The cryptocurrency market has been witnessing a significant shift, with altcoins gaining ground as Bitcoin’s dominance declines. Recent data from crypto price oracles indicates that Bitcoin dominance has dropped approximately 4.3 percent in the past few days, settling at around 49.81 percent on Friday.
As Bitcoin’s price shows signs of potential weakness in the coming days, crypto cash flow has surged into the altcoin market. Notably, medium-cap altcoins like XLM and Chainlink (LINK) have experienced substantial gains in the last two days.
Golden Cross Signals Positive Momentum:
Amidst mixed signals in the cryptocurrency market, the overall momentum suggests a bullish outlook. An exciting development on the horizon is the possibility of a 3-day golden cross forming between the 50 and 200 Moving Averages for Bitcoin, Ether, and XRP, simultaneously for the first time in history.
While each of these assets has experienced a 3-day golden cross at different times before, this simultaneous occurrence could signal a macro bullish outlook. Past instances of a 3-day golden cross in these digital assets have historically led to improved market conditions, instilling optimism for the future after the bearish market of 2022.
Fundamental Support and Institutional Interest:
Confidence in the crypto market’s growth prospects has been bolstered by the recent SEC vs. Ripple case. This legal development has raised expectations for the future of the cryptocurrency industry. Additionally, an increasing number of institutional investors worldwide have added Bitcoin and other top crypto assets to their balance sheets, further solidifying the market’s potential for growth.