Hi guys, in the past 48 hours, BTC has shown us its outstanding growth. With momentum up to 15%, BTC has officially returned to the 30k mark – the highest price in 2023 that BTC reached.
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Diversified market
Despite BTC’s rise, not every coin on the market shows the same strength.
Just a week ago, the whole market sold off quite heavily. There was even a time that BTC dropped below the 25k mark, and many other Altcoins made new bottoms in 2023. The recent market rally has only helped some to return the price before the sell-off, and can not make any highs at all.
BTC Dominance is at a very high level
The BTC.D index has now climbed to 51%, surpassing the 48% that BTC.D has been confined to since all of 2021.
Judging from the price chart of BTC.D, it is likely that 51% is not the stop of this index. The nearest resistance is at 60%, and if this really happens then BTC is still very bullish and Altcoins will still bleed a lot.
Trading narratives
However, it does not mean that other altcoins in the market will only have a bad performance towards the market. For the time being, we can easily see BTC-related coins all achieving very good performance relative to the overall market.
This gives us a speculation that there is currently a BTC-related trend with BTC leading the way.
Related-coins and their performance (from 15/6 – starting point of BTC rally)
$BTC – 22%
$STX – 80%
$BCH – 49%
$ORDI – 40%
So, which coin do you think would produce the best performance this time around?
