Bitcoin Trading Dominance is at a 3-Year High
The Bitcoin trading dominance is back to 2017 levels, as per TheTie report. Trading dominance is a metric that shows the level of back and forth changing of hands between BTC and altcoin pairs. The rapidity, the crypto analytic firm indicates, is increasing as traders appear to be strategically positioning themselves for a possible moonshot.
Bitcoin is a base currency for most trading pairs. That traders are shifting back to BTC base pairs--and possibly hoarding the world’s most valuable coin at the back of supportive fundamentals-- is overwhelmingly bullish. Already, BTC-related transactions are increasing, pointing to renewed interest at a time when more traders move their coins out from leading spot crypto exchanges.
Impact on the BTC Price:
Bullish. Traders consider BTC a shield against inflation and other macroeconomic factors that impact their fiat value. That there are more BTC-related trades is bullish for the coin as buyers try to build momentum to blast the $12,000 resistance level.
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