Bitcoin
Bitcoin dominance reaches new highs – What’s next for BTC?
Bitcoin’s dominance strengthened with a rise in price, while the adoption of inscriptions alleviated selling pressure among miners.
- Bitcoin dominance soared as prices saw green.
- Inscriptions eased miner selling pressure.
Bitcoin’s [BTC] price surge has started to leave other altcoins in the dust as the king coin continues to move forward.
King coin continues to reign
Santiment’s data indicated that Bitcoin’s price dominance is back, at least for now. Altcoins were pulling back after a strong month.
If people get worried and show fear, we might see quick price rebounds. It’s a dynamic situation in the crypto market. The dominance of Bitcoin can change and affect altcoin prices. Investors should stay alert to the shifts in market sentiments.
? #Bitcoin price dominance is finally back, at least for the time being. #Altcoins have been retracing on the tail end of the week after the past month's blistering hot rally. If the crowd begins to get worried and show #FUD, however, we could see some quick price rebounds. pic.twitter.com/VAcKd27WIH
— Santiment (@santimentfeed) November 17, 2023
The resurgence of Bitcoin’s price dominance could lead to increased investor confidence in Bitcoin as a leading cryptocurrency. This may attract more attention and investments to Bitcoin, potentially resulting in a positive impact on its price.
However, the impact on altcoins could be negative, as a shift towards Bitcoin dominance might lead to a reduction in the relative value of altcoins.
Additionally, Inscriptons could help BTC with positive momentum as well.
Miners see relief
Inscriptions began in early 2023, bringing overall advantages to Bitcoin. Miners now get a quarter of their revenue from fees.
Transactions with fees around 50 sat/vByte are quite common, showing that users are willing to pay a bit extra for faster processing. This highlights a positive trend for both miners and users on the Bitcoin network.
The growing prevalence of inscriptions in 2023 is likely to have several positive impacts on Bitcoin. Firstly, with miners earning a significant portion of their revenue from fees, it enhances the overall economic sustainability of the Bitcoin network.
Read Bitcoin’s Price Prediction 2023-2024
The willingness of users to pay higher fees for faster transactions suggests increased demand and value associated with timely processing. This could contribute to a more robust and secure network as users invest in efficient transaction processing.
Source: glassnode
At press time, BTC was trading at $36,424.78. Over the last 24 hours, the price of the king coin fell by -2.9%. The volume at which it was being traded remained the same.
