Anonymous crypto analyst Pentoshi says the continued bounce in the Bitcoin (BTC) dominance chart is a positive development for the digital asset market. Pentoshi used the following statements:
“The first healthy sign on the market as it helps eliminate weak projects. I seriously can’t believe people can look at the tweets and not believe the dates, times, interactions and events.”
Bitcoin dominance index measures the ratio of BTC to the total cryptocurrency market cap. A growing Bitcoin dominance could indicate that BTC is either growing faster than altcoins or that other crypto assets are depreciating faster than BTC.
According to Pentoshi, altcoins will depreciate faster than BTC in the coming months, indicating an escape from excessive speculation to value investing.
At the time of writing, Bitcoin’s market cap has reached 40%, rising from its 2022 low of 39.15%.
Looking at Ethereum, Pentoshi predicts a bullish run for the second-largest cryptocurrency before continuing its downtrend.
“ETH is developing positively for the first time in two months. I would say $2700 and potentially $2900 for the next levels.”
As for Terra, the cryptocurrency analyst says the decentralized finance (DeFi) payment network will also make a splash.
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