What awaits the cryptocurrency market in the last week of 2023? How will these altcoins react as Bitcoin's dominance wanes?

Bitcoin news: From the second week of December, the cryptocurrency market faced a downturn. Then, in anticipation of the upcoming decision of the U.S. Securities and Exchange Commission (SEC) on spot Bitcoin ETFs, the market began to break out of negative territory. Following this rebound, the price of Bitcoin showed a significant rebound, approaching the $44,000 mark. With this small trigger, it positively affected altcoins, allowing them to show a significant rise.

As a result, major altcoins are seeing an increase in investment, getting closer to breaking through key resistance levels. As the year comes to a close, there are many altcoins that could reach or fall below critical levels in the coming week as Bitcoin's dominance declines.

Bitcoin's recession triggers altcoin market

Bitcoin, which has crossed the $40,000 level with a long-awaited momentum in recent weeks, is now facing a resistance level of $45,000. BTC dominance, which has risen by 1.6 points in the last 6 months, has decreased by 1.37 points in the last 1 week, from a peak of 55.12 percent to 52.74 percent, showing a slight decrease.

Market Capitalization BTC Dominance / BTC. Chart DOn the other hand, the market dominance of altcoins has increased by 3.44% in the last week. Altcoin dominance, which has risen by 9.79 percent for the last 1 month, has risen to 13.03 at the time of writing.

Technical analysts often view a decline in Bitcoin's market dominance (with Bitcoin price showing range-bound movement or consolidation) as a potential indicator of a sudden breakout in altcoin prices. With the dominance of BTC currently declining and the dominance of altcoins increasing, it could lead to a potential upside for altcoins in the coming week.

Altcoin market cap / Source: Tradingview### SOL price analysis

Solana experienced a notable rebound from its 20-day Exponential Moving Average (EMA) and broke the ascending channel pattern. This reflects the strong buying interest of bullish investors.

SOL 4-hour price chartThe price of SOL has increased by over 18% in the last 24 hours, crossing critical levels and is currently trading at $113.67. While it is expected to face selling pressure around $100, the bulls continue to hold their positions and the SOL price easily surpassed the $110 level. If this bullish momentum is maintained, it could put Solana on a path towards $118-$120 next week.

Shiba Inu price analysis

The SHIB price, which has been moving quite modestly recently, continues the day with an increase of 2.61 percent. Currently holding above $0.00001, the bulls are aiming to break the immediate resistance to push the price higher.

SHIB price chartSHIB could start a rise if it breaks above its previous resistance at $0.000012. The SHIB, which made progress last week with massive burn rates and whale activity, will fuel a bullish rally towards $0.000015 to $0.000018 next week. However, this resistance level can create selling pressure. If SHIB breaks below the momentary moving averages, it could be a wake-up call for sellers. In this case, it can test a lower level again. On the other hand, Shiba Inu's lead developer, Shytoshi Kusama, pointed to many other critical developments. This brings to mind various ecosystem developments that could potentially increase the price of SHIB in 2024.

Injective price analysis

The price of Injective, which is powered by the Layer 2 blockchain, the Cosmos blockchain, tested a new high of $44.60 earlier in the day as buyers concentrated their holdings. However, the price is currently facing minor rejections and is hovering around $41 as it continues to rise. INJ recorded a 60% price increase earlier this week and has risen nearly 150% this month.


This upside move could face a slight hurdle at $50. The bears will need to push the price below the EMA200 to gain an advantage, and the price could reverse at this point. However, if it stays above $40, it will mean that market sentiment is positive and investors are taking advantage of lower prices. This scenario would increase the chances of the price exceeding $50. In such a case, INJ prices may rise to $55-62 next week.

However, one of the things to watch in the last week of the year is the MK token. Meme Kombat is one of the options that attracts investors with its growth rate. According to the latest post on the official X account, MK, which has reached 4.4 million, will continue to grow rapidly until the beginning of the year.

Meme Kombat could reach 4.5 million next week!

The Meme Kombat project allows 11 of the most popular meme coin characters in the crypto world to fight on an arena-style platform, allowing its users to earn profits. It makes it possible for users to earn with different alternatives such as betting and staking in a fun way. It also offers the chance to earn 112 AYP by staking during presales.

$4.4 MILLION

Maybe we can reach 4.5 just in time for Christmas🎁 pic.twitter.com/h0FBVCNhIg

— Meme Kombat (@Meme_Kombat) December 24, 2023

About 50% of Meme Kombat's total supply was allocated to the presale, with community rewards and DEX liquidity each recovering up to 10% of their investment, while the remaining 30% was allocated to staking and battle rewards. With these developments, the Meme Kombat price, which was met with great interest among investors, was currently trading at $ 0.246. The token, which has started a new stage, will be available at a price of $0.257. Continuing to grow, Meme Kombat can be followed in the coming weeks.