Founders of Glassnode, Jan Happel and Yann Allemann, have indicated that altcoins might soon experience significant growth, potentially outpacing Bitcoin. This assertion was made in a recent social media update to their 63,300 followers, raising interest in the cryptocurrency market’s dynamics.
What Factors Influence Bitcoin’s Declining Dominance?
The duo analyzed the current Bitcoin Dominance (BTC.D) chart, observing a notable decline in Bitcoin’s share of overall cryptocurrency market capitalization. This trend suggests that alternative cryptocurrencies could be on a path for quicker value appreciation compared to Bitcoin.
Could Bitcoin’s Price Stabilization Lead to a Shift?
For altcoins to thrive, Bitcoin must hold steady above the $100,000 mark. This stabilization could provide the necessary environment for altcoins to experience substantial growth.
Key takeaways from their analysis include:
- Bitcoin’s dominance is decreasing, possibly paving the way for altcoins.
- Long-term holders are selling, creating pressure on Bitcoin’s price.
- Potential for a market shift could arise as the new year approaches.
Currently, Bitcoin is priced around $101,893, with its dominance at approximately 56.94%. This positioning indicates it remains below the trend line highlighted by the Glassnode founders. Observers are keenly watching how these dynamics might influence market trends in the near future.