Bitcoin Dominance Hits 2 Year High But Could be Facing Resistance

Bitcoin Dominance Hits 2 Year High But Could be Facing Resistance

This year has been all about Bitcoin. Even the handful of altcoins that have made good gains are now losing them as BTC crushed them all with its increasing market share.

Bitcoin Dominance at 2 Year High

According to charts on Tradingview.com BTC dominance topped 72.5 percent today. Its recent move back into five figures has kept the digital asset within its range bound channel but the altcoins have not shared in similar momentum.

BTC dominance Tradingview.com

The last time Bitcoin dominance was this high was back in July 2017 when it was priced at just $2,450 with a market capitalization of $900 million. This was a spike, however, so the previous sustained period of BTC supremacy was further back in May 2017 when it fell from over 80 percent.

According to analysts it could be facing resistance here though as there are a number of bearish signals appearing on the chart according to alan masters who posted his TA on Tradingview.

We have low and decreasing volume.
Bearish divergence showing up on the MACD and RSI.
Strong resistance ahead.
RSI Overbought.
Our main scenario is marked with arrows on the chart. The situation can easily change if the next resistance at 74.84 is broken with good strength and volume.

Conversely some analysts have plotted the clear uptrend, predicting further gains as the altcoins get wiped out.

Fellow trader Josh Rager shares this bullish opinion claiming that fundamentals such as the Bakkt launch could keep BTC dominance up there for a while yet.

Last time BTC moved up into five figures and rallied to a new 2019 high, the altcoins were pulled up with it. This time around however they appear to be breaking down as Bitcoin continues to consolidate.

Altcoin Apocalypse

Total crypto market capitalization is currently at $265 billion which is up $15 billion, or 6 percent on the day. This is virtually all BTCs work though as the altcoins have not shared in similar gains.

Ethereum has eked out a tiny gain of 3.5 percent in a push towards $180 which, at the time of writing, could not be sustained. XRP has barely moved but Bitcoin Cash has added 5 percent as it closes on $300 once again.

Binance Coin has also grabbed 5 percent to reach $23 but it too is down substantially from recent highs. There has been a couple of percent movement for the rest of the top ten but in general the altcoins remain on the floor.

There are only three double digit gainers in the entire crypto top ten at the moment and they are all low cap altcoins which will likely dump tomorrow.


Image from Shutterstock

The post Bitcoin Dominance Hits 2 Year High But Could be Facing Resistance appeared first on NewsBTC.

02.09.2019 / 21:20 41
Will Altcoins Finally Surge as Bitcoin Dominance Hits Resistance? Will Altcoins Finally Surge as Bitcoin
For the fifth time since its 2019 rally began, Bitcoin has dipped back into the four figure price range. The move has not been unexpected, however it
Bitcoin Price In Uptrend But Facing Resistance Above $10,500 Bitcoin Price In Uptrend But Facing
Bitcoin price has remained in five figures as we begin another weekend. There appear to be enough buyers in the high $9000 range to prevent the asset
Bitcoin Price Approaching $12000 Again As Dominance Hits 65% Bitcoin Price Approaching $12000 Again
The recent Bitcoin price correction was over before it really began. A five-day slide culminating in a short-lived 30% dip below $10000 saw a huge
Altcoins Rule in Q1; BTC Dominance Down to 50% as BNB, LTC, XTZ and ONT Over Doubled in Price Altcoins Rule in Q1; BTC Dominance Down
Crypto markets have had their best three month period for over a year during 2019. A solid 16% gain in total market capitalization has taken things
Bitcoin Dominance Grows to Three Month High as Altcoins Falter Bitcoin Dominance Grows to Three Month
There have been no winners in crypto land this year, everything has been battered. Some have fared better that others, however, and Bitcoin remains
Bitcoin Dominance Hits 2018 High Despite Price Slump Bitcoin Dominance Hits 2018 High
While Bitcoin (BTC) marks yet another day trading in the red, the worlds leading currency is widening its lead in the market cap race, whose total
Comments (0)
Add a comment
Comment on