to cross below the RSI SMA. Should this cross happen, ETH’s price will fall in the coming 4-8 hours.
ETH’s price is trading at a key resistance level around $1,326.86 at press time. Once again, the RSI indicator suggests that there is some bearishness present that may see ETH’s price drop in the coming 24 hours. This bearish thesis will be invalidated if ETH’s price is able to break the current resistance level before the close of today’s trading session.
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