Bitcoin price is on the rise again, after a brief dip below $29,000. The cryptocurrency is currently trading at $29,444, up 0.8% in the past 24 hours.

The rebound in Bitcoin price is being driven by a number of factors, including oversold conditions in lower timeframes and a bullish cross in the MACD indicator. However, it is also worth noting that Bitcoin dominance has been falling in recent months, as investors have shifted their attention to altcoins.

Bitcoin Dominance

Bitcoin dominance is a measure of the percentage of the total cryptocurrency market capitalization that is made up of Bitcoin. It is calculated by dividing the market capitalization of Bitcoin by the total market capitalization of all cryptocurrencies.

Bitcoin dominance has been falling since the beginning of 2023. At its peak, Bitcoin dominance was over 70%. However, it has now fallen to around 40%.

There are a number of reasons why Bitcoin dominance is falling. One reason is that altcoins have been performing well in recent months. Ethereum, for example, is up over 50% in the past month. Another reason is that the regulatory crackdown on cryptocurrencies has led some investors to sell Bitcoin and move their money into altcoins.

The Regulatory Crackdown

The regulatory crackdown on cryptocurrencies has been a major factor in the decline of Bitcoin dominance. In recent months, governments around the world have cracked down on cryptocurrency exchanges and Initial Coin Offerings (ICOs). This has led to a loss of confidence in the cryptocurrency market, and has caused some investors to sell Bitcoin.

The Outlook for Bitcoin

Despite the fall in Bitcoin dominance, the overall outlook for Bitcoin remains bullish. The cryptocurrency is still the most popular and widely-used cryptocurrency in the world, and it has a strong track record of resilience.

In the short term, Bitcoin price could test the $30,000 resistance level. However, if the momentum dries up, it could also retrace to $28,000 or even $25,000.

In the long term, Bitcoin is still seen as a store of value and a hedge against inflation. As more and more people adopt cryptocurrencies, Bitcoin is likely to continue to grow in value.

The Altcoins

While Bitcoin dominance has been falling, altcoins have been performing well. Ethereum, for example, is up over 50% in the past month. Other altcoins that have been performing well include Cardano, Solana, and Avalanche.

The rise of altcoins is a sign that the cryptocurrency market is maturing. Investors are no longer just interested in Bitcoin, but are also looking at other cryptocurrencies with potential.

The Future of Cryptocurrencies

The future of cryptocurrencies is still uncertain. However, the recent trends suggest that the market is maturing and that altcoins are becoming more popular. If this trend continues, Bitcoin dominance could continue to fall in the future.

Conclusion

Bitcoin price is on the rise again, after a brief dip below $29,000. The rebound in Bitcoin price is being driven by a number of factors, including oversold conditions in lower timeframes and a bullish cross in the MACD indicator. However, it is also worth noting that Bitcoin dominance has been falling in recent months, as investors have shifted their attention to altcoins.

The outlook for Bitcoin remains bullish in the long term. The cryptocurrency is still the most popular and widely-used cryptocurrency in the world, and it has a strong track record of resilience. However, in the short term, the price of Bitcoin could fluctuate depending on a number of factors, including the regulatory environment and the performance of altcoins.