Bitcoin dominance drop and resistance at $55K stoke altseason hopes

The global cryptocurrency market recorded a positive performance on the 27th. April, the second day after the weekend sell-off, profits, which proved to be a good buying opportunity for retail and institutional investors.

Lower gas costs following the upgrade of the Ethereum network in Berlin, along with increased activity from institutional buyers and decentralized funding, have pushed the price of Ether to a new all-time high of $2,680.

Data from Cointelegraph Markets and TradingView show that bitcoin (BTC) broke above the $54,000 level early Tuesday morning, with bulls now looking to break through the $55,000 resistance level for a potential rally towards $58,000.

4 hour chart BTC/USDT. Source: TradingView

With Ether and Altcoins showing signs of strength while BTC remains in a range, there has been an increase in crypto Twitter chatter as traders speculate whether Altcoins are about to have a season.

This rally is similar to the previous market decline.

As Ben Lilly, co-founder and analyst at Jarvis Labs, noted in a recent report, the sharp rise of 11.5% on the 26th is similar to what we saw on the first day of the year. April of the previous BTC price recovery from the bottom.

The strength of the bitcoin price recovery. Source: Jarvis Laboratories.

The purple lines in the chart above represent one-month lows in bitcoin futures, which Lilly sees as a possible signal of an imminent price breakout.

Lilly said:

Each time before the price turned, the premium on futures contracts traded over a month was about 6-7% higher than spot prices.

Algorithm selection has reached a new historical high

Daily indicators for the crypto-currency market. Source : coin360

Several altcoins reached new highs on Tuesday, as did Ether.

Polygon (MATIC) continued its sharp rise, reaching a high of $0.75 for what appeared to be a brief respite. Uniswap (UNI) also revealed that the price of its chips hit a record high of $40.50 after a 17% jump from its low on the 26th. April had recovered.

The total capitalization of the cryptocurrency market is currently $2.08 trillion with bitcoin dominating at 49.5%.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.

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