Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season

2020-11-24 23:00

Bitcoin price is nearly trading at its former all-time high, and at a price point that feels unreachable for many to own a full coin, interest has again turned toward altcoins. BTC dominance has sunk as a result, and at the same time, the dollar is breaking down from support.

The scenario in the past provided the perfect storm set up for the greatest altcoin season ever. Is this incredible burst of wealth generation about to strike for a second time?

Ethereum, XRP, And Litecoin: Major Altcoins Explode As BTC Dominance And The Dollar Fall

During the month of November, Bitcoin set a higher high over its 2019 peak and surged another $5,000 beyond it. The rise up sucked capital out of altcoins, but now that full-blown FOMO has returned to crypto, profit-taking from BTC into alts is causing major altcoins to rip.

In November alone, Ethereum, XRP, and Litecoin are all up by 50% or more. Ripple, which has been the worst-performing over three years of a bear market, skyrocketed over 100%.

Crypto is back to a bull market, and while there will be strong corrections along the way, the direction for the mid-term is likely upward.

Related Reading | Here’s Why Crypto Analysts Are Divided Over The Future Of Altcoins

Altcoins have had phases of overperformance compared to Bitcoin in the past, but what makes this time special, is due to the DXY dollar currency index dropping at the same time.

In the chart below, only one other time did BTC dominance and the DXY suffer an extended crash at the same time. The result was the 2017 crypto bubble and the greatest alt season ever. Is history about to repeat?

The total altcoin market cap soared the last time BTC dominance and the DXY fell together | Source: CRYPTOCAP-TOTAL2 on TradingView.com Why Expensive Bitcoin And A Weakening Greenback Sparks Alt Season

Beyond the technicals and the charts of the two most dominant forces altcoins contend with via trading pairs clearly showing the same set up as the last altcoin season, there are fundamental reasons for this shift in sentiment as well.

For one, the perception of the price per Bitcoin could be working against it in favor of altcoins. Expensive BTC pushes participants toward cheaper altcoins.

Related Reading | Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered

The dollar weakening is amplifying the impact of this action and causing a massive breakout in altcoins across the board. The assets have, like Bitcoin, been in a bear market, and after four years, could be returning to a bull trend.

If that’s the truth, and the conditions are the same as last time around, another round of incredible wealth will come.

Featured image from Deposit Photos, Charts from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68737.85 (-0.10%)
Объем 24H $41.911b
Изменеия 24h: -0.06 %, 7d: -3.34 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1359.497b Rank 1
Цена в час новости $ 18455.06 (272.46%)

bitcoin price dominance dollar btc sunk altcoins

Источник: newsbtc.com

bitcoin price → Результатов: 126


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30


Фото:

Bitcoin Whales Take Profit After Latest Price Jump — Here’s How Much They Sold

The latest on-chain data shows that a particular class of Bitcoin investors has been selling for profit in the wake of the recent price rally. The question here is — how much did they sell and how much impact could it have on the Bitcoin price trajectory? Bitcoin Whales Dump 30,000 BTC In Four Days — Impact On Price? In a new post on the X platform, prominent crypto pundit Ali Martinez revealed that Bitcoin whales have been increasingly active in the market in the days following BTC’s return to above $63,000.

2024-9-23 13:00


дальше еще 77 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.