- Bitcoin’s (BTC’s) dominance index has risen from 0.4% to 44.7%.
- Crypto analysts are divided on whether altcoin dominance will pick up or continue to fall.
- In related news, BTC’s price dropped to $20,000.
As prices in the crypto market continue to fall over the last 24 hours, Bitcoin’s (BTC) dominance index has risen from 0.4% to 44.7%. The last time the index was this high was in October last year.
While Bitcoin’s dominance increases, the story for altcoins in the market is the complete opposite. This has left some analysts to believe that altcoins are in a death spiral. One such analyst is Matthew Hyland.
According to Hyland, Bitcoin holders have a secure stance, but the same cannot be said for altcoin holders. The analyst added that altcoins will find the bottom soon.
Although there are analysts that feel that altcoins are dead in the water, there are some who are still optimistic. Crypto Tony, on the other hand, believes that we are in the fifth wave down on the Altcoin Perpetual Index Futures. He added that he expects a spike down for “capitulation followed by a killer bounce.”
Crypto Tony then concluded his tweet by stating that when Bitcoin (BTC) drops below $20,000, then capitulation will set in.
Currently, the price of Bitcoin is around $20,214.07, which is an approximate 10.10% drop in price over the last 24 hours. Furthermore, the market leader’s price has also dropped by more than a third over the last week.
In comparison, the largest altcoin by market cap, Ethereum (ETH), has seen a 15.39% drop in price over the last day and a 42.96% drop over the last week.