Journalist
Posted:
- Bitcoin’s dominance soared as prices turned green.
- Inscriptions eased the selling pressure of miners.
Bitcoins [BTC] the price increase is starting to leave other altcoins in the dust as the king coin continues to develop.
King’s coin continues to rule
Santiment’s data indicated that Bitcoin’s price dominance is back, at least for now. Altcoins retreated after a strong month.
If people worry and show fear, we could see a rapid increase in prices. It is a dynamic situation in the crypto market. Bitcoin’s dominance can change and influence the prices of altcoins. Investors should remain alert to shifts in market sentiment.
#Bitcoin Price dominance is finally back, at least for now. #Altcoins have returned at the end of the week after last month’s blisteringly hot rally. When the crowd starts to worry and show up #FUDHowever, we could see some quick price rebounds. pic.twitter.com/VAcKd27WIH
— Santiment (@santimentfeed) November 17, 2023
The resurgence of Bitcoin’s price dominance could lead to increased investor confidence in Bitcoin as a leading cryptocurrency. This could attract more attention and investment to Bitcoin, potentially having a positive impact on its price.
However, the impact on altcoins could be negative as a shift towards Bitcoin dominance could lead to a reduction in the relative value of altcoins.
Moreover, Inscriptons can also help BTC gain positive momentum.
Miners see relief
The registrations started in early 2023 and brought general benefits for Bitcoin. Miners now get a quarter of their income from fees.
Transactions with fees around 50 sat/vByte are quite common, showing that users are willing to pay a little extra for faster processing. This highlights a positive trend for both miners and users on the Bitcoin network.
The growing prevalence of inscriptions in 2023 will likely have several positive consequences for Bitcoin. First, because miners earn a significant portion of their revenue from fees, it improves the overall economic sustainability of the Bitcoin network.
Read Bitcoin’s Price Prediction 2023-2024
Users’ willingness to pay higher fees for faster transactions indicates greater demand and value associated with timely processing. This could contribute to a more robust and secure network as users invest in efficient transaction processing.
Source: Glassnode
At the time of writing, BTC was trading at $36,424.78. Over the past 24 hours, the price of the king coin has fallen by -2.9%. The volume it was traded on remained the same.
