Is bitcoin [BTC] still the most dominant crypto in the market, especially after…

Bitcoin [BTC] could be on the verge of losing its recently regained dominance. this is that opinion by CryptoQuant analyst Maartunnn. The analyst had predicted on September 11 that Bitcoin would regain supremacy despite everything ether [ETH] Assumption of the position in the run-up to the merger. Interestingly, his prediction came true.

Here is AMBCrypto’s Bitcoin Price Prediction for 2022-2023

However, recent events such as the 50 percent altcoin market dominance on Oct. 23 could put BTC on the back burner. According to the analyst, this percentage represented altcoin dominance in exchange activity within the above timeframe. He added that if this episode extends, Bitcoin could enter a state of capitulation like it did in April and November 2021.

During these periods, BTC fell from $47,000 to $20,000 and $67,000 to $36,000 respectively. Therefore, the king coin could be endangered once more.

Return as Commander-in-Chief

Now an assessment of BTC-ETH dominance Chart showed Bitcoin is still in control.

Despite this, Glassnode showed that Ethereum was in heated competition with crypto. The on-chain analysis platform revealed that ETH peak dominance was at -0.085. BTC remained positive at 0.085.

Source: Glassnode

This implies that investors still view BTC as a preferred asset. Additionally, the value of BTC relative to other cryptocurrencies has sustained a race that other cryptocurrencies may never win.

For exchange netflows, Glassnode reported that BTC saw more negatives than ETH. Last week, BTC exchange net flow was -$1.8 billion. For ETH, it was -$183.9 million.

🚨 Weekly on-chain exchange flow 🚨#Bitcoin $BTC
➡️ $3.1 billion
⬅️ $4.3 billion out
📉 Net flow: -$1.2B#Ethereum $ETH
➡️ $1.6 billion
⬅️ $1.8 billion out
📉 Net Flow: -$183.9M#Tether (ERC20) $USDT
➡️ $2.0 billion
⬅️ $2.0 billion out
📈 Net Flow: +$57.4Mhttps://t.co/dk2HbGwPL4

— Glassnode Alerts (@glassnodealerts) October 24, 2022

However, despite these lows, both coins appeared to be up rebounded something in the last 24 hours.

Corresponding CoinMarketCap, BTC is up 0.82% while trading at $19,333. It is worth noting here that the recovery has not stopped institutional investors from withholding their restrictions on adding more BTC.

According to Glassnode, this is indicated by the distribution data. Based on the available data, addresses with 100 and 1000 BTCs declining since July have not flipped to form an uptrend. At press time, addresses holding more than 1000 BTC had fallen to 2,129.

Source: Glassnode

Still out of shape

Additionally, the BTC/USD chart showed that the coin is far from converging towards bullish momentum. Evidence from the Awesome Oscillator (AO) at -91.79 indicated that BTC may struggle to gain positive momentum. Also, the Moving Average Convergence Divergence (MACD) showed that the coin’s condition was mostly bearish.

Although buyer strength (blue) and seller momentum (orange) battled for relevance, sellers appeared to be more favored. However, with small gains showing in the histogram, the potential for BTC to add to its recent gains may not be ruled out.

Source: TradingView

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