Bitcoin Struggles as Altcoin Surge Puts Ether in the Spotlight
Bitcoin (BTC) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) in the spotlight. Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH/USD added up to 7.6% in around 24 hours.
Eyeing Bitcoin’s Share of the Overall Crypto Market Cap
Popular analyst Matthew Hyland described recent progress as a potential “false breakout.” Dominance hit 55.26% on Dec. 6, in line with the BTC price highs — the highest reading since April 2021. Bitcoin’s dominance currently stands at around 53.9%.
Altcoins Take Advantage of the Situation
Some major altcoins, including ETH and Solana (SOL), took advantage of the situation. ETH/USD reached $2,392 before seeing a modest correction. SOL/USD hit $72.88, its highest since May 2022, as investors increased bullish bets on future figures.
Could Altcoin FUD Help Bitcoin?
Research firm Santiment argued that “FUD” surrounding an altcoin breakout could ultimately help Bitcoin. While Bitcoin may have stopped its momentum for the time being, Ethereum and altcoins are blasting off once again. FUD could propel Bitcoin to $50K if it increases.
Encouraging Signs for Bitcoin Market Participants
Popular trader Credible Crypto argued that accumulation was ongoing prior to the “next leg up” for Bitcoin. Some believe a larger correction is due, potentially returning the market to $30,000 or even closer to $20,000 before new all-time highs hit.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.