TL; DR failed
- Bitcoin continues to dominate the market.
- Leading digital currency after ATH merged more than $ 68,000 to $ 57,000.
- The crypto market is reset for a rally, holders can reach the new ATH.
- Whales continue to record major gatherings
The digital currency market is a combination of thousands of digital coins and tokens. These tokens make up the trillion-dollar industry and attract investors and consumers from all over the world. There are a number of popular names in the digital currency market. These include Bitcoin, Atrium, Solana and more. These big market guns draw people into the industry through high profit margins.
Among the thousands of tokens, BTC tops the list because it is the oldest and most valuable digital currency in the world. Bitcoin acts as a trend maker in the highly competitive crypto market, and therefore, its price fluctuations are entirely related to other coins and tokens. Bitcoin started with a few cents, but is now worth thousands of dollars in this segment.
Bitcoin dominance and price forecasting
Bitcoin dominance is a well-known factor in the digital currency market. At present, it dominates the market by more than 42%. However, Bitcoin is also experiencing ups and downs in its price path. Bitcoin peaked in 2017 but remained silent the following year. Similarly, bitcoin fell sharply in early 2021, but peaked later this year.
People tend to guess that the bitcoin’s uptrend will end as soon as it is affected by sheer volatility. They also question its future because regulations and bans are enforced by countries like China. However, Bitcoin has always managed to live up to all odds and expectations from time to time.
Is Bitcoin ready for a major price increase?
The world’s largest cryptocurrency started the year with a storm as it was able to reach its previous high of more than $ 64,000 by the end of the first quarter. However, it fell over the next quarter and remained at the $ 30,000 support level for a long time. As it moved, Bitcoin peaked again, reaching a high of $ 68,000 in early November.
With this new peak, experts were quite confident that Bitcoin was reaching the six-digit mark. However, market reforms brought it back to the $ 55,000 range. At the time of this writing, bitcoin is worth just over $ 57,000. Many experts predict that as soon as Bitcoin recovers after this correction, there may be a new peak on the cards. With just one month left until the end of this year, it is still unclear whether the coin will move to the projected $ 100,000 mark.
The crypto market seems to be growing
In the last trading hours, the digital currency market is showing an improvement from the ongoing correction phase. At this stage of correction, many altcoins lose most of their previous profits. Coins like Solana and Shiba Inu fell from their highest record. The value of many coins was split in half. However, the coin holders stood on their own ground because it was believed that this temporary decline would end soon.
Bitcoin has also risen from a low of $ 54,000 and several other tokens are building green candles. This indicates that the time has come for several coins to cross the line and record great achievements. In the meantime, the holders of different tokens will have a lot of rewards. These holders were very important in supporting the coin during its difficult times.
The role of whales in price fluctuations
Crypto whales have always been able to play a key role in the crypto market. Several coin ecosystems have their share of whales, which accumulate major coin assets. The value of the crypto token is affected when they move or unload these coins. Crypto whale ratios also indicate the potential direction of coin prices in the near future.
Over the past week, it has been observed that large quantities of bitcoin coins have been moved by bitcoin whales. These transactions account for more than 90% of recent exchange deposits. Thus, it shows that BTC whales became more active vendors in different exchanges. In connection with these large-scale measures, Bitcoin has experienced volatile leaps at various intervals.
Although this has happened several times, Bitcoin has not wiped out major resistance levels with power. Experts believe that the coin must cross $ 60,000 in order to maintain its level of support. When Bitcoin succeeds, it can reverse the current downtrend. Bitcoin has shown more progress recently, so it will paint a clearer picture of the market in the next few days.
Once Bitcoin breaks the shackles, other Altcoins can rise above their local locations and set new market records. In general, the winter is expected to be profitable in the crypto market. Even though Bitcoin can bring huge profits, it is now unlikely to reach $ 100,000 by 2021.