Due to the dominant position of Bitcoin (BTC) still exceeding 50%, counterfeit currency has been performing steadily, but there are also some notable exceptions.The low market value of counterfeit coins may indicate the final stage of the bear market cycle
Due to the dominant position of Bitcoin (BTC) still exceeding 50%, counterfeit currency has been performing steadily, but there are also some notable exceptions.
The low market value of counterfeit coins may indicate the final stage of the bear market cycle. Some analysts believe that Bitcoin prices exceeding the $32000 level may become a key trigger factor for rising to $40000.
The dominant position of Bitcoin has reached a historical high of over 52% in 2023, indicating that counterfeit coins are facing some challenges. Although most counterfeit currencies are constantly striving to improve, some analysts believe that this may be part of the bear market cycle.
Counterfeit Coins Compete Against Bitcoin's 52% Dominance
The market value of Bitcoin has been on the rise relative to the entire cryptocurrency market. Over the past six months, Bitcoin's dominant position has fluctuated between 47% and 52%. In the past week, Bitcoin's dominant position has remained above 50%, exacerbating the challenges in the counterfeit currency market.
On Friday, Bitcoin briefly broke the important $30000 threshold. This move has led to an increase in the global market value of cryptocurrencies, but the growth of most counterfeit currencies remains relatively weak, although there are also some notable exceptions.
Most counterfeit currencies have performed relatively poorly, but some cryptocurrencies such as Solana, XRP, BitcoinSV, Stacks, and Injective have shown double-digit gains. According to CoinGecko's data, the prices of these digital currencies have significantly increased in the past 7 days.
The Last Stop of a Bear Market
VandePoppe said, "A few months before Bitcoin halved, counterfeit coins hit bottom
The next Bitcoin halving event is scheduled for April 2024, and VandePoppe suggests developing a strategy in this sluggish market.
Meanwhile, cryptocurrency analyst Altcoin Sherpa emphasized the importance of Bitcoin breaking through $32000. He pointed out, "If we can break through $32000, then $40000 would be possible, but if this is the recent high, I think we may fall back to the low of $20000
As of the writing of this article, the price of Bitcoin (BTC) is $29488, and recently briefly exceeded $30000 last Friday. According to CoinGecko's data, BTC has increased by nearly 4% in the past 24 hours and by 10% in the past week.
The increasing dominance of Bitcoin poses a challenge to the price of counterfeit coins. However, some analysts suggest that the cryptocurrency market may be approaching the end of the bear market cycle, and Bitcoin is expected to continue to lead before halving in 2024. However, investors should remain cautious towards the end of the so-called bear market cycle.
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