Pro Charts: Crypto

Target: Bitcoin Dominance Has Broken Out

Updated: Mar 26, 2024 | Published: Mar 26, 2024
Verified Investing
By Verified Investing
Target: Bitcoin Dominance Has Broken Out

Bitcoin dominance has broken above multiple levels, signaling it will outperform alts in the near term. The upside target is 58% with it currently trading at 53.88%.

A breakout on dominance does not necessarily mean the price of Bitcoin will surge higher, it could also mean Bitcoin falls, but altcoins fall more sharply.

The reason why dominance is likely to increase is fundamental. With spot ETF's and new investors intrigued, buyers will continue in Bitcoin. In addition, more institutional money is flowing into Bitcoin as well. Retail investors are still somewhat suspect of altcoins, their valuation and technology.

Bitcoin dominance is something that can be tracked via charts, just like price action. Investors should pay attention.