{"id":400735,"date":"2019-10-07T19:00:29","date_gmt":"2019-10-07T19:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=400735"},"modified":"2024-06-11T13:30:50","modified_gmt":"2024-06-11T13:30:50","slug":"bitcoin-dominance-breaks-down-as-altcoins-begin-to-rebound","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dominance-breaks-down-as-altcoins-begin-to-rebound\/","title":{"rendered":"Bitcoin Dominance Breaks Down As Altcoins Begin to Rebound"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Altcoins like <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, <a href=\"\/tag\/litecoin\" rel=\"nofollow\">Litecoin<\/a>, and <a href=\"\/tag\/xrp\" rel=\"nofollow\">XRP<\/a> have struggled to recapture lost market share from <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> in 2019. This has been reflected by a sharp increase in Bitcoin dominance \u2013 a metric that has increased steadily throughout the year. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But as Bitcoin dominance begins to break down from recent highs, altcoins have begun to show signs of life once again, and some crypto analysts believe that a recovery may be ahead for altcoins now that Bitcoin has started to correct in a big way.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Altcoins Gain Against Bitcoin as BTC Dominance Dwindles<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">All this year, Bitcoin\u2019s parabolic rally has been like a vacuum for altcoins, sucking out whatever remaining value they have left after falling as much as 99% in some cases to their bear market lows.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/02\/ethereum-xrp-litecoin-and-other-large-cap-altcoins-poised-for-20-breakout\/\">Ethereum, XRP, Litecoin and Other Large Cap Alts Poised For 20% Breakout<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">As Bitcoin climbed higher and higher, both the USD value and the BTC ratio in altcoins began to fall. But now that Bitcoin\u2019s bullish rally has come to an end, Bitcoin dominance \u2013 a metric used to weigh Bitcoin\u2019s market cap against the rest of the alts in the space \u2013 has also started falling, and it could open the flood gates for altcoins to rally.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">BTC dominance reached a peak of over 70% in early September and has been steadily declining since. This week, Bitcoin dominance fell to under 67% and appears to be ready to plummet lower, especially if altcoins continue to rally.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> dominance breaking down. Continuing to look like it&#39;s dropping more and more. <a href=\"https:\/\/t.co\/lmhEuvA5wZ\" rel=\"nofollow\">pic.twitter.com\/lmhEuvA5wZ<\/a><\/p>\n<p>&mdash; IncomeSharks (@IncomeSharks) <a href=\"https:\/\/twitter.com\/IncomeSharks\/status\/62491648?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The drop in BTC dominance coincides with a rise in the value of many of the top altcoins. According to <a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">altcoin charts<\/a>, the asset class appears to be bottoming \u2013 especially when it comes to \u201cmajor\u201d alts such as <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a>, <a href=\"\/tag\/xrp\" rel=\"nofollow\">XRP<\/a>, or as one crypto analyst points out, Tron or IOTA.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">On the day, Tron, EOS, and Chainlink are all up 9% or more, while XRP trails right behind with 7% growth over the last 24 hours. These alternative crypto assets have all gained against the leading crypto by market cap, with their BTC ratios also being up as much as 6% on the day.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">So many alts (especially the majors) printing the same structure. <br \/>It&#39;s that time of the year where we toss a coin to choose a position? <a href=\"https:\/\/twitter.com\/search?q=%24TRX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$TRX<\/a> \/ <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> \/ <a href=\"https:\/\/twitter.com\/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$XRP<\/a> \/ <a href=\"https:\/\/twitter.com\/search?q=%24IOTA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$IOTA<\/a> <a href=\"https:\/\/t.co\/ao5hmtCjjb\" rel=\"nofollow\">pic.twitter.com\/ao5hmtCjjb<\/a><\/p>\n<p>&mdash; The Crypto Monk (@thecryptomonk) <a href=\"https:\/\/twitter.com\/thecryptomonk\/status\/49334016?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 6, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Given that altcoins have been stuck in a downtrend for nearly the entire last two years, selling pressure is starting to dry up, and the low liquidity markets of each altcoin are ripe and waiting for a whale to come in and start making waves once again.