On December 8th, Bitcoin (BTC) struggled to make progress at $43,000, while the surge in altcoins put the spotlight on Ethereum (ETH).
Cointelegraph Markets Pro and TradingView data show that BTC prices remained steady, while ETH/USD rose by approximately 7.6% over the past 24 hours.
After reaching a new high of $44,490 earlier this week, the market participants are now feeling uncertain, with the rise of ETH and Solana (SOL) diverting attention.
Popular analyst Matthew Hyland described the recent developments as a potential "false breakout" when discussing Bitcoin's share in the overall cryptocurrency market.
On December 6th, the dominance reached 55.26%, consistent with the high point of BTC prices, marking the highest value since April 2021.
Hyland wrote in a tweet, "BTC needs to close above the support to avoid; currently below support," referring to the critical 54.35% level.
At the time of writing, Bitcoin's dominance is below this level, at around 53.9%.
Some major altcoins took advantage of this situation, with ETH/USD briefly touching $2,392 before a minor pullback later in the day.
SOL/USD reached $72.88 on Bitstamp, hitting its highest point since May 2022, with investors making bullish bets for the future, reaching triple digits.
Research firm Santiment believes that the fear, uncertainty, and doubt (FUD) surrounding the breakout of altcoins may ultimately help Bitcoin.
"Traders are concerned that #cryptocurrency markets may currently be in a bull trap," Santiment speculated on December 7th.
The attached chart data covers the popularity of the phrases "bull trap" and "bear trap" on social media, referring to the current cryptocurrency price trends.
On the other hand, Bitcoin market participants saw encouraging signs in the current price decline.
Popular trader Credible Crypto, known for his optimistic view of Bitcoin in the current environment, believes that accumulation is still ongoing before the next upward phase of the largest cryptocurrency.
However, as reported by Cointelegraph, some believe that the future may not be a bull market, but rather a larger-scale pullback, which could potentially bring the market back to $30,000 or even closer to $20,000 before reaching new all-time highs.
This article does not contain investment advice or opinions. All investment and trading activities involve risks, and readers should conduct their own research when making decisions.
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