According to CoinMarketCap, for the first time in six months the dominance of Bitcoin over other cryptocurrencies exceeded 50%. The last time this indicator was registered in December 2017.
Since the beginning of the year, there has been a gradual decline in the value of most digital assets in the cryptocurrency market, and this phenomenon is developing disproportionately. Bitcoin falls not so fast, and sometimes even shows attempts at growth, while other cryptocurrencies become cheaper much faster.
Over the past day, the price of Bitcoin has fallen by 5%, while the altcoins have lost 8-12%. The total capitalization of all cryptocurrencies decreased to $ 209.4 billion, of which $ 105.5 billion accounted for Bitcoin.
Head of the technical analysis department of Renaissance Macro Research, Jeff de Graaf, one of the best technical analysts of Wall Street, according to Institutional Investor Magazine, believes that the price of Bitcoin currently is the maximum, and if Bitcoin falls below the key support level in this year, then its price will continue its downward movement and will not be able to recover.
"Now the fate of Bitcoin is being decided. In the market there is a trend that looks like a descending triangle on the chart, which is held for several months. As soon as Bitcoin reaches the top of this triangle, that is, the key support level for this year, its value will begin to fall sharply. At the moment we classify Bitcoin as the highest risk category asset - "A".
Earlier, head of Tugush Blockchain Capital, Timothy Fortunatov noted that if in the near future Bitcoin does not manage to rise above $ 7000 and gain a foothold at this level, then most likely it will be traded at $ 6500 with minor deviations in one direction or another for quite a long time.