With few exceptions the altcoin market is having to wait for bitcoin to finish doing its thing before they can become unleashed.
In the crypto market value is transferred from coins and tokens into those that are currently performing. In this case, bitcoin is the undisputed star of the show, and its current stellar performance is attracting all eyes.
Bitcoin dominance still rules
Source: Trading View
Bitcoin dominance is continuing to rise as the king of the cryptocurrencies makes its steady way towards higher levels. The upward leaning wedge pattern that BTC.D is currently inside has reached a pivotal point. A break of the wedge to the upside would be incredibly bullish for bitcoin dominance, while staying in the wedge would give more room for manoeuvre for the altcoins.
That said, bitcoin looks to be forming a flag at the $44,000 level, and a break to the upside may be likely, consequently giving more impetus to BTC dominance, at least for as long as this current bitcoin surge continues.
A few altcoins are still making headway
A few of the top ranking altcoins are still managing to attract some of the value that might otherwise have headed to bitcoin.
Among these are Solana (SOL), Render, (RNDR), and Dogecoin (DOGE). $SOL is up 3.6% on the day so far. If the price were to go back down again a higher low could see the formation of a W chart pattern that could rocket $SOL higher.
Render is already up and running. Up 4.8% so far, and only a couple of percent off a new local high. Be that as it may, the most impressive performer of these three alts over the last few weeks is Dogecoin. The price broke out of the downwards wedge in early November and has been motoring ever since.
If bitcoin reaches the 48,000 price level it just might be forced back down, or perhaps just go sideways. If sideways is the direction it takes, the alts might be able to make some serious catch up. Be prepared.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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