Bitcoin’s Growing Dominance: A Promising Indicator for Market Recovery
Santiment (@santimentfeed), a blockchain analytics business, tweeted yesterday that the price of Bitcoin (BTC) had dropped by 6% in March. Despite this, the cryptocurrency market leader, according to the tweet, is still outperforming the bulk of the altcoins that are presently accessible.
The tweet suggests that investors and traders will put their attention on Bitcoin (BTC) when the market gives up part of its gains throughout the months of January and February. According to Santiment, one of the most crucial indicators of when the market has started to rebound is when there is a rise in the societal dominance of Bitcoin.
Crypto Market Rebound Ahead?
The tweet from Santiment said that Bitcoin Cash’s (BTC) social dominance had reached its greatest level since September 2022. As a direct consequence, the cryptocurrency market may see a resurgence in the coming weeks.
BTC will have to overcome all of the economic data revealed during this week to have a successful week. Later on today, important information such as the unemployment rate in the United States and testimony from the Fed will be released. The cryptocurrency market would suffer due to the release of this economic data.
As a result of the incoming economic data, a number of industry specialists have hypothesized that the price of bitcoin might drop to as low as $19.5K.
Bitcoin Price Dip Continues
According to data compiled by CoinMarketCap at the time of publication, the price of one bitcoin has decreased by 1.99% over the last twenty-four hours, and it is now trading at $22,008.52. This 24-hour price decline has contributed to Bitcoin’s poor performance over the last week. As a direct consequence, Bitcoin’s price has decreased by 7.15% during the last week.
The daily trade volume for BTC has increased by 55.11% over the course of the last twenty-four hours, and it now stands at a total of $24,220,725,036.
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