However, the prevailing situation has become a little more bearish of late, with the world’s largest cryptocurrency unable to hold a position above its immediate support levels.
While Bitcoin’s dominance level has dropped down over the past few months, its market cap is still responsible for 43.3% of the total crypto-valuation.
A point of no return and further lows below $30,000-$28,850 are possible, beyond which, there is an expectation that Bitcoin will likely touch its previous ATH range of $20,000.
According to Glassnode’s entities net growth chart, there is still a healthy amount of new users joining the Bitcoin network, something that wasn’t noticeable during previous bear markets.
One of the major reasons for increased activity and price action of altcoins has been the emergence of Ethereum Futures.
Regardless, it is essential to keep in mind that the bears are having the most dominant period since the end of 2020.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.