Bitcoin is currently holding around $100,000, the asset is moving in the green this Sundaygradually approaching its current ATH around $103,500. With the sudden reversal of the political position in the United States, growing hypotheses regarding the establishment of a national bitcoin reserve in different countriesAmerican states and cities, the cryptocurrency market is currently in a very favorable position.
A situation identical to last week
Total capitalization price against the dollar on the 1D time unit Last week, the cryptocurrency market was around $3,500 billion, on the way to the technical objective of more than $4,430 billion. However, currently having $1,000 billion of margin before achieving this, that leaves, as discussed last week, good bullish prospects for the coming weeks, even the coming months. Currently finding ourselves above the EMA/MA 13/25 cluster since the beginning of November, we are on a bullish momentum which materializes in particular by the formation of ascending troughs and peaks. This completely excludes sellers from the current market, preventing them from trying to gain control and take the price to lower price levels (including the 2021 ATH around $3 trillion). For the moment, the scenario mentioned during the previous market update is still relevant. With a bullish bias and the control of buyers, there is no reason to try to sell at the end of 2024. As for altcoins, we will have the opportunity to comment on this in our next analysis. Still finding ourselves around resistance at $1,130 billion, we invite you to read our previous analysis in order to have a more precise idea of current scenarios.
Is this the last gasp for bitcoin’s dominance?
Price of bitcoin's dominance on the 3D time unit Concerning the current situation of the king of cryptocurrencies, let us note that its dominance currently marks a pause in the bearish dynamic that it is experiencing at this very moment. After falling around 60% to seek dominance at less than 55%, a rebound is underway.
This allows the king of cryptocurrencies to slow down the loss of attractiveness and the flight of capital to other market assets. However, still finding itself under the EMA13/25 cluster, this marks a continuation of the bearish trend. Therefore, bitcoin should very soon head towards 53% dominance (green zone). In this context, altcoins should continue to perform well and preserve the bullish momentum, allowing daily increases of more than double digits for certain assets.
Pause time before starting to rise again on Ethereum
Price of the ETH/BTC pair on the 3D time unit Consequently, we have a dynamic that is reversed for the ETH/BTC pair. With a rebound having started since the beginning of November. This explains Ethereum's strength against the dollar, allowing it to approach $4,000 again, the last step before taking off towards the ATH. For the moment, the second asset on the market is slowing down, relying on the EMA cluster. By currently forming a support and setting up ascending lows and highs, the technical setup of the ETH/BTC pair is very interesting. Below resistance at 0.04 BTCwe are on the last technical zone to cross before witnessing a new bullish leg. In this scenario, the ETH/BTC pair has every chance of taking off towards 0.048 BTC.
The DeFi sector is sailing at full speed towards its ATH
It's been a few weeks since we had the opportunity to look at the capitalization of cryptocurrencies in the DeFi sector. Currently at over $142 billionthe last few weeks were particularly interesting, with the price continuing to register higher candles than the previous ones. At the threshold of 180 billion dollars, it is undoubtedly only a matter of time before the formation of new peaks on this capitalization.
The total capitalization of altcoins being much closer to its ATH, this does not prevent us from having a bullish bias for this specific sector. With a wick on the 120 billion dollarsthis testifies to interest available to the market in riskier assets and, consequently, this helps justify the fall in dominance in recent days. With Ethereum which gradually regains strength against the dollar, this allows many layer 2 and many other assets in its ecosystem to get back on your feet. If the current dynamic tends to be prolonged with a continuation of the fall on the BTC.D side, there is no no reason to see a slowdown in altcoins. In addition, at the gates of an ATH, the end of 2024 as well as the beginning of 2025 can prove to be particularly explosive, enough to delight the majority of investors who are currently placed in alts.