After the recent rebound of Bitcoin to $29000, its dominant position has gained more support in the competitive currency market. According to the latest encryption Market data, after the valuation of the asset jumped by about 2% to about $560 billion in the past 24 hours, the dominant position of Bitcoin fell to about 60% on Wednesday
After the recent rebound of Bitcoin to $29000, its dominant position has gained more support in the competitive currency market. According to the latest encryption Market data, after the valuation of the asset jumped by about 2% to about $560 billion in the past 24 hours, the dominant position of Bitcoin fell to about 60% on Wednesday. Market experts predict that the recent rebound in Bitcoin may push its potential value towards $31000
The higher dominance of Bitcoin indicates the misfortune of the counterfeit currency market
The rise of Bitcoin's dominant position has breathed a sigh of relief into the entire encryption industry, which is already concerned about the strengthening of regulatory scrutiny in the United States. In addition, renowned institutional investors in the United States have shown strong interest in the crypto market, highlighting more upside potential in the future.
According to a popular digital asset analyst on Twitter, CryptoPatel (@ CryptoPatel), Bitcoin's dominance is expected to rebound to 63%. The analyst added that if 48% of Bitcoin's dominant position serves as a strong support level, the counterfeit currency market will fall by up to 60% from its current level.
Warning: If the dominant position remains at the 48% level, please stay away from BTC's counterfeit coins, "analysts pointed out.
Nevertheless, in the face of intensified speculative activity, the counterfeit currency market may appreciate simultaneously with the Bitcoin industry.
In the past, the Bitcoin market underwent a reversal without much warning, leading to the liquidation of most traders. It is still one year before Bitcoin is halved. As Bitcoin consolidates the strong bottom of bulls, Cryptocurrency traders should be cautious about possible surrender.
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