Ethereum

Bitcoin

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 <a href="https://www.tradingview.com/symbols/BTC.D/" target="_blank" rel="nofollow">data from TradingView</a>. 
Analysts also projected that <a rel="" href="https://crypto.news/tag/bitcoin/">Bitcoin</a> 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. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Bitcoin dominance looks so ready to break down through its multi-year support trend line,” analyst says on his <a rel="nofollow" href="https://x.com/mikybullcrypto/status/1862782173717074217?s=46" target="_blank">X post</a> on Dec. 02. 
</blockquote> 
<a rel="" href="https://crypto.news/tag/ethereum">Ethereum</a> domination also falls into 12.9% of the domination level, following the Bitcoin shrink. At the same time, the other’s crypto domination has surged to 31.5% or an increase from 28.1% in the past month. 
The drop in biggest crypto dominance has significantly brought market sentiment, which indicates that the Altcoin season, also known as Altseason, is in here, an analyst <a rel="nofollow" href="https://x.com/mikybullcrypto/status/1862782173717074217?s=46" target="_blank">says</a>. It is indicated by the dominations that have broken 2-year support. 
Altseason is a market situation in which <a rel="" href="https://crypto.news/tag/altcoins/">Altcoins</a> surged higher than Bitcoin as a prominent crypto in the world, as one of them indicated by Bitcoin’s drop in dominance. 
 You might also like: <a rel="" href="https://crypto.news/eth-btc-pair-hits-ytd-low-as-bitcoin-dominance-surges/"> ETH/BTC pair hits YTD low as Bitcoin dominance surges </a> 
<h2 class="wp-block-heading" id="bitcoin-dominance-followed-by-price-action">Bitcoin dominance, followed by price action</h2> 
Bitcoin is also facing a massive trading day with $36.5 billion in volume, or an increase of 15.33% in a day. 
The price movement also went back to head the $100,000 price target, which, at the time of writing, Bitcoin price increased to $97,320 or 0.95% in a day of trading. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="624" src="https://crypto.news/app/uploads/2024/12/BTCUSDT_2024-12-02_07-01-31-1024x624.png" alt="Bitcoin dominance drop and ready to break multi-year support, analyst says - 24" class="wp-image-14315286">
 <figcaption class="wp-element-caption">
 1 Day BTC price chart, September 16 – December 02, 2024 | Source: <a rel="" href="https://crypto.news/price/bitcoin/">crypto.news</a>
 </figcaption>
</figure> 
Bitcoin market capitalization has also seen a 0.78% increase to almost $2 trillion. The latest all-time high also only reached $99,655 or less than $500, away from the price target. 
 You might also like: <a rel="" href="https://crypto.news/bitcoin-crash-robert-kiyosaki-btc-plunge-to-60000/"> Bitcoin to crash? Robert Kiyosaki predicts BTC plunges to $60k </a>

Bitcoin dominance drop and ready to break multi-year support, analyst says

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