On December 02, data from TradingView showed that Bitcoin dominance, which gauges Bitcoin’s influence on the cryptocurrency market in terms of market capitalization, has shrunk from 60% to 56% over the past month. Analysts project that Bitcoin seems poised to dip below its long-standing support trend line, as one analyst stated in an X post on the same day.
Following Bitcoin’s decline, Ethereum’s dominance has fallen to 12.9%. Meanwhile, the combined dominance of other cryptocurrencies has surged to 31.5%, up from 28.1% in the past month. An analyst noted that the drop in the dominance of major cryptocurrencies has significantly affected market sentiment, suggesting that Altseason, a period when Altcoins outperform Bitcoin, is underway, as indicated by broken 2-year support levels.
Bitcoin also had a busy trading day with a trading volume of $36.5 billion, marking a 15.33% increase in a single day. Its price movement has pushed it closer to the $100,000 price target. At the time of writing, Bitcoin’s price rose by 0.95% to $97,320 in a day of trading, and its market capitalization increased by 0.78% to nearly $2 trillion. The latest all-time high was $99,655, just less than $500 away from the target price.
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Bitcoin to crash? Robert Kiyosaki predicts BTC plunges to $60k
ETH/BTC pair hits YTD low as Bitcoin dominance surges
