{"id":384271,"date":"2019-05-30T08:30:38","date_gmt":"2019-05-30T08:30:38","guid":{"rendered":"https:\/\/wncen.com\/?p=384271"},"modified":"2019-05-30T08:37:09","modified_gmt":"2019-05-30T08:37:09","slug":"has-altseason-begun-as-bitcoin-dominance-begins-to-dwindle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/has-altseason-begun-as-bitcoin-dominance-begins-to-dwindle\/","title":{"rendered":"Has Altseason Begun as Bitcoin Dominance Begins to Dwindle?"},"content":{"rendered":"
What goes up must come down, or so the saying goes. Bitcoin\u2019s epic ride over the past two months has seen it over double in price. Most of those gains have been at the expense of the altcoins, many of which have been lack luster lately. That could all be about to change as we gear up for altseason.<\/p>\n
One strong indicator that altcoins are about to make a revival is the fall in Bitcoin market dominance. Today it has fallen back to 55.3 percent, its lowest level since the beginning of the month. BTC dominance is still up compared to earlier this year but the slow decline could be a sign of altcoin resurgence.<\/p>\n
Back before there was a plethora of stablecoins traders would convert from BTC to alts and vice versa, the two were inversely correlated. This may be starting to happen again, especially if confidence in Tether has fallen due to recent developments. Trader Josh Rager has also noticed the decline but maintains that it will not be altseason until dominance drops below 50 percent;<\/p>\n
\u201c% of $BTC dominance continues to slowly move down over the past 3 days. This is good for alts. I’m in $EOS which continues to make higher highs in USD and BTC. Nowhere near alt season yet (needs to break below 50% dominance) but good for trade setups,\u201d<\/p><\/blockquote>\n
https:\/\/twitter.com\/Josh_Rager\/status\/58296064<\/p>\n
The discussion that followed indicated that this could happen as soon as next month, especially if Bitcoin pulls back sharply as expected. Rager has also recently tweeted about a possible 30 percent correction for BTC<\/a>, which he notes has happened eight times during the last uptrend. If this happens soon it could dump Bitcoin all the way back to $6,000 which is also where major support lies.<\/p>\n
Altcoins Starting to Pump<\/h2>\n