Bitcoin Dominance Downtrend Alert: Could BTC Lose Its Power in Crypto Market?

Will Clemente, a crypto analyst, recently shared a chart showcasing BTC’s dominance in the market, tweeting, “Bitcoin dominance downtrend continues.” This could have ignited a frenzy across the crypto Twitter space; however, it seems that the chart was inverted.

Bitcoin dominance downtrend continues pic.twitter.com/oIpB93k3Jz

— Will Clemente (@WClementeIII) September 19, 2023

The crypto analyst has not yet stated whether this tweet was a prank. Looking at the comment section, it seems that some Twitter users understood that the chart was inverted. One such Twitter user, the CEO of Into the Crypto Verse, Benjamin Cowen, commented, “You had me in the first half, not gonna lie.”

BTC Dominance% 1-Week Chart (Source: TradingView)

In the last week of June, Bitcoin’s dominance reached 52.18% as its market cap continued to rise. However, in August, the BTC’s dominance consisted of 48.90% after facing a significant fall. Finally, by September, traders may have shown a rising interest in BTC as it climbed to 50.14%, once again regaining its previous strength.

Although BTC’s price experienced a surge of 4.17% over the week, a significant, unknown wallet-to-exchange whale movement was observed today. The blockchain and whale tracker, Whale Alert notified that 1,062 BTC was transferred from an unknown wallet to Binance.

🚨 🚨 1,062 #BTC (28,965,043 USD) transferred from unknown wallet to #Binancehttps://t.co/CE1PeWXFo4

— Whale Alert (@whale_alert) September 20, 2023

This move could be a sign that the unknown whale could be planning to dump, creating selling pressure in the BTC market. This whale movement could play an active role in affecting BTC’s dominance. However, traders should note that there may still be a chance that BTC’s price will not be affected if the overall buying pressure is almost equal to the selling pressure.

After experiencing a surge of 0.83% in 24 hours, BTC was priced at $27,072.22 at the time of writing. It seems that the traders’ demand may be settling down as the trading volume, valued at $14,692,778,321, faced a fall of 2.40% in one day.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk; Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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