Bitcoin dominance nears 50% as research hails ‘bullish’ narrative flip

cointelegraph.com:

Bitcoin (BTC) accounts for more of the total value of all cryptocurrencies than at any time since June 2022.In the latest knock-on effect from this week’s surge above $26,000, data from TradingView shows that Bitcoin market cap dominance is nearing 46% — its highest in nine months.Up almost 3% since the weekend alone, Bitcoin dominance shows a trend-setting move by the largest crypto asset reminiscent of classic bull cycles.“Every Bitcoin bull market has commenced with a spike in BTC dominance (as has every bear market),” markets commentator Tedtalksmacro noted on March 15.An accompanying chart showed that such dominance “spikes” tend to precede significant trend shifts in BTC price action.“Bull Market or Echo Bubble?” Tedtalksmacro queried.Analyst Hamza meanwhile used Wyckoff schematics to reveal an equally broad “surge” in dominance after months of an “accumulation” phase.#Bitcoin dominance on a full surge as expected using wyckoff accumulation schematic.

https://t.co/QqIzvIh0rW pic.twitter.com/nxrPMGqKcZ“Expect for Bitcoin dominance to come roaring back soon,” optimistic Bitcoin investor and research analyst Tuur Demeester added earlier in the week.

With recent events further buoying Bitcoin bulls after an already impressive start to the year, overall opinions on future performance are gradually flipping positive after a grim bear market. Related: Bitcoin returns to $25K as Credit Suisse bailout precedes EU rate hike move Among the shifts in perspective is that of trading firm DecenTrader, which described the “narrative” around Bitcoin as “turning bullish” in a fresh market update on March 16 “It has been a long, cold winter for Bitcoin and crypto.