Bitcoin’s market value surged to $46.3K today, further solidifying its dominance over altcoins as traders remain cautious for the third consecutive week.
The recent surge in Bitcoin’s price is attributed to crowd bearishness over the past three weeks. Santiment data reveals that only 5.3% of Bitcoin is currently held on exchanges, marking the lowest ratio since December 2017.
📈 #Bitcoin's price dominance has continued to grow over #altcoins, as its market value surged as high as $45.5K today. Traders remain skeptical toward the asset for a 3rd straight week. This is the lowest ratio of $BTC on exchanges since December, 2017. https://t.co/XC3UK258lM pic.twitter.com/4MwvXE28RC
— Santiment (@santimentfeed) February 8, 2024
Analyst Ali Martinez highlights a significant development: the Super Trend has flashed a buy signal on Bitcoin’s monthly chart.
This tool has a proven track record of accurately predicting Bitcoin bull markets, with all four previous buy signals resulting in substantial gains of 169,172%, 9,900%, 3,680%, and 828%, respectively.
The Super Trend just flashed a buy signal on the #Bitcoin monthly chart, a tool known for its precision in predicting $BTC bull markets.
The four buy signals it has issued since #BTC inception have all been validated, leading to gains of 169,172%, 9,900%, 3,680%, and 828%,… pic.twitter.com/83GtqJNryW
— Ali (@ali_charts) February 8, 2024
Remarkable Bitcoin Gains Leads To Further Movements In The Market To Watch
The remarkable gains in Bitcoin have led to notable market movements. Grayscale, for instance, saw its smallest outflow in history, decreasing by 1,708 BTC ($76.9M) yesterday.
Conversely, 8 ETFs added a total of 5,019 BTC ($226M), with Fidelity contributing 2,951 BTC ($132.9M) to the influx.
Feb 8 Update:#Grayscale decreased 1,708 $BTC($76.9M), the smallest outflow in history.
8 ETFs added 5,019 $BTC($226M), of which #Fidelity added 2,951 $BTC($132.9M).https://t.co/JP4DA1RZiG pic.twitter.com/cn0Asd4ntb
— Lookonchain (@lookonchain) February 8, 2024
Despite skepticism lingering among traders, Bitcoin’s resilience and bullish signals have instilled confidence among investors. The growing dominance of Bitcoin in the cryptocurrency market underscores its role as a leading digital asset, with potential for further price appreciation in the coming weeks.
As the market dynamics continue to evolve, investors and traders alike are closely monitoring Bitcoin’s movements, poised to capitalize on potential opportunities amid the prevailing bullish sentiment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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