Bitcoin takes a back seat on low timeframes as ETH and SOL claw back crypto market cap share from BTC.
5191 Total views 10 Total shares Listen to article Bitcoin (BTC) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) in the spotlight. Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH/USD added up to 7.6% in around 24 hours. Bitcoin, having tapped new 19-month highs of $44,490 earlier in the week, now troubled market participants as both ETH and Solana (SOL) stole attention.
ETH, SOL step up as Bitcoin takes liquidity
$BTC Binance Spot
Bids sold into and filled it seemsDecent OI wipe here (Binance / Bybit Open Interest & Delta) https://t.co/DkWuLfD5gx pic.twitter.com/0CfnxCzL41
— Skew Δ (@52kskew) December 8, 2023
Eyeing Bitcoin’s share of the overall crypto market cap, popular analyst Matthew Hyland described recent progress as a potential “false breakout.”
Dominance hit 55.26% on Dec. 6, in line with the BTC price highs — the highest reading since April 2021.
“It would need to close above support to avoid; currently below,” Hyland wrote in part of commentary on X (formerly Twitter), referring to the key 54.35% mark.
At the time of writing, dominance stood below this at around 53.9%.
Some major altcoins took advantage of the situation, with ETH/USD hitting $2,392 before seeing a modest correction of its own on the day.
SOL/USD hit $72.88 on Bitstamp, its highest since May 2022, as investors increased bullish bets on three figures entering the future.
Commenting on the current status quo, research firm Santiment argued that fear, uncertainty and doubt, or FUD, surrounding an altcoin breakout could ultimately help Bitcoin.
“Traders are fearful that #crypto markets may be in a bull trap at the moment,” it reasoned on Dec. 7.
Those bids got filled, then we had another set of bids pop up after the initial bounce which also got filled (second green box) and now we have a third set of bids that just appeared below price.
Someone is clearly accumulating $BTC on this dip in anticipation of the next leg… https://t.co/jqc2ETyiTX pic.twitter.com/qnuo1ZRRgH
— CrediBULL Crypto (@CredibleCrypto) December 8, 2023
As Cointelegraph reported, however, some believe that a much larger correction is due, this having the potential to return the market to $30,000 or even closer to $20,000 before new all-time highs hit.
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