The creators of crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.
Jan Happel and Yann Allemann, who go by the name Negentropic on the social media platform alts experienced deep declines during the period. last seven days.
According to Glassnode co-founders, traders and investors will likely take a risk-free approach to altcoins unless Bitcoin reclaims a key psychological price level.
“Is this the end of Altcoin season?
Bitcoin dominance increases after falling below $100,000, while altcoins lose critical supports. Dominance increased and resumed its upward trend, signaling a stronger BTC environment.
If BTC stabilizes above $100.00, we could see a surge in altcoins now in accumulation zones. Until then, Bitcoin looks set to take the lead, leaving altcoins lagging behind.
The Bitcoin Dominance (BTC.D) chart shows how much of the total crypto market cap is owned by BTC. As the market stands, the rise in BTC.D suggests that altcoins are losing value faster than Bitcoin.
At the time of writing, BTC.D is hovering at 59%.
As for Bitcoin itself, Glassnode executives say long-term Bitcoin holders are offloading their holdings en masse as other investor cohorts take over.
“The board continues to change.
As BTC continues to exit exchanges during this decline, long-term holders are exiting with force, while short-term holders are moving in without hesitation.
The whales are accumulating quietly, the miners remain neutral and the selling pressure has only reshuffled the situation.
New hands absorb sales.
At the time of writing, Bitcoin is worth $97,246.
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