- Although the price of BTC increased, its trading volume fell in the last 24 hours.
- Metrics appeared bullish on BTC, suggesting a new bullish trend.
bitcoin [BTC] It has always dominated the cryptocurrency market. In fact, in recent times, BTC has had a market dominance of over 52%, reflecting its huge popularity.
Read Bitcoin [BTC] Price prediction 2023-24
However, considering the latest data, the number could rise further, especially if BTC continues to oscillate around a particular price band.
Bitcoin Dominance Could Increase!
Ignoring the short dips, BTC dominance has grown dramatically in recent years. Just for comparison, while at the time of publication the dominance stood at 52%, Ethereum [ETH]which is the second largest crypto, had a dominance of only 18%.
Although ETH's dominance was also commendable, it could not be compared to Bitcoin.
The logical path to follow #Bitcoin domain.
This should give Alts some room to run if $BTC it remains between $34 and $35 thousand and will certainly give them room if BTC hits new year-to-date highs. pic.twitter.com/wC9I8WChuf
- Caleb Franzen (@CalebFranzen) November 4, 2023
Caleb Franzen, a popular crypto analyst, recently revealed an interesting development on X (formerly Twitter). According to his tweet, BTC The domain could see fresh momentum in the coming days if its price remains between $34,000 and $35,000.
Bitcoin seems comfortable above $35,000
A look at BTC price action broadly suggests that BTC will be able to remain in the band. According CoinMarketCap, the coin rose more than 1.15% in the last 24 hours. At the time of writing, it was trading at $35,179.83 with a market capitalization of over $647 billion.
However, its trading volume had fallen over the past day, which raised alarm bells. However, CryptoCon, another popular crypto analyst, pointed out a key metric, which suggested that BTC could be in for another rally soon.
I don't mean to irritate everyone, but the monthly stochastic never goes up that much unless something great is about to happen for you. #Bitcoin. pic.twitter.com/hcgshPUxA5
- CryptoCon (@CryptoCon_) November 4, 2023
According to the tweet, btcThe monthly stochastic was close to a level that has historically been followed by an uptrend in prices. For example, similar situations occurred in 2013, 2017 and 2022.
Therefore, it was necessary to take a better look at the state of the BTC network to see if BTC could really start another rally in the near term.
According to data analyzed by AMBCrypto via CryptoQuantum, the Bitcoin Miners Position Index (MPI) and the binary CDD were both in the green. Therefore, at press time, both miners and long-term holders were reluctant to sell their stakes.
Source: CryptoQuant
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Derivatives market statistics also looked quite bullish. Notably, the king coin's open interest increased along with its price. Whenever this happens, the possibility of the trend continuing remains high.
In addition to that, according to glass coinThe BTC funding rate was also in the green, meaning futures buyers were purchasing the coin at its highest price at press time.
Source: Coinglass
