Bitcoin Recovers Along With The Entire
Market Before Monday, BTC dominance was about 52%. However, as the entire market entered a rally and the prices began to rise against the USD, BTC dominance dropped to 52%. There was a lot of positive sentiment across the broader market. One of the things supporting the market is that there hasn’t been any negative news for a while now. If things continue like this, the bulls will enjoy a free run to mark the end of year.
In February, the SEC will most likely make a decision regarding the approval of BTC ETF. If it approves BTC ETF, the price of BTC will get a major boost and other cryptocurrencies will follow. As expected, BTC is going to end the year as the number one cryptocurrency per market capitalization. It is followed by XRP and ETH, both of which are currently in a battle for the second spot. From the look of things, it will be difficult to know if XRP will remain in second place or if it will lose its position to ETH.
By summer next year, there will be a major shift in the cryptocurrency regulatory landscape. This will adjust the sentiment of investors across the broader market. At this point, product differentiation will become a factor. If there is a decline in the ETF applications of BTC, investors will most likely look elsewhere. Cryptocurrencies like XRP will benefit the most if investors lose interest in BTC because it has many real world use cases.
This Is The Best Time To Buy Cryptocurrency
This is a good time to buy cryptocurrencies. Buying at this point will be advantageous because the prices are low but the fundamentals are strong. Earlier today, BTC fell below the $4000 mark against the USD. To support a rebound before the end of the day, BTC will need to move above $4000. The first major support is at $4011.8. If BTC is to move across $4200, it would need to move passed the support at $4011 first. The major resistance will be at $4,326 but it is unlikely that BTC will move this high today.