Image credit: Grok/X

Bitcoin saw heightened volatility on Dec. 26, following a TradingView data error that appeared to show its market dominance crashing to 0%.

The cryptocurrency’s price fell toward $95,000, representing a 4% decline from a high of $96,250, as market participants reacted to the anomaly.

The glitch caused Bitcoin dominance—a measure of Bitcoin’s share of the total crypto market capitalization—to appear nonexistent. This sparked a wave of knee-jerk trading activity, leading to a sharp price drop. Social media users quickly flagged the error, which TradingView has since corrected.

“So there was a TradingView glitch surrounding $BTC dominance and this caused people to panic dump? People now dumping over TradingView?” trader Satoshi Flipper questioned on X.

Monitoring resource CoinGlass revealed that $33 million worth of Bitcoin long positions were liquidated within four hours during the chaos. Bitcoin dominance had recently become a focal point for traders as it reached new highs, surpassing 61.5% in mid-November before pulling back. This fueled hopes of an upcoming “altseason,” when altcoins typically outperform Bitcoin.

“BTC Dominance reached 2021 breakdown level and rejected,” trading account Aqua noted on X, adding, “I think BTC Dominance peaked and ALTs will start outperforming $BTC in the coming months. Finally, we will see true ALTs season soon.”

Despite the short-term volatility, market participants remained optimistic about Bitcoin’s outlook.

Investor Eljaboom projected further upside for Bitcoin in early 2025, stating, “$BTC is preparing itself for the next leg up.” Other analysts highlighted bullish technical indicators, such as a recent bullish engulfing candle on the 1-day chart, which they interpret as a sign of an imminent breakout.

“If this plays out, the measured move from this megaphone could take us to the $110k–$130k range by the end of January, with $120k looking like a realistic target,” trader Xoom commented on X.

The market remains on edge as traders navigate short-term fluctuations while keeping an eye on the potential for long-term growth.

‍