Opinion: AI and big data encryption projects are frustrated, Bitcoin's dominant position may affect the profits of altcoins

Bitget2024/05/15 23:30

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According to CryptoPotato, AI and big data crypto projects and tokens are suffering losses, reflecting a lack of clear direction in the market. As a result, the vast altcoin sector is in chaos, with traders eagerly awaiting signals from Bitcoin. New analysis suggests that the dominance of the world's largest cryptocurrency is increasing, which is hindering altcoin profits. A decrease in its dominance could bring significant relief to altcoins.

'Negentropic', founder of Glassnode observed that Bitcoin's market dominance is currently on the rise, suppressing gains for altcoins. However, a potential decline in Bitcoin's dominance could trigger a massive rebound for altcoins. Notably, POWR , FTT and NMR have emerged as top performers among this batch. Recently Bitcoin has risen from a level of support boosting further momentum into the market.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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