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Crypto Expert Talks On BTC Halving As Bitcoin Dominance Tumbles

Bitcoin enthusiast Ali recently shared his opinions on Twitter on the current performance of the coin as the 2024 Bitcoin halving nears. The crypto analyst made the remarks while responding to a Twitter post by famous Bitcoin investor Lark Davis, who posted on the asset’s “massively important weekly close.”

Anticipating Bitcoin’s Weekly Closing

Bitcoin investor Lark Davis recently shared what he expects of BTC’s performance on his Twitter handle. Davis noted that despite being a few days before the weekly close, Bitcoin’s performance for the last seven days would put its price beyond its mid-2021 support level.

He added that this support level has acted as the resistance for Bitcoin in the past three weeks. Furthermore, Ali referenced the tweet he posted a few days prior, proving that the Bitcoin network is financially sustainable.

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Ali further referenced several of his other tweets where he forecasted the future price of BTC and the consequences of the 2024 Bitcoin halving.

Meanwhile, an evaluation of the price of Bitcoin indicates that the asset has been on an upward trajectory, showing a spike in value over the last few months. In January 2023, the price of BTC stood at $20,000 before jumping to its current value of $30,139, a nearly 50% price increase from the beginning of the year.

The crypto analyst opined that BTC’s current price and the sharp rise in the fee-to-reward ratio provide insight into what could happen to BTC’s value after the network’s halving event scheduled for next year. He further said that the recent events in the crypto market suggest that the crypto market will enter another accumulation phase similar to 2019 and 2020.

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Bitcoin’s Market Dominance Declines Following ETH’s Post-Shapella Rally

Following the Shanghai upgrade this week, the price of Ether has exceeded its psychological price barrier of $2,000, which has caused a decline in BTC’s market dominance. Data from the crypto analytic platform btctools.io shows that market shares for ETH have soared by 19.8%, which is more than a 1.1% increase in the past 24 hours.

With the continued rise in Ethereum’s market share, Bitcoin’s market dominance has dropped by 47.7%. The post-Shapella ETH rally has caused a decline in BTC’s market dominance which has been the case for the past two years.

Following a surge to the $30K price level, BTC’s market share spiked by 48.8%, its highest in nearly two years. Interestingly, BTC and ETH market share increase has been at the expense of other altcoins, with most of them performing poorly despite the recent rallies recorded by the two leading crypto assets.

It is worth noting that Bitcoin and Ethereum represent almost 68% of the total crypto market valuation. Stablecoins share less than 10% of the market, while the remaining tokens have a combined market value of 22%, as revealed by CoinGecko data.

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An asset’s dominance in the crypto space is measured by comparing its market cap with the total market cap of the entire market. At the time of writing, the combined market cap of the crypto industry stands at $1.33 trillion, an eleven-month high.

Over the past 24 hours, ETH’s price has surged by 3.2%, with the asset trading at its 11-month high of $2,073 at the time of writing.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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