BTC’s recent correction to 30k sparked talks of a new alt season with many traders considering switching from Bitcoin to other crypto assets that might shoot up.
To dig deeper into this idea, we’ve posted the following question to the Cindicator platform:
“The cryptocurrency Market Capitalization settled at 925.74B USD at 09:40 AM UTC on Wednesday, January 13. Will the Market cap climb above 995.2B USD (+7.5%) earlier than drop below 856.3B USD (-7.5%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)”
This means Hybrid Intelligence expects the total crypto market cap to go up +7.5% before any downward movement of a similar magnitude.
Additionally, we’ve asked about Bitcoin’s dominance:
“Bitcoin crypto market share settled at 68.97% at 10:00 AM UTC on Wednesday, January 13. Will Bitcoin's market share climb above 70.35% (+2%) earlier than drop below 67.59% (-2%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)”
This result suggests that Bitcoin’s market share will again hit 70%.
So together, the growing coin market cap AND the increasing Bitcoin’s dominance will likely lead to Bitcoin outperforming altcoins. Of course, some individual cryptos might still beat BTC, but the general trend still looks in favour of Bitcoin.
Long Bitcoin for now, Hybrid Intelligence suggests.