Cryptocurrencies started the week on a calm note
On the first day of the new week, Bitcoin finds buyers at $ 29,900 and Ethereum at $ 2100. Bitcoin dominance, which reached a critical resistance level by exceeding 48% last week, is the most important topic to follow this week in cryptos.
We left behind a week with a busy agenda. On the macro side, while following important data from the USA such as producer and consumer inflation, unemployment rate, FED meeting minutes, we witnessed the Ethereum Shapella update and Bitcoin exceeding $ 30,000 after a long time in the cryptocurrency market. After these developments, the crypto money market, which closed a positive week, started the new week in a calm and consolidated manner. As of Monday morning, Bitcoin is at $29,900, while Ethereum is just below $2100. After the dominance of Bitcoin, which has withdrawn somewhat in the last 3-4 days, altcoins had a relatively lucrative weekend.
Cryptocurrencies started the new week calmly
Bitcoin dominance, which has been on the rise since November 28, 2022, exceeded 48% in the past week and came to a very critical resistance. Over the same period, Bitcoin gained nearly 100% in value, reaching $31,000. At this point, it is useful to pay attention to the following detail. Bitcoin dominance had previously exceeded 48% in July 2021, October 2021, and June 2022. Afterwards, it decreased sharply from this point and retreated to 40%. The course of Bitcoin dominance, which exceeded 48% last week and is currently priced around 47%, should be followed carefully. Sharp pullbacks that may occur in dominance may also put pressure on the Bitcoin price. Of course, it may not be the right point of view to expect the same scenarios to occur in the past, but it is useful to follow. This course of Bitcoin dominance is an important indicator for predicting the pricing behavior that it may take in the coming days.
