Bitcoin (BTC) accounts for more of the total value of cryptocurrency than at any time since June 2022.
The latest data from TradingView shows that Bitcoin market cap dominance is nearing 46% — its highest in nine months.
New dominance “spike” hints at trend change to come
The latest knock-on effect from this week’s surge above $26,000, Bitcoin’s share of the combined cryptocurrency market cap is currently at 45.7%.
Up almost 3% since the weekend alone, Bitcoin dominance shows a trend-setting move by the largest cryptoasset reminiscent of classic bull cycles.
“Every Bitcoin bull market has commenced with a spike in BTC dominance (as has every bear market),” markets commentator Tedtalksmacro noted on March 15.
An accompanying chart showed that such dominance “spikes” tend to precede significant trend shifts in BTC price action.
“Bull Market or Echo Bubble?” Tedtalksmacro queried.
Analyst Hamza meanwhile used Wyckoff schematics to reveal an equally broad “surge” in dominance after months of an “accumulation” phase.
#Bitcoin dominance on a full surge as expected using wyckoff accumulation schematic. https://t.co/QqIzvIh0rW pic.twitter.com/nxrPMGqKcZ
— Hamza (@Itsdehamza) March 16, 2023
“Expect for Bitcoin dominance to come roaring back soon,” optimistic Bitcoin investor and research analyst Tuur Demeester added earlier in the week.
“Smart contracts, privacy, high speed transactions, issued assets: after 14 years of maturation it’s all being built on Satoshi’s granite foundation. Bitcoin is an open standard for all—the internet of money.”
Bitcoin narrative goes “from bearish to bullish”
With recent events buoying Bitcoin bulls still further after an already impressive start to the year, overall opinions on future performance are gradually flipping positive after a grim bear market.
Related: Bitcoin returns to $25K as Credit Suisse bailout precedes EU rate hike move
Among the shifts in perspective is that of trading firm Decentrader, which in a fresh market update on March 16 described the “narrative” around Bitcoin as “turning bullish.”
“It has been a long, cold winter for Bitcoin and crypto. However, recent events have helped to catapult near-term price, and importantly have shifted the narrative from bearish to bullish,” contributor Miffy summarized.
Of particular interest is $21,800 should a retracement kick in, with Decentrader eyeing $30,000 as a…
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