🦉 Bitcoin’s Key On-Chain Supply Metric Plummets

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BTC DOMINANCE WEEKLY CHART 🔬

Bitcoin Dominance Update

Current Status: Bitcoin dominance is currently hovering around 56%, after reaching a peak of 61% on November 18th. This shows that while Bitcoin still holds a strong grip on the market, altcoins are starting to gain ground as we enter Alt Season.

Key Levels to Watch: Keep an eye on 59% dominance. If Bitcoin dominance breaks above this level, it could signal another attempt to the upside, especially with the weekly timeframe nearly reset, a strong push to the upside here could happen.  If dominance drops below 55-53%, we could see a sharp acceleration to the downside signaling an even stronger shift toward altcoins.

Impact on Altcoins: Altcoins tend to outperform when Bitcoin dominance drops. We've already started seeing altcoins show strength as Bitcoin dominance weakens, but the recent bounce in dominance is crucial. For Alt Season to truly take off, we need to ensure dominance does not reclaim key levels, as a rebound here could mean Bitcoin outperforms altcoins once again.

What This Means for Traders: If Bitcoin dominance rises, Bitcoin will likely continue to lead the market. However, if dominance declines, altcoins could experience significant gains as traders look for higher volatility and diversification opportunities.

Stay sharp and keep a close watch on these dominance shifts—they’re key indicators of the market's direction!

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