The crypto market has endured a turbulent period in recent weeks, as the total market cap has crashed by over 18% in the last month, with Bitcoin leading the decline. Amid this heavy correction, data on Bitcoin Dominance counters circulating narratives of the market top being in.
Hyland explained that, while these indicators appear bearish for Bitcoin Dominance, they could actually signal a positive outcome for the broader market, as a potential capitulation in BTC.D might pave the way for widespread gains across all cryptocurrencies.
In particular, the analyst stated that a fall in BTC.D. to below 49% has always confirmed the Bitcoin top for the cycle. He explains that following this event, investors should stay alert for altcoin profits that should follow. With the present Bitcoin Dominance around 61%, Bitcoin’s price still holds more room for growth before potentially recording a market peak.
At the time of writing, Bitcoin trades at $102,283 after a slight price loss of 0.07% in the last day. Meanwhile, the daily trading volume is up by 25.29% and valued at $85.58 billion. Aside from the predicted crash in Bitcoin Dominance, Collin Talks Crypto has also noted other signals that suggest Bitcoin is yet to reach a market top.
Collin Talks Crypto also highlighted that this period may coincide with the anticipated US government reopening between mid-November and early December, adding to the potential convergence of supportive macro factors that could reignite the final lap of the bull run.
