Part 3: Trading Cups and Shoulders
Nov 14, 2023
Bitcoin Dominance Continues to Rise, But Well below Previous Cycle HighBitcoin's dominance, its share of the market cap in the industry, has been steadily increasing throughout the year. However, when compared to the previous cycle, it may still have a way to go before reaching its peak. Interestingly, in the past, bitcoin's dominance has reached its lowest point at the top of a price cycle. The anticipation of a spot bitcoin ETF and a more clear regulatory environment in the US for bitcoin, are undoubtedly unique aspects influencing the current market. In the previous market cycle, NFTs, DeFi, and alternative layer ones were highly intriguing, but their popularity seems to have waned without being replaced by a new narratives.
