Bitcoin dominance has broken an upward trend that it has respected since late November of 2022. Could this herald the start of a surge for altcoins?
Since the start of the year, and also in the current environment of an impending Spot Bitcoin ETF approval, bitcoin has ruled the roost. It led the whole crypto market out of the doldrums of the last bear market, coming out of the gates fast as soon as the new year dawned.
Of course, some of the top altcoins have outperformed bitcoin, with the likes of Solana ($SOL), Injective ($INJ), and Render (RNDR) putting on a lot more gains than the king of the cryptocurrencies.
Year-long trend is broken
Source: Trading View
However, for the altcoins to run, they have relied on a strongly upward trending $BTC. If $BTC has been correcting or ranging sideways, the altcoins have generally been subdued as well.
Bitcoin dominance has very much been keeping the altcoins in their place over the whole of 2023, and just as the year is about to end, the upward
We współpracy z: https://cryptodaily.co.uk/2023/12/bitcoin-dominance-breaks-trend-time-for-altcoins
