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Bitcoin has made a fresh all-time high and collected Altcoins. But can BTC keep dominance, or will a rotation push in alts btc.d lower?
Zoom in, bitcoin [BTC] Consolidates the support of $ 120K, uses it as a launchpad and validates the structure with back-to-back all-time highlights, the latest violation of $ 123k.
Q3 Crypto Outlook
However, an intraday refund of 1.47%, however, signals a weak follow-up momentum. The result? The market capitalization of BTC was withdrawn from $ 2.46 trillion to $ 2.41 trillion, which marks a contraction of $ 50 billion.
In the meantime, the wider crypto market followed this movement, slipping from $ 4.20 trillion to $ 4.15 trillion, also a dip of $ 50 billion. That means that this pullback is almost completely BTC driven, With dominance with 0.54%.
Source: TradingView (BTC.D)
This divergence is remarkable for following market flows of traders.
As the graph illustrates, Bitcoin Dominance (BTC.D) has carved a third lower layer in the past two weeks, despite the fact that BTC itself ralles nearly 6%.
Simply put, while Bitcoin is in a price discovery phase, capital rotates in Altcoins. Returned, Total 2 (market capital ex-BTC) has been violating $ 1.65 trillion for the first time since 2021, indicating the relative strength.
