When will Bitcoin (BTC), which has taken over the reins after exceeding 42 thousand dollars, allow altcoins to rise?
BTC, which has been wreaking havoc in recent days, dropped a needle to $ 42,150, bringing a spring atmosphere to the market. The leader of cryptocurrencies, which has been rising almost continuously since $ 30,000, naturally triggered an increase in the dominance level. Crypto investors, who kept their distance from altcoins due to the accelerated movement in BTC, brought the dominance level to 54.29 percent.
Altcoins are the unplugged bomb!
Although the current price of BTC is in a good place, altcoins that cannot make the desired movement are waiting for dominance. Bitcoin Dominance, which increased in just three days, increased from 52.97 percent to 54.20 percent, recording a total increase of 2.50 percent. Due to this situation, there has not been a complete transfer of money to altcoins. When we look at the altcoin market in general, it is priced at levels where BTC is traded at $ 38,000.
In order for altcoins to make a big rise, it is necessary to follow the retreat at the Dominance level. If the data, which is currently 54.20 percent, relaxes to the 50 percent band, it will pave the way for altcoins. Thus, there will be more money flowing into altcoins both from within the market and from outside.
Liquidation data was shaken: Exceeded 300 million dollars!
With BTC dropping from $42,150 to $41,350, its liquidation value in the last 24 hours reached $308.23 million. Altcoins, which were pulled directly to support levels due to dominance being at upper levels, triggered the increase in liquidation. In the last 24 hours, short transactions worth $183.92 million and long transactions worth $124.32 million were liquidated. The largest liquidation in a single transaction was recorded as $6.01 million in XBT/USD parity on the Bitmex exchange.
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