In analyzing the market dynamics, the value of BTCUSD plays a significant role. Nonetheless, in addition to BTCUSD, I am keeping a close eye on the BTC dominance percentage, which measures the dominance of Bitcoin in the cryptocurrency market relative to other cryptocurrencies like Ethereum (ETH).
If the BTC dominance percentage breaks out, it means that Bitcoin is gaining dominance in the market, and it would be advisable to hold Bitcoin instead of ETH (altcoins). On the other hand, if the BTC dominance percentage reverses down, it suggests that the dominance of Bitcoin is decreasing, and holding ETH (with altcoins) would be a better investment choice. Therefore, by monitoring the BTC dominance percentage, I can determine whether it is favorable to invest in Bitcoin or Ethereum and altcoins.
Current BTC.D percentage: 49%
BTC.D breakout target: 67%
BTC.D breakdown target: 41%
If the BTC dominance percentage breaks out, it means that Bitcoin is gaining dominance in the market, and it would be advisable to hold Bitcoin instead of ETH (altcoins). On the other hand, if the BTC dominance percentage reverses down, it suggests that the dominance of Bitcoin is decreasing, and holding ETH (with altcoins) would be a better investment choice. Therefore, by monitoring the BTC dominance percentage, I can determine whether it is favorable to invest in Bitcoin or Ethereum and altcoins.
Current BTC.D percentage: 49%
BTC.D breakout target: 67%
BTC.D breakdown target: 41%