Altcoins have been severely underperforming Bitcoin throughout the course of its latest push higher. This has caused many cryptos to form bearish technical structures against their BTC trading pairs that could force them lower in the days and weeks ahead. Analysts are now noting that this trend of underperformance is unlikely to subside anytime soon. This potential near-term weakness could come about as a result of Bitcoin pushing higher in the days and weeks ahead, with its next upside movement potentially being driven by investors siphoning funds away from alts and into BTC. One analyst is now noting that he believes “max pain” is still ahead for many altcoins – a possibility that could soon come to fruition as BTC flashes some signs of short-term weakness. Bitcoin has been caught within the throes of an intense bull rally throughout the past several days and weeks. The momentum stemming from its mid-March rebound from lows of $3,800 has been rather intense, leading the crypto to push all the way to highs set within the lower-$10,000 region earlier this week. Although altcoins typically track Bitcoin’s price action and push alongside it, this time has been different, as the aggregated crypto market has struggled to match the momentum seen by BTC. This has caused many of them to form highly bearish technical formations against their BTC trading pairs, with some analysts previously noting that major altcoins like Ethereum could be poised to see notable downside. This weakness likely stems from investors flocking to Bitcoin in anticipation of its halving event. The 50% block rewards reduction stemming from this event are largely thought to reduce the selling pressure that miners place on the digital asset. There is still significant debate as to whether or not this will actually help boost the crypto in the near-term, as historical precedent shows that BTC often faces a sharp post-halving selloff. One crypto analyst explained in a recent tweet that he believes there are still fresh local lows to be set in the days and weeks ahead. If investors continue funneling capital into Bitcoin in anticipation of further pre-halving and post-halving bullishness, the aggregated crypto market could soon be subjected to significantly further downside. This decline could also be perpetuated if BTC doesn’t see the explosive upside movement that many crypto investors are anticipating.
All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/05/09/heres-why-altcoins-wont-gain-dominance-over-crypto-market-anytime-soon/
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Here’s Why Altcoins Won’t Gain Dominance Over Crypto Market Anytime Soon: https://www.youtube.com/watch?v=cilIKO_IwJ0
Reported today on Being Crypto
For the full article visit: http://bit.ly/2CWVuMI
Ethereum Will ‘Blast’ If Bitcoin Dominance Has Topped, Reasons AnalystThe cryptocurrency market has been increasing throughout 2019. This increase has been more pronounced in the Bitcoin price rather than altcoins, like Ethereum – causing the BTC dominance rate to increase.Bitcoin’s market dominance rate has been higher than 50 percent throughout most of the assets price history, excluding a period in 2017/2018. Its price initiated a rapid increase on October 25 but has been decreasing since then. On the contrary, several altcoins have followed the October 25 increase with more bullish action. This has caused many to call for the beginning of “altseason”.The Bitcoin dominance rate is currently at a significant support area and a break below it could trigger a rapid downward move.Cryptocurrency trader @paddystash stated that the chart for the Bitcoin dominance rate is “looking awful.” A flip of the current support area would likely indicate a rapid decrease.$BTC.D looking awful and slowly slipping under MAJOR SUPPORT.. IF this falls through and its confirmed with volume then i cant see how $ETH wont blast over its major resistance.. Everything seems to be perfectly lining up here.. pic.twitter.com/Fo1xeduuoC – Paddy Stash (@paddystash) November 17, 2019Also, he states that the Ethereum price will increase over its current resistance – aiding in the initiation of altseason.Let’s analyze these claims individually and see how likely they are to transpire.Bitcoin Dominance TrendLooking at the moving averages (MA), we can see that the trend has begun to turn downward. The 50- and 100-day MAs have made a bearish cross and are offering resistance to the rate.On October 25, the Bitcoin dominance rate bounced at the current 68 percent support area. A decrease below it would lik
Bitcoin continues to dominate the crypto markets, but even as Bitcoin rages, there remains massive potential for alt coins, here is why!
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Bitcoin is holding abe $6000 while altcoins bleed out. Dominance is increasing. Let’s discuss.
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Full credits for this video to NewsBTC who listed the info in this video on an article on their website:
0:00:00 Crypto Market Wrap: Bitcoin Drives Markets Higher as Dominance Approaches 55%
0:00:06 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:12 Crypto markets moving up this Friday; Bitcoin leading the pack, Cosmos still climbing, BNB and Tezos doing well.
0:00:19 Following a week of consolidation crypto markets have started to move again as Bitcoin grinds ever higher.
0:00:25 The Friday momentum has pushed total market capitalization back towards the top of its trading range at $180 billion.
0:00:33 Heavy resistance resides here though so further gains may not be forthcoming so quickly.
0:00:38 A couple of hours ago Bitcoin hit an intraday high of $5,550 adding nearly 3 percent on the day which is the highest it has managed for over a week.
0:00:48 Heavy resistance in the form of the 50 week MA sits above it at $5,600 and it will be a challenge for BTC to break that.
0:00:56 At the moment though, the sentiment is bullish.
0:00:59 Ethereum has inched up a little in the shadow of its big brother.
0:01:03 ETH is currently trading at $164 adding a couple of percent on the day.
0:01:09 Ethereum has remained bearish for the past couple weeks despite a number of positive developments.
0:01:14 The top ten is largely in the green at the time of writing during morning trading in Asia.
0:01:19 The biggest move has been made by Binance Coin which has added a further 7 percent on the day to reach $23.40. The rest are adding a couple of percent on the tail of Bitcoin aside from XRP and Stellar which are flat or in decline.
0:01:34 The top twenty is a little more mixed at the moment.
0:01:37 Cosmos and Tezos are streaking out ahead with 13 and 8 percent added respectively as these two jostle for fifteenth place.
0:01:45 Maker has also woken up again gaining 4 percent today knocking Ontology out of the top twenty.
0:01:51 Thanks for checking out this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: “NewsBTC”, who originally published this news update on their website.
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