The current market situation is somewhat frustrating for the investors as well as the traders. If you have monitored and if you know the importance of factors like bitcoin and usdt dominance then you will probably not be in panic right now with whatever is happening in the market. While we have seen bitcoin floating in a particular range for almost a month now where the events like halving has also occured and where people already expect a pump in the price we have seen the opposite.
But If we look at the bitcoin dominance chart in last one year and specially in last 6 months and also in particularly this year then we can clearly see how bitcoin dominance is still increasing irrespective of the fact that it went from 72k to 56k and with that decline we might have also seen the big decline near the halving. Have a look at the bitcoin dominance chart below taken from trading view website.
I think I have shared about them in some blogs last month. I think I shared about the USDT dominance there but anyways, I will share the chart for USDT dominance again to let you know about some important figures that might help you stay strong during this bull cycle. I will be considering last 5 years data for the USDT dominance as I will be focusing on sharing a resistance for last two years. I have marked the place from where the dominance has reduced three times in last 5 years.
We are currently above that mark and that itself tells us that the market is currently bullish. This increase in dominance was recently surged as more and more USDT are being printed. So considering these two factors about the rising btc and usdt dominance I can say that we are in no way in a panic situation and it can only be referred as a frustration period where the investors are being frustrated. What are your thoughts on the current market situation?
Thank you