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Bitcoin Dominance Starts to Trend Down

Written By: ChartChamp

November 29, 2024

Bitcoin dominance has hit my key resistance level at the light blue zone, which gives a dominance level of 61.60% to 63.23%. BTC dominance has started to trend down and this is usually when Altcoin season starts. The yellow trendline is a key resistance level for Bitcoin dominance, and we climbed well above resistance here so I think BTC is overbought relative to the Altcoin market. This is usually a great time to swap BTC for Altcoins, and I believe ALTS will start to significantly outperform BTC starting in January. Bitcoin is trading around $100k, which makes it hard to double your investment at current prices. ALTS are trading at significantly lower prices, and it is much easier to pump an Altcoin from $1 to $10 compared to pumping BTC from $100k to $1 million. So I think most of the gains will be made in ALTS moving forward, but there will be times where BTC reclaims dominance and has brief moments of outperforming ALTS.

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