Bitcoin experienced volatility on December 26th following a glitch on TradingView, which incorrectly showed Bitcoin’s market dominance dropping to zero. This technical error destabilized the cryptocurrency’s price by approximately 4%, triggering a wave of panic-induced selling and the liquidation of roughly $33 million in long positions within four hours.
The error was swiftly corrected, yet its impact highlighted the sensitivity of Bitcoin’s price to data discrepancies. Observers noted that Bitcoin’s market dominance, which had surpassed 61.5% in mid-November, has been a closely watched metric, with expectations of an “altseason” where alternative cryptocurrencies might outperform Bitcoin.
Notable traders and analysts, such as Michaël van de Poppe, suggested that the broader altcoin market remains undervalued, drawing comparisons to the Dotcom bubble while anticipating significant potential growth in the coming years. Despite the recent dip, market sentiment remains optimistic about Bitcoin’s trajectory, with forecasts of substantial movement in the first quarter of 2025. Investor confidence is bolstered by technical analysis indicating bullish patterns, suggesting potential price targets between $110k and $130k by January’s end.
This incident underscores the importance of accurate data in financial markets and reflects ongoing bullish sentiment among cryptocurrency investors.
