Over the past few days the crypto market capitalization has set a new all-time high, thanks to Bitcoin’s surge.
While the market has somewhat corrected, this doesn’t look like a reversion of the bullish trend.
As usual, we’ve asked Hybrid Intelligence the following question:
“The cryptocurrency Market Capitalization settled at 1665B USD at 12:00 PM UTC on Wednesday, March 17. Will the Market cap climb above 1789.9B USD (+7.5%) earlier than drop below 1540.1B USD (-7.5%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)” ------------------------------------- Assurance: 69%
This a bullish sign, which means that the crypto market is likely to bounce back before any deeper correction. However, the assurance is under 70%, suggesting that the signal is not very strong.
Another weekly question to Hybrid Intelligence is as follows:
“Bitcoin crypto market share settled at 61.44% at 12:00 PM UTC on Wednesday, March 17. Will Bitcoin's market share climb above 62.67% (+2%) earlier than drop below 60.21% (-2%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)” ------------------------------------- Assurance: 16%
This indicator suggests that BTC dominance is likely to decline. So altcoins are likely to outperform Bitcoin in the near term.