Coin-Turk 17 minutes ago
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Bitcoin (BTC ($101,071.10)) 
$100,939 has seen a significant rise in its dominance, climbing from 54% to 59.48% this month. According to analysis platform Glassnode, a similar trend occurred during the 2020 cycle when dominance dropped below 60% in November 2020 and surged to 69% by January 2021. Historical data suggests that surpassing these dominance levels tends to initiate long-term bullish trends. Conversely, Bitcoin’s price has experienced a 3.60% drop in the last 24 hours, currently trading at $98,943.
Indicators Signal Caution Despite BTC Dominance Rise
Although the increase in BTC dominance has led to interpretations of a long-term bullish trend, it also pressures the altcoin market, causing significant pullbacks. Additionally, data from prominent crypto analytics platform CryptoQuant indicates that the Bitcoin Cycle Index (IBCI) has entered the “distri…
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