Bitcoin Reaches One-Month High As Mini Bull Run Continues

Samuel Edyme

1 year ago

3 mins read

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The crypto market has evolved from the unending devastating bear market to a more green and overwhelming market. Cryptocurrencies are moving from the initial stagnant, and lower lows state to a rallying to the top.

Among the number of cryptocurrencies moving upward and making significant higher highs is Bitcoin, the largest crypto by market cap. So far, Bitcoin has broken multiple resistance and continued in a bullish trend carrying the whole crypto market with it.

Bitcoin Taps Above $17,000 For The First Time In One Month

Since the FTX crash happened and the bear market deepened, we saw Bitcoin crashing to lower lows and slipping below the 17,000 zones. After it fell below that, Bitcoin stayed there for a long while. However, over the past few weeks since the new year began, the Bitcoin market has been making some positive moves.

BTCUSDT price chart on TradingView — BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

After ranging around the $16,000 zone from late last year, Bitcoin tapped into and above $17,000 for the first in almost a month, trading at $17,500. Tuesday was when BTC made a significant move of about 1.5%, the highest daily gain since December 20, 2022.

And since Bitcoin tapped into the $17,000 zone, the coin hasn’t budged or even fallen out of that zone. However, it has lost a couple of hundred dollars and now trades at $17,409 at the time of writing. Despite the retrace, its market capitalization is still above $335 billion, which is higher than the market cap seen on BTC late last year.

BTC Begins To Lose Dominance

Though Bitcoin is still considered the big dog among cryptocurrencies, it’s beginning to lose its dominance against altcoins in the crypto space as whale investors have registered low participation in the BTC market. According to the on-chain analytics platform CryptoQuant, altcoin trading volume dominance is now above 50% as opposed to Bitcoin’s 39% dominance.

CryptoQuant Bitcoin crypto market Dominance — Bitcoin crypto market dominance over time. Source: CryptoQuant

Maartunn, a contributor to CryptoQuant, wrote in a blog post, “Usually when traders get bored on BTC, they start trading altcoins which are, in general, further on the risk curve. This makes them very fragile and easy to squeeze.” He added, “altcoin dominance is again above 50%. Be aware: when altcoins continue to dominate, there is a potential risk for further downside,” he added.

BTCUSD 30 Day Volatility — BTCUSD 30-Day Volatility | Source: Arcane Research

Furthermore, according to a recent report from Arcane Research, BTC’s 30-day volatility has plummeted to June 2020 levels as the asset has been trading relatively flat with low volatility through the first 10 days of 2023, making it even more stable than gold, the dollar strength index, Nasdaq, and the S&P500 measured through 5-day volatility.

Meanwhile, with altcoins gaining more dominance, large investors are now turning to assets other than BTC. Ethereum (ETH), Cardano (ADA), Polygon (MATIC), and Solana (SOL) have made significant moves over the past 7 days, with three of them up by over 50% combined.

Featured image from Unsplash, Chart from TradingView.com

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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