{"id":565758,"date":"2021-02-17T12:53:29","date_gmt":"2021-02-17T09:53:29","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=565758"},"modified":"2021-02-17T12:53:29","modified_gmt":"2021-02-17T09:53:29","slug":"bitcoins-dominance-exceeding-63-could-put-a-dent-on-alt-season","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoins-dominance-exceeding-63-could-put-a-dent-on-alt-season\/","title":{"rendered":"Bitcoin&#8217;s Dominance Exceeding 63% Could Put a Dent on Alt-Season"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin&#8217;s dominance has fallen consistently since the beginning of 2021<\/strong><\/li>\n<li><strong>BTC&#8217;s dominance fell from 73% to 59% allowing alt-coins to thrive<\/strong><\/li>\n<li><strong>Bitcoin&#8217;s dominance is now battling to regain the crucial 63% that could see BTC back in full control of the crypto markets<\/strong><\/li>\n<li><strong>Bitcoin is at the cusp of confidently breaking $50k and pushing harder to $60k<\/strong><\/li>\n<\/ul>\n<p>The King of Crypto, als0 known as Bitcoin, has broken <a href=\"https:\/\/en.ethereumworldnews.com\/bloomberg-report-50k-may-be-bitcoins-next-stop-with-a-base-at-20k\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">the $50k price ceiling<\/a> with gusto and looks set to once again print new all-time highs <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-becomes-a-1-trillion-asset-at-53680\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">on its path to $60k<\/a>. At the time of writing, Bitcoin has set a new all-time high of $51,797 &#8211; Binance rate &#8211; with the possibility of making it to $53k or even $54k before the end of the week.<\/p>\n<h2>Bitcoin&#8217;s Dominance is Knocking at 63% and Could Put a Dent on Alt-season<\/h2>\n<p>To note is that Bitcoin&#8217;s dominance has been dropping since the year began. The drop can be attributed to an influx of new capital from <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-30k-32k-level-should-hold-due-to-institutional-investors\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">institutional investors<\/a> focusing on Bitcoin and Ethereum. The new capital focusing on these two digital assets has allowed hodlers and seasoned traders to divert BTC and ETH profits towards alt-coins thus providing an ideal environment for them to thrive.<\/p>\n<p>However, Bitcoin&#8217;s dominance is once again attempting to reclaim the crucial 63% area that could increase BTC&#8217;s hold on the crypto markets even further. As a result, the growth of alt-coins might be paused as focus and capital is diverted back to Bitcoin. The Bitcoin dominance chart below provides a visual cue of the situation.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th.png\"><img class=\"aligncenter size-full wp-image-565759\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th.png\" alt=\"\" width=\"1014\" height=\"529\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th.png 1014w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th-300x157.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th-770x402.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th-500x261.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th-240x125.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-Dominance-Feb-17th-717x374.png 717w\" sizes=\"(max-width: 1014px) 100vw, 1014px\" title=\"\"><\/a><\/p>\n<p>From the chart, it can be observed that Bitcoin reclaiming 63% will ultimately lead to a retest of the 66%, 67.68% and possibly the 69% area. Applying a bit of technical analysis allows for the identification of a possible head and shoulders pattern forming, with a genesis in September of 2020. Completion of this pattern implies that Bitcoin&#8217;s dominance revisits at least the $67.68% level.<\/p>\n<h2>Incoming Stimulus Checks Could Halt Bitcoin from Postponing Alt-Season<\/h2>\n<p>However, the US is in the process of <a href=\"https:\/\/edition.cnn.com\/2021\/02\/16\/politics\/stimulus-update-house-democrats-proposal\/index.html\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">approving a $1.9 Trillion stimulus package<\/a> that could see eligible Americans receive a minimum of $1,400 in COVID relief funds. Chances are high that a good percentage of the recipients of the stimulus checks will opt to purchase digital assets as was the case with the first stimulus check of $1,200.<\/p>\n<p>The question now remains as to whether they will opt to buy Bitcoin with their stimulus checks, or take their chances with the vast selection of alt-coins. The selection of either option is still very bullish for BTC and the general crypto markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Bitcoin&#8217;s dominance has fallen consistently since the beginning of 2021 BTC&#8217;s dominance fell from 73% to 59% allowing alt-coins to thrive Bitcoin&#8217;s dominance is now battling to regain the crucial 63% that could see BTC back in full control of the crypto markets Bitcoin is at the cusp of confidently breaking $50k and pushing harder to $60k The King of Crypto, als0 known as Bitcoin, has broken the $50k price ceiling with gusto and looks set to once [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":562268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961,7110],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565758"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=565758"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/562268"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=565758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=565758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=565758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}