In a recent trend evident on crypto charts, Bitcoin dominance is once again on the rise, prompting some traders and investors to rethink their strategies concerning altcoins. An in-depth analysis of the data, coupled with insights from prominent crypto analysts, unveils several compelling reasons to exercise caution when considering an altcoin purchase at this moment. Historical Precedence Bitcoin’s market dominance – its market cap relative to the entire cryptocurrency market – has historically been a leading indicator of market sentiment. If Bitcoin dominance is increasing, it means that sentiment toward altcoins is waning. In an analysis today, renowned analyst Rekt Capital has warned of this flashing signal, he shared the following chart and tweeted: BTC Dominance has left the “retest zone”. Now in the process of entering an uptrend continuation which could see BTC Dominance revisit the 58% mark for the first time in years. Over the past five months, the Bitcoin dominance saw a consolidation within the ‘retest zone’ after it saw a 10%+ rise since the beginning of the year. BTC dominance pulled back as part of its retest ..
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