Bloomberg Intelligence senior commodity strategist Mike McGlone equated the current consolidation in Bitcoin (BTC) price to that of a “caged bull, well-rested to escape.” When compared with the rallies a year after the previous two Bitcoin halvings in 2012 and 2016, the strategist called the current price action “tame.’
According to McGlone, Bitcoin is “still in price-discovery mode” and its plateau is still far away.
While Bitcoin remains in focus, altcoins have continued to steal the show. Bitcoin’s market dominance, which stood closer to 70% on Jan. 4 has continued to slide even though its price has risen more than 104% year-to-date. The current market dominance at 54.3% is the lowest since April 2019 according to data from CoinMarketCap. This suggests that several altcoins are outperforming Bitcoin by a large margin.
However, approval of a Bitcoin exchange-traded fund could tilt the advantage back in favor of Bitcoin. Mike Novogratz’s Galaxy Digital became the latest to file an application with the United States Securities and Exchange Commission for a Bitcoin ETF on Monday. The growing list of candidates applying to launch a Bitcoin ETF shows that there is still huge demand for the digital asset
Will Bitcoin continue to trade sideways while altcoins rally or will it resume its uptrend and lead from the front. Let’s analyze the charts of the top-10 cryptocurrencies to find out.