{"id":429814,"date":"2020-07-07T12:00:40","date_gmt":"2020-07-07T12:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=429814"},"modified":"2024-06-11T14:04:51","modified_gmt":"2024-06-11T14:04:51","slug":"altcoins-boosted-by-bitcoin-dominance-falling-to-10-week-low","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoins-boosted-by-bitcoin-dominance-falling-to-10-week-low\/","title":{"rendered":"Altcoins Boosted by Bitcoin Dominance Falling to 10-Week Low"},"content":{"rendered":"

Bitcoin dominance<\/a> has been caught in a descending channel since May when it reached 69%. At present, BTC represents 64.9% of the total cryptocurrency market cap, a 10-week low.<\/p>\n

\"Bitcoin<\/p>\n

Bitcoin dominance year to date. (Source: tradingview.com<\/a>)<\/pre>\n
The end of last month saw the start of a sharp down leg, which has had the effect of sparking life into the alternative cryptocurrencies.<\/p>\n
Today sees a strong performance by the altcoins against Bitcoin, leading many to wonder if the long-awaited altseason is imminent.<\/p>\n
Is Bitcoin Dominance Starting to Break Down?<\/h2>\n
Bitcoin dominance measures the market cap of BTC against that of the rest of the other cryptocurrencies. It serves as an indicator of Bitcoin’s strength about the altcoins. As such, when BTC dominance falls, altcoins pump.<\/p>\n
The metric has long been used as a guide to predict the coming of the so-called\u00a0“altseason<\/a>,
\nwhere exponential increases in altcoin valuations lead to a frenzy of activity in the market.<\/p>\n
And as Bitcoin dominance continues to show signs of weakness, expectations are heightened for altseason to arrive soon.<\/p>\n
With that, a trader noted<\/a> that BTC dominance had broken down from its bear flag. While he warned of a possible fakeout, he also stated that this move could be the start of a favorable macro trend for the altcoins.<\/p>\n
“focus on the next important key level 65,65% (red line), once it breaks ->altcoin party – strongly defended though for now might be a fakeout.”<\/span><\/p><\/blockquote>\n
\n
Bitcoin Dominance Update \ud83d\udcaf<\/p>\n
Accuracy of this thread continues to be 100%<\/p>\n
– you see a breakout out of the bearflag as expected, but…
– focus on the next important key level 65,65% (red line), once it breaks ->altcoin party
– strongly defended though for now might be a fakeout pic.twitter.com\/1IKfejDOh1<\/a><\/p>\n
— ANBESSA (@Anbessa100) June 26, 2020<\/a><\/p><\/blockquote>\n