- Altcoin dominance declined by 15% over the last 30 days.
- ETH’s demand remained low and put the altcoin in danger of a price drop.
Altcoin dominance dropped by double-digits over the past month. According to, the price of bitcoin has dropped by 15 percent in 30 days. TradingView.
Altcoin market dominance is the percentage of all crypto currencies, including Bitcoins. Bitcoin [BTC]. This decline indicates that altcoins’ total market capitalization was declining compared with BTC.
It could be that investors have moved from altcoins over to BTC as they see it as more stable and safer.
Altcoin dominance is fading?
Altcoin dominance can decrease in times of consolidation, while Bitcoin dominates, as altcoins may lose their value or not attract investors.
BTC has not yet seen any growth in its dominance within the month. At the moment of writing its value has dropped by 1.03 % in the previous month.
AMBCrypto reported Earlier, we said that the reason for the gradual decline of BTC dominance was due to strong resistance at $70,000.
ETH is still at risk
Press time Ethereum [ETH] Traded at $3.561. According to CoinMarketCapThe value of the altcoin has risen by 14 percent in the last 30 days despite the decline in dominance for altcoins on the cryptomarket.
The coin has been performing well on its daily chart. It broke the support of $3693 level on 10 June. Since then, it’s become a resistance.
Even though it has managed a mere 1% price hike in the last week, ETH’s price has since oscillated within a range, with new resistance formed at the $3693 price level and support found at $3428.
At the time this article was written, the key indicators of ETH’s momentum were below the respective middle lines. This confirms the decline in ETH that is being experienced by market participants.
For instance, ETH’s Relative Strength Index was 48.60 while its Money Flow Index was 29.59.
By tracking the price of an asset, these indicators can measure market overbought or oversold conditions.
As of the date this article was written, their prices suggested that there were more sellers than buyers.
Click Here to Read Ethereum’s [ETH] Price Prediction 2024-2025
If the trend continues, ETH may fall as low as $3496.
If it is invalidated then its price may rise up to $368.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com