{"id":394234,"date":"2019-08-26T10:00:11","date_gmt":"2019-08-26T10:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=394234"},"modified":"2019-08-26T07:44:28","modified_gmt":"2019-08-26T07:44:28","slug":"altcoin-anguish-continues-as-bitcoin-bounces-back-reclaiming-70-dominance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoin-anguish-continues-as-bitcoin-bounces-back-reclaiming-70-dominance\/","title":{"rendered":"Altcoin Anguish Continues as Bitcoin Bounces Back Reclaiming 70% Dominance"},"content":{"rendered":"

Weekend trading has been largely lack luster as usual. Bitcoin spent most of the time hovering just above $10k while the altcoins stayed in bed. A Monday morning push in Asia has sent BTC up to a five day high but its brethren have yet to react.<\/p>\n

Bitcoin Dominance Reclaims 70%<\/h2>\n

A few hours ago Bitcoin hit resistance at the 50 day moving average in a short surge up to $10,650. Resistance was too strong to overcome here though so it retreated back to just below $10,400 where it currently trades. The next leg up should take BTC to just below $10,800 where the next level of resistance lies.<\/p>\n

BTC is dominating market movements this Monday as $8 billion flows back into total market capitalization. With dominance back at 70 percent according to Tradingview.com<\/a>, the move spells more pain for altcoins which are still getting battered. The charts show market share for BTC tapping 71.29 percent a few hours ago during the spike<\/a>.<\/p>\n

\"bitcoin\"<\/a>
BTC dominance – Tradingview.com<\/figcaption><\/figure>\n

At the time of writing, Bitcoin<\/a> is one of the top performing crypto assets in the top 25, adding over 2.5 percent on the day. Only Binance Coin has had a better gain as the rest remain flat. In fact BNB is the only altcoin among the majors that has made any gains against BTC this year.<\/p>\n

Trader and analyst Luke Martin has taken a look at the worst performing altcoins of 2019 and the picture is not a pretty one for them.<\/p>\n

\u201cMajor alt performance versus Bitcoin over the past year.
\nCoins that were beating $BTC at one point but are now down at least ~50%: $XRP, $EOS, $XMR, $XLM, & $TRX
\nBiggest losers: $BCH, $ZEC, $XLM, $ETH
\nWinner: $BNB\u201d<\/p><\/blockquote>\n

\n

Major alt performance versus Bitcoin over the past year. <\/p>\n

Coins that were beating $BTC<\/a> at one point but are now down atleast ~50%: $XRP<\/a>, $EOS<\/a>, $XMR<\/a>, $XLM<\/a>, & $TRX<\/a><\/p>\n

Biggest losers: $BCH<\/a>, $ZEC<\/a>, $XLM<\/a>, $ETH<\/a><\/p>\n

Winner: $BNB<\/a><\/p>\n

h\/t @coinmetrics<\/a> pic.twitter.com\/NNGxhJCTik<\/a><\/p>\n

— Luke Martin (@VentureCoinist) August 25, 2019<\/a><\/p><\/blockquote>\n