Bitcoin continues to reclaim some of the ground it lost to altcoins during the biggest rally in cryptocurrencies. Currently the cryptoking sits at 41,4% Dominance (193.5B out of 467.5B) and by the looks of it it might increase its lead by few Billion more. As you can see all other major currencies dominance is decreasing. Obviously the speculators prefer to stack up some Bitcoin and dump other coins.
Bitcoin Dominance for 2018
It has come to my attention that the recently ended ICO's are selling off pretty sharply. People prefer to get out of the highly speculative projects in order to jump into some solid ones ( Like Bitcoin). Also people preferring Bitcoin at the moment is not a big surprise as a lot of positive news have hit the market lately. The Lightning Network being the biggest one of them.
Bitcoin Weekly Chart
Bitcoin weekly is looking extremely bullish, the only obstacle at this point is the 12,000$ resistance level. Once we break it 13,500$ is very close and from there on new highs are in reach.
I will be very happy if better days are ahead of us and this bear market is over. What do you think ? Is this over or next week we will see the bears strike back?
