Analysts Expect Altcoins to Outperform as Bitcoin Price Stagnates

Around three weeks back, altcoins suddenly started to rip higher; Ethereum gained 10% in a single day, Litecoin rocketed up by 8%, XRP gained some 20-30% in three days time, and so on and so forth.

But since then, this odd trend in the crypto market, which has been dominated by Bitcoin for the better part of a year now (and especially since the start of 2019), has paused. After hitting 69%, Bitcoin dominance has been relatively flat, leading some to suggest that it is BTCs time to shine once again.


Related Reading: Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegrams Blockchain

Analysts, however, are expecting the altcoin subset to soon begin their crusade higher.

Altcoins to Soon See Price Boom

Analyst Chonis recently noted that Bitcoin dominance the percentage of the cryptocurrency market made up of BTC is far from a support level, despite the metrics stagnation. He thus claimed that he could see altcoins continuing to gain traction until the historic dominance level of 67.2% is truly confirmed as continued support.

Analyst NebraskanGooner has echoed this sentiment. He noted in a recent tweet that his indicator is signaling a trend reversal in [Bitcoin] dominance, implying that the metric may trend towards 66%.

These expectations that Bitcoin may start to underperform altcoins comes as the leading cryptocurrency has started to stagnate a market trend that analysts say is indicative of or a precursor to relative price strength in alternative cryptocurrencies. As a trader recently wrote in reference to the chart below:

The more I see this PA the more I feel this will be the case. I think people will continue to overanalyze the BTC range and miss out on significant alt movements. Not me.


Related Reading:Bitmain CEO Claims Bitcoin Halving May Not Spark Bull Run
Featured Image from Shutterstock

The post Analysts Expect Altcoins to Outperform as Bitcoin Price Stagnates appeared first on NewsBTC.

12.10.2019 / 14:40 15
Bitcoin Dominance Breaks Down As Altcoins Begin to Rebound Bitcoin Dominance Breaks Down As
Altcoins like Ethereum, Litecoin, and XRP have struggled to recapture lost market share from Bitcoin in 2019. This has been reflected by a sharp
Altseason? Traders Expect Altcoin Breakouts Amid BTC Stagnation Altseason? Traders Expect Altcoin
Altseason? 2019 has undoubtedly been a year for Bitcoin so far. Altcoins, which were all the rage in 2017 and early-2018, have been wildly
Altcoins Most Oversold Ever; Why Bitcoin Dominance May Soon Fall Altcoins Most Oversold Ever; Why
After a jaw-dropping uptrend in Bitcoin dominance, all eyes have started to focus on the altcoin subset once again. You see, over the past couple of
Altcoins Plummet Amid 5% Bitcoin Drop: BTC Dominance at 70% Altcoins Plummet Amid 5% Bitcoin Drop:
Yikes. Bitcoin (BTC) hasnt been doing too well as of late. But altcoins, unfortunately, have been doing worse. Related Reading: Bitcoin Plunge
Prominent Bitcoin Analyst Says Altcoin Carnage May Soon End: Heres Why Prominent Bitcoin Analyst Says Altcoin
Your favorite altcoin may be up 100% year-to-date, but make no mistake, Bitcoin is currently the alpha of the cryptocurrency pack. Related Reading:
Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed Crypto Analyst: Bitcoin (BTC) Dominance
The crypto market is at what may be its most important moment yet. Bitcoin is at weekly resistance and its the only thing separating Bitcoin price
Comments (0)
Add a comment
Comment on