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On August, BTC.D broke the 72% psychological level and the whole TOTAL2 market went down as a result of it. The altcoin market hasn't stopped bleeding as more and more institutional investors are moving towards the “BTC safe haven”.
Even though BTC Dominance stays strong, a key resistance is just around the corner. The 74.08-77.22 area needs to be monitored. Bakkt futures will play a key role, expectations can either push dominance above 2017 levels or create a pullback. If there is no slowdown in the current trend, the altcoin apocalypse will continue.
The last time BTC.D reached this level was between March and July 2017. Dominance fell sharply after that, reaching the 50 mark (-32%). Interestingly, from July onwards, the Alcoin market spiked over 400%. From July 17 to Sep 17 TOTAL2 went from $10Bn USD to $82Bn USD.
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