There are 10 days left before an event that could greatly impact the crypto market. Bitcoin has been increasing significantly, with other cryptocurrencies also seeing gains, though not as large as Bitcoin’s. The dominance of Bitcoin is increasing due to both its gains against other altcoins and the shift of stablecoins to crypto. The crypto market has been oversold and recent short squeezes have caused sudden upward movements. The fundamentals behind crypto are strong, as more people are using cryptocurrency, and blockchain technology is seeing wider use. However, caution should be exercised as this could be the last ShakeOut before another dip.
Crypto Market on the Verge of a Massive Event
The crypto market is gearing up for a potential game-changing event that can either reshape it positively or negatively over the next 10 days. With Bitcoin surging every time you refresh the page, it’s moving up aggressively, and it’s essential to examine the relevant charts before the major event.
Why Bitcoin Is Moving Up Aggressively
Bitcoin is up by 9% in the last 24 hours, and the market cap is nearing $1.1 trillion, with other cryptos following suit but lagging behind Bitcoin. This surge is not just because of Bitcoin going against other altcoins; stablecoins are shifting to crypto as well, causing the market to heat up.
Bitcoin Dominance and Key Levels
The Bitcoin dominance has increased to 44.5% after breaking out above the 42.35% level a week ago. Sam, the host of the video, has placed most of his crypto in Bitcoin and only a few altcoins. The goal is to break out above the 200 week moving average, which stands around 24,600.
Fundamentals Behind Crypto Market
The news is good for the crypto market with global cryptocurrency owners increasing by 39% in 2022, up to 425 million. There is a stablecoin fully backed by Australian dollars launched by the National Australian Bank built on ethereum performing well, and hash rate just hit an all-time high.
Crypto Market: Final Warning
Sam warns of excessive excitement and investors entering blindly without proper research. He mentions that there may still be some ShakeOuts as the market moves into bullish territory. It’s important to be cautious and not follow the hype blindly.