While Bitcoin is trading below $29,000 again, altcoins continue to bleed, led by Ethereum.
While Ethereum regressed to $ 1735 levels during the day, it has lost 15% from the beginning of the week. In this process, losses in Bitcoin were limited to 5%.
While Bitcoin’s market dominance is on the rise again, it has increased to 46% today.
The increase in market dominance with the decrease in Bitcoin explains the decrease in altcoins. While the transition from altcoins to Bitcoin accelerates, 47.40% levels can be followed on the dominance side.
While altcoins are falling under the leadership of Ethereum, we see that projects with low market caps fall much harder.
According to Coinmarketcap data, among the top 100 cryptocurrencies, the ones that fell the most in the last 24 hours are;
Although the increase in Bitcoin dominance while the price is falling brings some bad scenarios in the past, considering the fact that the price has been falling for 9 weeks, it would be reasonable to expect a reaction before it is delivered to the market.
At this point, we continue to move within the wedge as we conveyed in our previous analysis.
We will follow the $26800-27,000 region as support. It strengthens our expectation that a reaction may come from this region in the disharmony in RSI as the price decreases.
*Not Investment Advice.