Bitcoin\u2019s 2020 rally has provided some much-needed upwards momentum for the aggregated crypto markets, with many altcoins putting significant distance between their recent lows and their current prices.<\/p>\n
Interestingly, unlike previous rallies, Bitcoin and altcoins have been rising in tandem, suggesting that fresh capital is entering the markets rather than investors siphoning funding away from Bitcoin and towards altcoins, or vice versa.<\/p>\n
This may change, however, as one analyst is now noting that Bitcoin\u2019s dominance just broke beneath a critical support line, suggesting that altcoins are about to see some intense upwards momentum.<\/p>\n
Currently, the aggregated crypto market<\/a> is trading up significantly from its daily lows, which has come about after Bitcoin rallied past $10,000.<\/p>\n This upwards momentum has made the overall crypto market\u2019s structure appear to be highly bullish, with many analysts noting that BTC<\/a> and other altcoins could be on the cusp of going parabolic.<\/p>\n In the near-term, it is important that Bitcoin closes its weekly candle above $10,000, as a close below this level could rattle investors and lead to a sharp market-wide selloff.<\/p>\n One factor that is important to keep in mind is that altcoins may start outperforming Bitcoin in the near-term, which could be driven by Bitcoin\u2019s market dominance recently dropping below a key support level.<\/p>\n HornHairs, a prominent crypto analyst on Twitter, spoke about this in a recent tweet, telling his followers that its dominance could drop by another 5% before finding support, suggesting that altcoins could significantly outperform BTC in the near-term.<\/p>\n \u201cBTC DOMINANCE: One of the cleanest trendlines I’ve seen has officially broken down, along with horizontal support, on the BTC dominance chart. A good -5% left before it finds previous support, meaning select alts should have at least a few more moves to the upside left,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> DOMINANCE<\/p>\n One of the cleanest trendlines I've seen has officially broken down, along with horizontal support, on the BTC dominance chart.<\/p>\n A good -5% left before it finds previous support, meaning select alts should have at least a few more moves to the upside left. pic.twitter.com\/KZTykZfPac<\/a><\/p>\n — HornHairs \ud83c\udf0a (@CryptoHornHairs) February 9, 2020<\/a><\/p><\/blockquote>\n\n