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Ripple has partnered with BNY Mellon, a global financial institution managing over $2 trillion in assets, to serve as the primary custodian for RLUSD reserves. This development follows RLUSD surpassing the $500 million mark in circulating supply, just seven months after its launch. Ripple’s RLUSD Gains Institutional Backing Ripple has announced that BNY Mellon, the
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Bitcoin’s (BTC) market dominance has surged to 64%, reaching its highest level in over four years.
However, experts remain divided on what this means for the future. Some predict an impending altcoin season, and others caution that Bitcoin’s dominance could continue to suppress altcoins.
For context, Bitcoin dominance (BTC.D) refers to the percentage of the total cryptocurrency market capitalization that BTC holds. It is a key indicator of Bitcoin’s market strength relative to other cryptocurrencies. A rising dominance suggests that Bitcoin is outperforming altcoins, while a decrease may signal growing interest or investment in other digital assets.
The metric has been steadily increasing since late 2022. As of the latest data, it surged to 64%, marking highs last seen in early 2021.
Notably, Benjamin Cowen, founder of Into The Cryptoverse, highlighted that the number is much higher when excluding stablecoins.
“Excluding stable coins, Bitcoin dominance is now at 69%,” Cowen revealed.
The rise in Bitcoin dominance has sparked debate among analysts about its implications for altcoins. Cowen believes there will be a correction or downward movement in altcoins before any substantial gains can be expected in the market. This implies that the altcoin season may not be imminent yet.
“I think ALT/ BTC pairs need to go down before they can go up,” he stated.
Nordin, founder of Nour Group, also expressed caution. He stressed that Bitcoin dominance is nearing the levels seen during the peak of the 2020 bear market.
“This isn’t just a BTC move. Its capital rotating out of alts,” he noted.
Moreover, Nordin warned that a break above 66% could intensify selling pressure on altcoins. This, in turn, could delay the altcoin season.
“Bitcoin dominance back to 64%. No Alt seasons in 2024 or 2025,” analyst, Alessandro Ottaviani, predicted.
On the other hand, analyst Mister Crypto predicts that Bitcoin’s dominance may follow a long-term descending triangle pattern. A descending triangle typically suggests bearish momentum, where the price or dominance gradually decreases as lower highs are formed.
However, this could prolong its market control before a broader correction allows altcoins to gain traction.
Another analyst mentioned that Bitcoin dominance is currently testing the resistance zone between 64% and 64.3%. Therefore, a possible retracement may be on the horizon. Should this retracement occur, altcoins could begin to gain traction, with some potentially emerging as top performers in the market as capital shifts away from Bitcoin.
“However, a breakout from this zone could mean further declines for alts,” the analyst remarked.
Finally, Junaid Dar, CEO of Bitwardinvest, offered a more optimistic view. According to Dar’s analysis, if Bitcoin’s dominance drops below 63.45%, it could trigger a strong upward movement in altcoins. This, he believes, would create an ideal opportunity to profit from altcoin positions.
“For now, alts are stuck. Just a matter of time,” Dar added.
Meanwhile, many analysts believe that the trends in Tether dominance (USDT.D) signal a potential altcoin season. From a technical analysis standpoint, USDT.D has reached a resistance zone and may be due for a correction, suggesting the possibility of capital flowing from USDT into altcoins.
“The USDTD is in a rejection zone, as long as it does not close above 6.75% it will be favorable for the market,” a technical analyst wrote.
Another analyst also stressed that the USDT.D and USD Coin dominance (USDC.D) have reached resistance, forecasting an incoming altcoin season. Doğu Tekinoğlu drew similar conclusions by observing the combined chart of BTC.D, USDT.D, and USDC.D.
As Bitcoin’s dominance climbs, investors are closely monitoring these technical and on-chain signals. The interplay between Bitcoin’s strength and stablecoin dynamics could dictate whether altcoins stage a comeback this summer or face further consolidation. For now, Bitcoin’s grip on the market remains firm.
The post Bitcoin Dominance Reaches 4-Year High, Yet Experts Remain Split on Altcoin Season appeared first on BeInCrypto.
The USD/SGD pair took a step back on Monday, trading at around 1.3171 as the U.S. Dollar softened following the…
Crypto commentator Dr. Altcoin has revealed that payment platform Banxa has secured Pi Network’s KYB approval to sell Pi coin globally. This development is undoubtedly bullish for the altcoin, considering how this could boost the altcoin’s adoption and possibly spark a price surge.
In an X post, Dr. Altcoin revealed that Banxa is now KYB approved for the Pi network. He explained what this means for the Pi community, noting that people in over 100 countries can now instantly buy the Pi coin with cash through the payment platform. The crypto expert added that this is a game-changer for accessibility and global adoption of the altcoin.
The payment platform joins top crypto exchanges like MEXC and Bitget, which already secured KYB approval for the Pi Network. Dr. Altcoin stated that exchanges BitMart and HTX will likely receive their approval within the next 10 days, which he claimed is a “clear sign” that the Pi Network is moving in the right direction.
As he noted, only KYB-approved companies like Banxa can legally use and trade the Pi coin, which is why this development is significant both for the Pi Network community and the Pi coin price. Meanwhile, only those involved in P2P transactions must be KYC-approved and use non-custodial wallets.
The crypto commentator affirmed that the Pi Network has made security and trust its top priorities from day one by ensuring they verify every user and business through the KYC/KYB process. Based on this, he affirmed that Pi is not just another crypto but one that is building the foundation for a trusted, global adoption.
In another X post, Dr. Altcoin explained why centralized exchanges (CEXs) and platforms like Banxa are willing to go through this “long, strict, frustrating” process for the Pi Network’s KYB approval. He stated that the Pi project focuses on five key pillars, which is why it is generating so much interest.
He mentioned financial inclusion as the first pillar, noting that Pi’s ecosystem promotes universal access to fair, transparent, and efficient digital payment systems. The second pillar is interoperability, with the network scaling digital networks, ensuring fungibility, and enabling seamless financial interactions.
Dr. Altcoin mentioned identity verification, currency programmability, and decentralized financial systems as the third, fourth, and fifth pillars. Meanwhile, the crypto expert highlighted Stellar and OKX as Pi Network’s initiative partners. The Pi Blockchain runs on the Stellar Consensus Protocol (SCP). OKX is the first CEX to receive KYB approval from the Pi Network team.
Amid Banxa’s KYB approval, the Pi Network’s mainnet wallet activation has fueled speculation of a Pi coin listing on Binance. A Binance listing will be huge for the Pi coin, considering how it will further expand the altcoin’s adoption.
The post BANXA Gets Pi Network KYB Approval to Sell Pi Coin Globally appeared first on CoinGape.