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Bitcoin, the world’s largest cryptocurrency by market capitalization, has climbed to its strongest point since June 2022, reaching a high of $27,002.39. This upward trend comes after a period of volatility in the cryptocurrency markets, with BTC/USD hitting a low of $24,624.74 on Thursday. As a result of this latest rally, the 10-day moving average is now on the verge of an upwards crossover with its 25-day counterpart, a potential indication of a longer-term bull run.
Bitcoin Dominance Sparks Portfolio Debate
In a recent video by famous crypto influencer BitBoy Crypto, the host discusses the performance of his portfolios, noting that he is heavily invested in Ethereum (ETH) and Chainlink (LINK). However, with Bitcoin’s dominance currently increasing, he questions whether it may be worth condensing some holdings and investing more in Bitcoin and ETH.
Despite the recent market volatility, the host remains optimistic about the performance of his portfolios, with assets such as Polygon (MATIC) up 33% and Conflicts (CTF) up 106%. He ultimately decides not to make any changes to his holdings, citing his preference for having a diverse range of coins in his portfolio.
Possible Implications for the Market
The recent increase in Bitcoin’s dominance has led to debates among investors and analysts about the potential implications for the wider cryptocurrency market. Some believe that Bitcoin’s dominance will continue to increase, potentially leading to a sell-off in altcoins and an increase in BTC and ETH prices.
Others argue that a diverse range of coins is necessary for a healthy and robust cryptocurrency market. While Bitcoin and other cryptocurrencies continue to encounter volatility and price swings, it remains to be seen how the market will react to shifting market circumstances and investor sentiment. At press time, BTC is worth $27,401, and Ether is worth $1,819.