Bitcoin is making its way up again after a short lull swinging around $7,900 and $8,000. The crypto has already broken above $9k and seems to be headed to the $9,500 range. While this may sound like good news for much of the rest of the market since Bitcoin tends to drag other crypto prices with it, someone like Josh Rager doesn’t think this should be celebrated – at least not yet.
Josh took the liberty to explain his point of view in a tweet that has since attracted the attention of many within the crypto realm. According to him, Bitcoin’s dominance has already increased by about 2%, and the total dominance could soon soar to over 60% if this trend continues. A 60% market dominance for Bitcoin would prove catastrophic for most altcoins.
$BTC dominance is up 2% past few days Pay attention as increased Bitcoin dominance, specifically over 60%, is bullish for BTC holders but isn’t good for most altcoins With US Binance ban & other exchange delistings, people could be moving into BTC & major market cap coins.
People Will Move To BTC
Explaining further, Josh was of the opinion that the recent limitation on Binance exchange from operating in the US could lead to more people opting to dump most of the altcoins in favor of Bitcoin that’s available on Coinbase since Coinbase is operational in the US.
As such, the dumping of altcoins would affect their prices downwards while creating more demand for Bitcoin and thereby increasing its price.
Regulation Must Come
Responding to another user who started a discussion about KYC (Know Your Customer) procedures on other rival exchanges like KuCoin, Josh opined that crypto regulation is bound to happen and that people will eventually have to accept that reality.
Bitcoin Price Movement
Another user sought to pick Josh’s brain about the short-term direction to be taken by Bitcoin. Josh said that from where the market stands at the moment and looking at the indicators, Bitcoin seems pretty poised to make an upward push towards more gains.
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