Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching
[NEWS BLOG]: Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching
"Bitcoin’s Crypto Market Dominance Remains Steady at 65%"
Bitcoin has been largely outperforming smaller altcoins in the time following its mid-March meltdown.
This is clear while looking towards the growth its dominance has seen over the aggregated crypto market in the time following this bout of capitulation.
At the time of writing, Bitcoin’s dominance is sitting at 65%. This is around the level at which it has been hovering at over the past several weeks.
In late-February, BTC’s dominance hit its year-to-date lows as altcoins begin incurring massive momentum. This market-wide uptrend proved to be short-lived, as the turbulence seen across the traditional markets caused virtually all cryptocurrencies to decline.
This downtrend reached a boiling point on March 12th when Bitcoin plummeted from the $8,000 region to lows of $3,800.
The capitulation seen on this day proved to be more potent to altcoins than it was to BTC, causing the benchmark crypto’s dominance to rebound from lows of 60%, ultimately finding itself caught within an uptrend that led it to highs of 68% in early-May.
"Here’s Why “Altseason” is Closer Than Ever"
One analyst recently explained that he believes the proverbial “altseason” is closer than ever.
He justifies this controversial opinion by offering an analysis of BTC’s dominance, noting that it recently posted a bearish retest that suggests a significant decline is imminent.
The crypto analyst also went on to explain that it is about to break an 871 day uptrend, and that a decisive decline beneath 62% would mark the start of altseason.
OTHER RELATED NEWS
Bitcoin Not Banned In India! Finance Minister Tells Parliament
Holding or trading cryptocurrencies like bitcoin is not banned in India, union minister Anurag Singh Thakur told the upper house of Indian parliament. The Minister of State to Ministry of Finance said the issues of permitting the trading of/in cryptocurrencies remains under examination of a government-appointed interministerial committee. He stressed that the Reserve Bank of India and the Ministry of Finance had issued a string of circulars and notices regarding the use of bitcoin and other similar coins. Nevertheless, only a final report from the committee could shed more light on the final status of such nascent asset class.
“Presently, - read more.
Bitcoin Plays With USD 9,000, While Virus Fears Weigh on Stocks
Bitcoin (BTC) is once again trading around USD 9,000, while the risk-off sentiment has hit stock markets across the globe hard in recent days.
At pixel time (10:35 UTC), BTC trades at c. USD 9,010 and is up by 4% in the past 24 hours and the past week. Earlier today, the price reached USD 9,100 before dropping to almost USD 8,900 and moving back to USD 9,000.
Also, while the U.S. S&P 500 stock index has sold off about 2.2% over the past three days, the number one cryptocurrency is up by about 8% over the same time period.
Although - read more.
Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies
- Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar.
- The price is now trading well below the $10,000 level and it could struggle to recover in the near term.
- There was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is under pressure and it is likely to decline further towards the $9,500 support.
Bitcoin price is back in a negative zone below $10,000 against the US Dollar. BTC is facing uphill task and it might face - read more.