Bitcoin's (BTC) dominance rate, or share in the overall crypto market, is continuing to rise and threatening to reverse altcoin gains from early 2021.
The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. All right, let's take a look at the chart of the day. Bitcoin's dominance rate or share in the overall crypto market is continuing to rise and threatening to challenge the alt coin boom from early 2021 trading, the data shows the dominance rate rose to over 52% on Monday reaching the highest in over two years. According to technical analysis by fair lead strategies. The ascent is consistent with Bitcoin's bullish breaking in June and is likely to continue in the coming days. Reversing the rate's decline from 60 to 40%. As seen during the crypto bull market days of spring 2021 investors had rotated money from the relatively expensive Bitcoin into alt coins leading to a decline in Bitcoin's dominance rate. Fairly, strategy's founder, Katie Stockton noted the index is poised to extend higher especially after resolving a two year trading range higher this summer stock and added quote. Our long term trend following indicators also support more Bitcoin dominance and there is room to the next resistance. We expect Bitcoin to outperform alt coins further reverse in alt coin gains made in the first half of 2021. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.