The Altcoin Market Awaits Bitcoin’s Lead
The altcoin market is currently in a holding pattern, waiting for the momentum of bitcoin to subside so that they can make their move. In the crypto market, value tends to flow towards the coins and tokens that are performing well at the moment, and right now, bitcoin is stealing the spotlight.
Bitcoin Dominance Continues to Rise
Bitcoin dominance is on the rise as the leading cryptocurrency continues its upward trend. The BTC.D chart shows an upward leaning wedge pattern, and a breakout to the upside would be highly bullish for bitcoin dominance. However, if bitcoin remains within the wedge, it would give altcoins more room to breathe.
At the moment, bitcoin appears to be forming a flag pattern at the $44,000 level, suggesting a potential breakout to the upside. This could further strengthen BTC dominance for as long as bitcoin’s surge continues.
A Few Altcoins Stand Out
While most altcoins are awaiting their turn, a few stand out in terms of performance. Solana (SOL), Render (RNDR), and Dogecoin (DOGE) are among the top-ranking altcoins that are still attracting value.
Solana is currently up 3.6%, and if its price were to retrace and form a higher low, it could potentially surge higher. Render is already performing well, up 4.8% and close to a new local high. However, the most impressive performer of the three is Dogecoin, which broke out of a downward wedge in November and has been on a strong upward trajectory since then.
If bitcoin reaches the $48,000 price level and either drops or moves sideways, altcoins might have a chance to catch up and make significant gains. Stay prepared for potential opportunities.
Hot Take: Altcoins Await Their Turn as Bitcoin Dominance Reigns
The altcoin market continues to be overshadowed by bitcoin’s dominance. While a few altcoins have managed to stand out and attract value, most are patiently waiting for their chance to shine. Bitcoin’s unstoppable surge is captivating the attention of the crypto market, and altcoins will have to wait for its momentum to subside before they can make their move. Bitcoin dominance, as indicated by the BTC.D chart, is still rising, creating a challenging environment for altcoins. However, if bitcoin consolidates or corrects, altcoins might have an opportunity to catch up and make significant gains. It’s important to stay vigilant and be prepared for potential market shifts.
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