As we approach the annual closing, BTC began trading in a narrow range, and the calm agenda led to a volatile course within this tight range. For almost 6 days, the daily candles have been drawing a straight path, and the expected breakout has not yet occurred. During this period, altcoins captured significant rising opportunities, which seems to satisfy investors.
Why Isn’t Bitcoin Rising?
BTC, preserving its annual gains, is now allowing altcoins the anticipated rise. We had written several times before that the price would begin to consolidate above $40,000, and this would trigger capital inflows into altcoins. And so it happened; while the king cryptocurrency calmed down, altcoins experienced daily rallies exceeding 50%.
As of December 28, Bitcoin‘s market dominance, which was 51%, has come down from its recent peak of 55.3%. The cumulative value of BTCD remained solid while this movement occurred as a result of the growth in altcoins. A significant portion of investors holding altcoins in their wallets excited everyone.
Moreover, the appetizing rises in altcoins are paving the way for new investors to enter the cryptocurrency markets again. In this regard, the sideways movement in the BTC price is in favor of the cryptocurrency markets and investors.
Crypto Expert Opinions
Michael Poppe, the founder of MN Trading, is among the crypto commentators closely watched by investors. In his latest market assessment, the expert mentioned BTC market dominance, suggesting that the peak for BTCD might have been set. Historically, this situation is usual before a halving.
Michael Poppe also wrote:
“This means that a bull market for Altcoins has started and Ethereum will take over from here.”
In subsequent posts, Poppe also gave a price target for ETH, saying that we will soon see $3,000.
The demand in derivative markets is lively, and BTC is at levels before reaching its all-time high in November 2021. The extremely positive funding rate supports the assumption that the rise in the markets may continue.
Moreover, the number of those expecting new shock rises with the ETF approval is not negligible. Mignolet, a contributor to CryptoQuant, wrote in one of the Quicktake updates on December 21:
“Despite the rapid price increase, the funding rate consistently stayed within the range, but now it is definitely moving out of the box. Clearly, the current range reflects a lot of bullish sentiment indicating an overheated zone with the expectation of an upward movement.”
