On September 12th, the Bitfinex Alpha report provides predictions on the potential performance of the cryptocurrency market. With Bitcoin's dominance declining and counterfeit products showing resilience, the report indicates that market dynamics may change.
The analyst further stated that counterfeit products unpositioned squaring contracts have fallen by 55% from their all-time highs, indicating that speculation has decreased and sellers may be running out. The ETH/BTC ratio remains below its 365-day simple moving average, indicating that ETH has generally underperformed since the merger.
The report adds that if Bitcoin dominance does reach a partial top, we could see counterfeit products outperform the market for some time in the coming months, potentially setting the stage for a bullish fourth quarter if macroeconomic pressures ease.
Bitfinex: counterfeit products may outperform bitcoin in coming months
2024-09-12 01:12:12
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