AMBCrypto’s Price Prediction for BitcoinHowever, recent antecedent like the 50% altcoin market dominance on 23 October could drive BTC to the backseat. According to the analyst, this percentage constituted the altcoin dominance on exchange activity within the aforementioned period. He added that if this episode extends itself, it could leave Bitcoin in a state of capitulation, like in April and November 2021.
During these periods, BTC fell from $47,000 to $20,000 and $67,000 to $36,000, respectively. Hence, the king coin could be at risk one more time.Despite that, however, Glassnode showed that Ethereum has been in a heated contest with the crypto. The on-chain analytics platform revealed that ETH peak dominance was -0.085. As for BTC, it remained positive with a reading of 0.085.The implication of this is that investors still regard BTC as a preferred asset.
For the exchange netflows, Glassnode reported that BTC recorded more negatives than ETH. Over the past week, BTC’s exchange netflow was -$1.8 billion. For ETH, it was -$183.9 million.