Altcoins Could See “More Blood” as Bitcoin Dominance Reaches Bedrock Support

Altcoins Could See “More Blood” as Bitcoin Dominance Reaches Bedrock Support
фото показано с : bitcoinist.com

2020-9-15 23:00

Bitcoin has been firmly guiding the altcoin market throughout the past week or so, with mid-cap and small-cap cryptos firmly tracking its every move This trend has come about following a period in which these tokens significantly outperformed the benchmark crypto This trend led BTC’s dominance over the aggregated market to plunge lower, and it now appears to have reached a bedrock support level One analyst believes that this support level will allow Bitcoin’s dominance to spike higher This could strike a serious blow to altcoins and lead them to see further blood

Bitcoin’s dominance has been ceded to altcoins throughout the past few weeks and months, with the ongoing DeFi craze leading return hungry investors to flock away from the largest digital asset and towards smaller, more volatile ones.

The collapse in the cryptocurrency’s market-wide dominance shows that investors are growing more comfortable with taking on risk, as BTC is typically viewed as being the safer play.

That being said, this trend may continue persisting so long as altcoins within the DeFi space continue their parabolic ascent, with many clocking 1,000%+ returns over a multi-month period.

One analyst is now observing that BTC’s dominance has reached a bedrock support level that has historically held strong.

He believes this may cause it to bounce sharply, striking a serious blow to altcoins.

Bitcoin Shows Tempered Signs of Strength, But Spotlight Remains on Altcoins

At the time of writing, Bitcoin is trading up just over 2% at its current price of $10,600.

This is around the price at which it was previously facing some strong resistance, which has since been degraded by buyers.

Despite its present strength, it is currently being significantly outperformed by many smaller altcoins, which tend to track BTC’s daily trend, but outperform it during green days.

Analyst: BTC’s Dominance May Soon Spike, and That’s Bad for Altcoins

One factor that could stunt the growth that altcoins have been seeing as of late is Bitcoin’s dominance reaching a historic support level.

While speaking about this, an analyst explained that he believes this support will allow BTC’s price to bounce at the expense of altcoins.

“BTC Dom vs altcoins. This is the longest I have ever gone without trading alts 10 days roughly. I think alts have more blood to give yet and we could see Dominance rise towards the first area of resistance short to mid term which could provide some unique buying opps,” he said.

Image Courtesy of Pentoshi. Chart via TradingView.

How this Bitcoin metric trends in the near-term should provide some significant insights into the state of the ongoing DeFi bull run.

Featured image from Unsplash. Charts from TradingView.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69321.36 (-0.10%)
Объем 24H $47.77b
Изменеия 24h: 2.84 %, 7d: -4.15 %
Cегодня L: $69321.36 - H: $69321.36
Капитализация $1371.813b Rank 1
Цена в час новости $ 10783.93 (542.82%)

dominance support bitcoin trend firmly market bedrock

Источник: bitcoinist.com

dominance support → Результатов: 66


Фото:

The Bitcoin Dominance Rate Could Rally Before Dropping

The Bitcoin Dominance Rate (BTCD) has been decreasing at an accelerated rate since the beginning of July. The decrease should continue until the rate reaches the closest support area at 62.5%. Current Support At the beginning of July, the BTCD broke down from a rising support line that had previously been in place since February […] The post The Bitcoin Dominance Rate Could Rally Before Dropping appeared first on BeInCrypto.

2020-7-14 21:30


Фото:

The Bitcoin Dominance Rate Lessens, Alt-Season Hopes Fade

While the Bitcoin dominance rate (BTCD) has moved above an important resistance level, the altcoin dominance (ALTD) was rejected by its previous support area and has been decreasing since. While several altcoins have previously initiated strong upward moves, the majority of them have been correcting, decreasing towards and even below their pre-breakout levels.

2020-5-19 19:15


Фото:

Coronavirus Crisis Could Propel Bitcoin to Replace the Dollar as the World’s Reserve Currency

The Federal Reserve Board announced Tuesday the establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to small businesses and households. With further volatility expected in the traditional markets due to Coronavirus fears, it could provide the right opportunity for Bitcoin to step in on the dominance of the American […] The post Coronavirus Crisis Could Propel Bitcoin to Replace the Dollar as the World’s Reserve Currency appeared first on BeInCrypto.

2020-3-19 08:10


Tezos, Chainlink continue positive trend as Ethereum Classic struggles near critical support

As Bitcoin's dominance took a dip, altcoins have posted major gains. Many lesser-known altcoins breached significant resistance levels as they rallied. As market observers anticipated for an alt-seasoThe post Tezos, Chainlink continue positive trend as Ethereum Classic struggles near critical support appeared first on AMBCrypto.

2020-2-16 19:30


дальше еще 17 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average.

Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.

Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average.

Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average.

Bitcoin Price Eyes Further Gains: Can It Keep Climbing?

Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone. Bitcoin started a fresh increase from the $65,200 zone. The price is trading above $67,500 and the 100 hourly Simple moving average.

Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?

Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and aiming for more upsides above the $67,500 resistance. Bitcoin extended losses and tested the $65,200 zone. The price is trading below $67,500 and the 100 hourly Simple moving average.