The rising dominance of bitcoin

Bitcoin seems to have outperformed alternative cryptocurrencies and tokens such as ethereum. Cryptocurrency technical analysts are of the faith that the dominance of bitcoin is beyond a mere key moving average. Such a performance suggests it could well end up outperforming altcoins shortly. 

The dominance of bitcoin above the moving average of 200 days has been noticed for the first time since May, the momentum seems to have returned and there is hope for an even better future. BTC reflects a bullish frame structure. Traders and investors have noticed and commented on a favorable technical structure of bitcoin when it comes to higher time frames.

The rising dominance of bitcoinReferring to the weekly chart shows a breakout surpassing the earlier high that was achieved in the month of August. To learn more about this chart visit bitcoin pro platform.

Two months earlier, bitcoin hit an all-time high of $12,468 on Binance and went on to fall below $10,000. The recent high volume surge brought the bitcoin at $13,216, which is a new all-time high and well more than the previous local top.

Talking about short-term anticipation, traders think the market will soon cool down after reaching such a strong point. All expert traders believe that though there is a chance of things looking brighter, the reality is that they are all hedged here for the time being.

The good thing about bitcoin, and the dominance of the cryptocurrency is how easy it is to see how far ahead of the competition it is. Since bitcoin’s inception in 2009 it has been at the forefront of the cryptocurrency world. It has come a long way from being handed out for free in university halls. Imagine cashing in your one and only bitcoin for a pizza 10 years ago then finding out now that it is worth $13,000, the dominance of the cryptocurrency is yet to be challenged.