Bitcoin Takes the Lead, Dominance Surges as BTC Outperforms AltcoinsBitcoin Takes the Lead, Dominance Surges as BTC Outperforms Altcoins
A growing narrative amongst crypto and traditional asset class investors that Bitcoin might actually be a viable safe haven against potential turmoil in the traditional fiat-based fractional reserve banking system has helped propel the BTC to fresh multi-month highs versus its major altcoin peers this week.
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According to TradingView, Bitcoin dominance (i.e. the percentage of the cryptocurrency market’s total capitalization taken up by Bitcoin) hit its highest level in nine months above 45.5% on Wednesday.
Bitcoin’s leap in dominance comes after the cryptocurrency hit its highest levels since last June in the mid-$26,000s earlier this week, a stunning recovery from last week’s dip to new two-month lows under the $20,000 level
If Bitcoin can make it to and break above $28,000 resistance, the door would then be opened to more upside beyond $30,000 to the next major resistance around in the $32,500-$33,000 area.
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