TechFlow news, on November 9, crypto analyst Matthew Hyland recently stated, "The reason you should have confidence in altcoin price movements is because the Bitcoin dominance chart looks very weak—and has been weak for several weeks."
Hyland pointed out: "The downward trend remains likely to continue, so this current rebound is merely a 'dead cat bounce' within a broader downtrend."
Hyland also suggested that Bitcoin's recent price volatility may have been orchestrated by traditional financial giants. "Over the past month, my view hasn't changed much—I believe these fluctuations are actually manipulative actions, with Wall Street simply profiting for itself."
According to TradingView data, Bitcoin's market share (a metric measuring Bitcoin's overall market share) has declined by 5.13% over the past six months, standing at 59.90% at the time of writing.
On November 4 alone, Bitcoin's price dropped below the $100,000 mark for the first time in four months, triggering market concerns about its future trajectory. Although Hyland believes the altcoin market may be poised to gain momentum, other indicators still show that market focus remains on Bitcoin. CMC's Altcoin Season Index currently stands at only 28/100, still within the "Bitcoin Season" range.
