Crypto Daily – dominance has been trending upward since September 2022. Is that trend about to reverse? Is this the time to start building altcoin positions?
Bitcoin has outperformed
Unless you got into a small handful of outperforming altcoins when this crypto bull market began, you would have done better to just hold Bitcoin. $BTC has outperformed the overall cryptocurrency market by around 40% since September 2022. Only certain altcoins, such as $SOL and $RNDR, and memecoins like $PEPE and $WIF, have managed to do better than the king of the cryptocurrencies.
Bitcoin dominance rolling over
Source: TradingView
The Bitcoin Dominance chart shows that since mid-April, dominance has started to roll over. Of course, there is still the possibility that this could be the formation of a flag, and that the price could be likely to come out on the upside, given that it is still in an uptrend. However, even if this should happen, strong resistance at the 57%…
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