Bitcoin dominance ready to break multi-year support
Bitcoin dominance is in the analyst’s eyes, which indicates another cycle of the cryptocurrency market, after it is dominating for a few months.
Bitcoin dominance, which measures the market capitalization of Bitcoin influence in the cryptocurrency market, has dropped to 56% or shrunk from 60% in the past month, according to the data from TradingView.
Analysts also projected that Bitcoin seems to dip below its long-standing support trend line, which refers to the key technical levels that record Bitcoin domination falling below a certain threshold.
“Bitcoin dominance looks so ready to break down through its multi-year support trend line,” analyst says on his X post on Dec. 02.
Ethereum domination also…
