Bitcoin’s price has risen above $31,000, leading to a rapid increase in its market dominance. Currently sitting just above $30,000, Bitcoin’s dominance has remained above 50%, which could have implications for altcoins in the crypto space. This rise in dominance reflects the fact that the market rally has mainly been limited to Bitcoin, despite some upside for altcoins. Bitcoin’s market cap has crossed $587 billion, accounting for more than half of the total crypto market cap. However, the rise in Bitcoin’s dominance could also signal the start of an altcoin season, as investors rotate their profits into altcoins. This has happened in the past, leading to increased demand and rising prices for altcoins. If this trend continues, Bitcoin’s dominance could continue to rise before experiencing a sharp drop as investors move into altcoins for higher gains. Such a rally could see altcoins rise by at least 10%, with Ethereum potentially reaching a price above $2,000.
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