Bitcoin Dominance Breaks Down As Altcoins Begin to Rebound
Altcoins like Ethereum, Litecoin, and XRP have struggled to recapture lost market share from Bitcoin in 2019. This has been reflected by a sharp increase in Bitcoin dominance – a metric that has increased steadily throughout the year.
But as Bitcoin dominance begins to break down from recent highs, altcoins have begun to show signs of life once again, and some crypto analysts believe that a recovery may be ahead for altcoins now that Bitcoin has started to correct in a big way.
Altcoins Gain Against Bitcoin as BTC Dominance Dwindles
All this year, Bitcoin’s parabolic rally has been like a vacuum for altcoins, sucking out whatever remaining value they have left after falling as much as 99% in some cases to their bear market lows.
Related Reading | Ethereum, XRP, Litecoin and Other Large Cap Alts Poised For 20% Breakout
As Bitcoin climbed higher and higher, both the USD value and the BTC ratio in altcoins began to fall. But now that Bitcoin’s bullish rally has come to an end, Bitcoin dominance – a metric used to weigh Bitcoin’s market cap against the rest of the alts in the space – has also started falling, and it could open the flood gates for altcoins to rally.
BTC dominance reached a peak of over 70% in early September and has been steadily declining since. This week, Bitcoin dominance fell to under 67% and appears to be ready to plummet lower, especially if altcoins continue to rally.
Crypto Market And Bitcoin Could Rise Steadily: BCH, Litecoin, EOS, XLM Analysis
Tuesday October 15, 2019
The total crypto market cap is showing positive signs above the $210.0B support area. Bitcoin price needs to surpass the $8,400 resistance area to continue higher in the near term. Litecoin (LTC) price is...
The post Crypto Market And Bitcoin Could Rise Steadily: BCH, Litecoin, EOS, XLM Analysis appeared first on 12bitplay - Bitcoin Play.
$BTC dominance breaking down. Continuing to look like it's dropping more and more. pic.twitter.com/lmhEuvA5wZ
— Income Sharks (@IncomeSharks) October 7, 2019
Bitcoin To See 150% Rally to $20,000 Within Next 18 Months: Prominent Investor
Wednesday October 16, 2019
Over the past few months, the price of Bitcoin (BTC) and other cryptocurrencies have been heavily languishing. Since the $14,000 peak established in June, BTC has collapsed by nearly 50%, falling all the way...
The post Bitcoin To See 150% Rally to $20,000 Within Next 18 Months: Prominent Investor appeared first on 12bitplay - Bitcoin Play.
The drop in BTC dominance coincides with a rise in the value of many of the top altcoins. According to altcoin charts, the asset class appears to be bottoming – especially when it comes to “major” alts such as Ethereum, XRP, or as one crypto analyst points out, Tron or IOTA.
On the day, Tron, EOS, and Chainlink are all up 9% or more, while XRP trails right behind with 7% growth over the last 24 hours. These alternative crypto assets have all gained against the leading crypto by market cap, with their BTC ratios also being up as much as 6% on the day.
Bitcoin Reclaims Support Level as Analysts Eye Further Gains
Saturday October 19, 2019
After struggling to break above $8,000 for the past several days, Bitcoin was once again able to find some support within the upper-$7,000 region that held strong and allowed BTC to move back up...
The post Bitcoin Reclaims Support Level as Analysts Eye Further Gains appeared first on 12bitplay - Bitcoin Play.
So many alts (especially the majors) printing the same structure. It's that time of the year where we toss a coin to choose a position? $TRX / $ETH / $XRP / $IOTA pic.twitter.com/ao5hmtCjjb
— The Crypto Monk (@thecryptomonk) October 6, 2019
Given that altcoins have been stuck in a downtrend for nearly the entire last two years, selling pressure is starting to dry up, and the low liquidity markets of each altcoin are ripe and waiting for a whale to come in and start making waves once again.
Related Reading | Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market
With Bitcoin price trading sideways, altcoins often shine. Could the current Bitcoin price action and fall in dominance lead to a true alt season as the crypto community has been clamoring for? Or is this yet another altcoin bounce, and soon Bitcoin dominance will set a new high in the coming days?
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