The cryptocurrency market continues to face a severe liquidity crunch, with Bitcoin frustrating investors with its lack of any potential upside. BTC quickly retraced last night’s 2% pump as it remained unable to hold the $26K support.
Furthermore, investors are preparing for a strong correction as September has traditionally been one of the worst months for the largest cryptocurrency. The rising risk of a global recession and stickier-than-expected inflation levels are only bolstering this stance.
However, experts believe that Bitcoin could soon see a major bull rally as fresh capital continues to flow into it, leading to a breakout in its dominance.
If this prediction holds, BTC could soon form new highs and emerge as a much safer bet than major altcoins like Ethereum.
What Is Bitcoin Dominance?
Bitcoin Dominance represents the proportion of Bitcoin’s market capitalization relative to the overall market capitalization of the global cryptocurrency market. It is calculated by dividing BTC’s market cap by the global crypto market cap.
This indicator plays a key role in the trading strategies of experienced traders and reveals how Bitcoin is performing relative to the other major altcoins.
More importantly, it is used in conjunction with the BTC price trend to identify whether it is safer to purchase Bitcoin or altcoins.
However, as a general rule of thumb, the BTC dominance is relatively high during a bear market when investors are more risk-averse. On the other hand, the dominance falls during bull markets when investors move into high-volatility altcoins.
The BTC Dominance is currently at 49.28%.
Expert Reveals Fresh Capital Flowing Into BTC And These New Altcoins
The Bitcoin price is currently unable to sustainably break out of the $25K – $26K price range and is equally burning both the bulls and the bears.
However, expert analyst @CredibleCrypto believes that Bitcoin could be primed for a major bull run, more significant than any other rally in the past two years.
Earlier today he posted the Bitcoin dominance chart below:
According to Credible Crypto’s analysis, the BTC dominance is seeing a break out because the market is finally seeing “clean, impulsive price action” for the first time in over 2 years. Furthermore, he reveals that new capital is pouring into BTC at a pace exceeding that of the past two years.
This could signify that the Bitcoin bottom is already in and the largest cryptocurrency could be ready to breach new highs.
Benjamin Cowen, the founder of Into The Cryptoverse who has over 760K followers on Twitter, also has the same assessment and believes that the Bitcoin dominance will soon hit the 60% mark. He highlights that this key indicator is making a series of higher lows since May of 2021, making BTC the safest bet over the next few months.
The founder of Rekt Capital Newsletter, who has over 350K followers on Twitter, believes that BTC’s dominance is currently facing a crucial resistance area between 49% and 51% levels. If the bulls manage to flip this area into a support, BTC.D could bounce to the 58.2% mark.
According to Rekt Capital’s analysis, investors could soon start to sell their altcoin-BTC pairs and escape into Bitcoin.
Market insights firm Glassnode also highlights how a comparison of BTC and ETH exchange flow reveals that the BTC.D indicator is on the rise in 2023.
After all, several factors could favour Bitcoin in the short term compared to the rest of the cryptocurrency market. For example, the upcoming Bitcoin halving and the increasing likelihood of a spot BTC approval could cause BTC to skyrocket.
Furthermore, the SEC has made it clear that Bitcoin is the only cryptocurrency that it believes to be a non-security, which could boost its value in the minds of investors.
New Altcoin Bitcoin BSC Token Also Set To Explode As Presale Hits $250K Milestone
The new BTC alternative, Bitcoin BSC, is another token that can generate strong returns in the coming months. The token has already impressed investors with its stellar presale performance, having already raised over $250,000 in just 3 days.
The Bitcoin BSC project has a straightforward goal – it offers a second opportunity to investors who missed out on Bitcoin’s 2,580,000% all-time rally. As a result, the $BTCBSC token is priced at Bitcoin’s 2011 value of $0.99 and has a maximum supply of 21 million.
However, Bitcoin BSC isn’t a copycat token – it has improved upon many of Bitcoin’s original drawbacks. For example, the project is built on the BNB Smart Chain, which means that its transactions are much quicker and cheaper than those of Bitcoin. Furthermore, the $BTCBSC token is much more energy-efficient than BTC, thanks to its proof-of-stake consensus mechanism.
However, Bitcoin BSC’s flagship feature is its on-chain stake-to-earn mechanism, which is currently offering a 1600% APY. Token holders will receive lucrative staking rewards every 10 minutes, which will allow them to generate attractive passive income while also contributing to price stability.
The Bitcoin BSC presale has a hard cap of $6.063 Million and considering the surging demand for the token, it will sell out in no time. Thus, interested buyers need to hurry and purchase the token by swapping ETH, BNB or USDT tokens in exchange for it.
Whales Are Backing Wall Street Memes Token To Skyrocket – Could It 10x After Launch?
While the rest of the crypto market remains in choppy waters, new meme tokens can still provide much-needed respite to investors. The Wall Street Memes token is one such asset that is being backed by experts to display explosive price growth after its launch.
The project has announced that $WSM will go live on multiple Tier-1 exchanges on the 27th of September. With less than 19 days remaining in its presale, investors are rushing to purchase the token at the cheap price of $0.0337 – it has already raised over $26 million in just over 3 months.
Popular trader Crypto Dose, who has over 12,000 subscribers on YouTube, predicts that $WSM will show a 10x price surge after launch. Smart money investors appear to concur with this sentiment, with one whale investing over $1 million into the token.
The token is expected to receive a strong boost from the global brand value of the Wall Street Memes group, which farms over 40 million impressions monthly across its social media pages and has a million-strong internet army.
Even Elon Musk is a fan of its edgy and on-point memes and has interacted with its Twitter account on multiple occasions.
The token also has strong ties to the legendary Wall Street Bets Reddit community that inspired the ground-breaking GameStop bull run in 2021. Now, the Wall Street Memes token is carrying forward the same revolutionary spirit and is seeking to be the next meme coin with a $1 billion market capitalization.