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/09\/30\/crypto-analyst-altcoin-apocalypse-caused-bitcoin-bear-market\/\">Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">With Bitcoin price trading sideways, altcoins often shine. Could the current <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a>\u00a0action and fall in dominance lead to a true alt season as the crypto community has been clamoring for? Or is this yet another altcoin bounce, and soon Bitcoin dominance will set a new high in the coming days?<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Altcoins like Ethereum, Litecoin, and XRP have struggled to recapture lost market share from Bitcoin in 2019. This has been reflected by a sharp increase in Bitcoin dominance \u2013 a metric that has increased steadily throughout the year. But as Bitcoin dominance begins to break down from recent highs, altcoins have begun to show signs of life once again, and some crypto analysts believe that a recovery may be ahead for altcoins now that Bitcoin has started to correct in a big way. Altcoins Gain Against Bitcoin as BTC Dominance Dwindles All this year, Bitcoin\u2019s parabolic rally has been like a vacuum for altcoins, sucking out whatever remaining value they have left after falling as much as 99% in some cases to their bear market lows. Related Reading | Ethereum, XRP, Litecoin and Other Large Cap Alts Poised For 20% Breakout\u00a0 As Bitcoin climbed higher and higher, both the USD value and the BTC ratio in altcoins began to fall. But now that Bitcoin\u2019s bullish rally has come to an end, Bitcoin dominance \u2013 a metric used to weigh Bitcoin\u2019s market cap against the rest of the alts in the space \u2013 has also started falling, and it could open the flood gates for altcoins to rally. BTC dominance reached a peak of over 70% in early September and has been steadily declining since. This week, Bitcoin dominance fell to under 67% and appears to be ready to plummet lower, especially if altcoins continue to rally. $BTC dominance breaking down. Continuing to look like it&#39;s dropping more and more. pic.twitter.com\/lmhEuvA5wZ &mdash; IncomeSharks (@IncomeSharks) October 7, 2019 The drop in BTC dominance coincides with a rise in the value of many of the top altcoins. According to altcoin charts, the asset class appears to be bottoming \u2013 especially when it comes to \u201cmajor\u201d alts such as Ethereum, XRP, or as one crypto analyst points out, Tron or IOTA. On the day, Tron, EOS, and Chainlink are all up 9% or more, while XRP trails right behind with 7% growth over the last 24 hours. These alternative crypto assets have all gained against the leading crypto by market cap, with their BTC ratios also being up as much as 6% on the day. So many alts (especially the majors) printing the same structure. It&#39;s that time of the year where we toss a coin to choose a position? $TRX \/ $ETH \/ $XRP \/ $IOTA pic.twitter.com\/ao5hmtCjjb &mdash; The Crypto Monk (@thecryptomonk) October 6, 2019 Given that altcoins have been stuck in a downtrend for nearly the entire last two years, selling pressure is starting to dry up, and the low liquidity markets of each altcoin are ripe and waiting for a whale to come in and start making waves once again. Related Reading | Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market\u00a0 With Bitcoin price trading sideways, altcoins often shine. Could the current Bitcoin price\u00a0action and fall in dominance lead to a true alt season as the crypto community has been clamoring for? Or is this yet another altcoin bounce, and soon Bitcoin dominance will set a new high in the coming days? Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":400742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,16892,13625,16897,16894],"tags":[142,13510,16295,6664,11808,4531],"class_list":["post-400735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-eos","category-ethereum","category-litecoin","category-ripple","tag-altcoins","tag-bitcoin-dominance","tag-chainlink","tag-crypto","tag-tron","tag-xrp"],"acf":[],"yoast_head":"\n<title>Bitcoin Dominance Breaks Down As Altcoins Begin to Rebound<\/title>\n<meta name=\"description\" content=\"Altcoins like Ethereum, Litecoin, and XRP have struggled to recapture lost market share from Bitcoin in 2019. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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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