• BTC was down by more than 5% in the last seven days.
• BTC’s price might plummet to 61k before turning bullish.

After a sharp decline, Bitcoin [BTC] dominance started to increase in the last few days. The recent rise in Bitcoin dominance was not a result of a BTC bull rally but rather a consequence of altcoins turning bearish.

Therefore, AMBCrypto checked BTC’s state to see how the rising dominance could impact the coin’s price. 

Bitcoin’s rising dominance amidst a price drop

CoinMarketCap’s data revealed that BTC’s price dropped by more than 5% in the last seven days. This pushed the coin’s price below $63k.

In fact, in the last 24 hours alone, BTC was down by 2%. At press time, it was trading at $62,369.67, with a market capitalization of over $1.22 trillion.

The downturn was not only limited to BTC, as several altcoins, including Ethereum [ETH], also witnessed price corrections.

The overall decline in the altcoin market cap allowed BTC’s dominance to rise again after a steep decline on the 28th of April. At press time, Bitcoin dominance was 50.9%.

Will rising dominance help BTC turn bullish?

Since BTC dominance was rising, AMBCrypto planned to check its metrics to find out how this affected investor sentiment. We found that selling pressure on BTC dropped in the last few hours as its exchange reserve declined.

Additionally, its net deposit on exchanges was also low compared to the last seven-day average. A look at CryptoQuant’s Go to Source to See Full Article
Author: Dipayan Mitra

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