{"id":428513,"date":"2020-06-25T17:30:57","date_gmt":"2020-06-25T17:30:57","guid":{"rendered":"https:\/\/wncen.com\/?p=428513"},"modified":"2020-06-25T16:39:07","modified_gmt":"2020-06-25T16:39:07","slug":"altcoins-anticipated-bitcoin-dominance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoins-anticipated-bitcoin-dominance\/","title":{"rendered":"Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge"},"content":{"rendered":"<p>A brutal drop in altcoins may be coming if the bottom of a two-year-long bullish channel holds in Bitcoin dominance.<\/p>\n<p>If it breaks down, however, altcoin season may finally be here.<\/p>\n<h2>Why Bitcoin Dominance Matters In The Cryptocurrency Market<\/h2>\n<p>Bitcoin was the first-ever cryptocurrency, designed by <a href=\"https:\/\/wncen.com\/2020\/05\/20\/who-is-satoshi-bitcoin-transaction\/\">Satoshi Nakamoto<\/a>. In its likeness, all other cryptocurrencies were then created, sparking an entire category of thousands of altcoins.<\/p>\n<p>Over time, more new and useful use cases developed, and tokens were designed with <a href=\"https:\/\/wncen.com\/2020\/06\/19\/the-great-ethereum-debate-defi-versus-icos\/\">goals that differ greatly from Bitcoin&#8217;s<\/a>.<\/p>\n<p>The crypto market has since grown from just a new form of encrypted, digital payments to its own sector of the tech industry.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/06\/19\/bitcoin-dominance-altcoin-season-58\/\">BTC Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season<\/a><\/strong><\/em><\/p>\n<p>But the relationship between Bitcoin and altcoins remains <a href=\"https:\/\/wncen.com\/2019\/03\/12\/experienced-altcoin-trader-outlines-expectations-for-bitcoin-and-alt-bull-cycles\/\">something crypto analyst watch closely<\/a>. A metric weighing Bitcoin against all other altcoins in the space is an especially helpful tool. This metric is called BTC dominance.<\/p>\n<p>It can be used to predict any strong deviations between Bitcoin and altcoin performance. One of those deviations may soon be coming, and it is one where altcoins could suffer severely.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-428547\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/8hcCMteG.png?fit=860%2C860\" alt=\"bitcoin dominance altcoin\" loading=\"lazy\"><\/p>\n<p>BTC.D Monthly | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/BTC.D\/U97ivCXu-Much-More-Pain-For-Altcoins-IF-BTC-D-Follows-Channel\/\" rel=\"nofollow\">TradingView<\/a><\/p>\n<h2>BTC.D Long-Term Bull Channel Targets 88% Dominance and Total Altcoin Destruction<\/h2>\n<p>According to a long-term bullish channel that&#8217;s now formed on BTC dominance across two years, <a href=\"https:\/\/wncen.com\/2020\/06\/22\/do-or-die-xrp-btc-buy-signal-crypto\/\">altcoins may be in trouble<\/a>.<\/p>\n<p>If the bottom of the pitchfork channel holds, BTC.D would likely target one of the upper quadrants outlined by the tool.<\/p>\n<p>The move up would match the last major movement in BTC.D, following a similar downtrend breakout at a similar angle.<\/p>\n<p>The rise in Bitcoin dominance would send the metric to as high as an 88% share of the total crypto market. It would also leave altcoins dropping to the lowest levels the bear market has to offer.<\/p>\n<p>The decline would nearly erase all progress in altcoin growth over the last few years. It would be almost as if the <a href=\"https:\/\/wncen.com\/2020\/06\/22\/altcoin-cryptocurrency-exchange-listing\/\">crypto bubble<\/a> never formed at all.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/06\/22\/altcoin-cryptocurrency-exchange-listing\/\">Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market<\/a><\/strong><\/em><\/p>\n<p>Unlike Bitcoin that&#8217;s been becoming more recognized <a href=\"https:\/\/wncen.com\/2020\/06\/11\/tudor-jones-inflation-bitcoin\/\">by institutions as a potential hedge against inflation<\/a>, altcoins continue to get a bad reputation.<\/p>\n<p>But the bad rap is mostly due to the ongoing decline in these assets. If BTC dominance breaks down from the channel, altcoins season would happen instead.<\/p>\n<p>Regardless of what Bitcoin did, altcoins would overperform the number one cryptocurrency according to the metric.<\/p>\n<p>Breaking down could potentially result in a fall to former support, resting at roughly 53%. 58% has long been considered a barrier to altcoin season.<\/p>\n<p>If and when that level is broken, major altcoins such as <a href=\"https:\/\/wncen.com\/2020\/06\/19\/the-great-ethereum-debate-defi-versus-icos\/\">Ethereum<\/a>, <a href=\"https:\/\/wncen.com\/2020\/06\/22\/do-or-die-xrp-btc-buy-signal-crypto\/\">Ripple<\/a>, Litecoin, and more should finally catch up with Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A brutal drop in altcoins may be coming if the bottom of a two-year-long bullish channel holds in Bitcoin dominance. If it breaks down, however, altcoin season may finally be here. Why Bitcoin Dominance Matters In The Cryptocurrency Market Bitcoin was the first-ever cryptocurrency, designed by Satoshi Nakamoto. In its likeness, all other cryptocurrencies were then created, sparking an entire category of thousands of altcoins. Over time, more new and useful use cases developed, and tokens were designed with goals that differ greatly from Bitcoin&#8217;s. The crypto market has since grown from just a new form of encrypted, digital payments to its own sector of the tech industry. Related Reading | BTC Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season But the relationship between Bitcoin and altcoins remains something crypto analyst watch closely. A metric weighing Bitcoin against all other altcoins in the space is an especially helpful tool. This metric is called BTC dominance. It can be used to predict any strong deviations between Bitcoin and altcoin performance. One of those deviations may soon be coming, and it is one where altcoins could suffer severely. BTC.D Monthly | Source: TradingView BTC.D Long-Term Bull Channel Targets 88% Dominance and Total Altcoin Destruction According to a long-term bullish channel that&#8217;s now formed on BTC dominance across two years, altcoins may be in trouble. If the bottom of the pitchfork channel holds, BTC.D would likely target one of the upper quadrants outlined by the tool. The move up would match the last major movement in BTC.D, following a similar downtrend breakout at a similar angle. The rise in Bitcoin dominance would send the metric to as high as an 88% share of the total crypto market. It would also leave altcoins dropping to the lowest levels the bear market has to offer. The decline would nearly erase all progress in altcoin growth over the last few years. It would be almost as if the crypto bubble never formed at all. Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market Unlike Bitcoin that&#8217;s been becoming more recognized by institutions as a potential hedge against inflation, altcoins continue to get a bad reputation. But the bad rap is mostly due to the ongoing decline in these assets. If BTC dominance breaks down from the channel, altcoins season would happen instead. Regardless of what Bitcoin did, altcoins would overperform the number one cryptocurrency according to the metric. Breaking down could potentially result in a fall to former support, resting at roughly 53%. 58% has long been considered a barrier to altcoin season. If and when that level is broken, major altcoins such as Ethereum, Ripple, Litecoin, and more should finally catch up with Bitcoin.<\/p>\n","protected":false},"author":517,"featured_media":428516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[142,428,13510,1119,16154,75754,1144,78790,6664,4524,76835],"class_list":["post-428513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoins","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btc-dominance","tag-btc-d","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge<\/title>\n<meta name=\"description\" content=\"A brutal drop in altcoins may be coming if the bottom of a two-year-long bullish channel holds in Bitcoin dominance. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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