Around three weeks back, altcoins suddenly started to rip higher; Ethereum gained 10% in a single day, Litecoin rocketed up by 8%, XRP gained some 20-30% in three days’ time, and so on and so forth.
But since then, this odd trend in the crypto market, which has been dominated by Bitcoin for the better part of a year now (and especially since the start of 2019), has paused. After hitting 69%, Bitcoin dominance has been relatively flat, leading some to suggest that it is BTC’s time to shine once again.
Related Reading: Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram’s Blockchain
Analysts, however, are expecting the altcoin subset to soon begin their crusade higher.
Altcoins to Soon See Price Boom
Analyst Chonis recently noted that Bitcoin dominance — the percentage of the cryptocurrency market made up of BTC — is far from a support level, despite the metric’s stagnation. He thus claimed that he could see altcoins continuing to gain traction “until the historic dominance level of 67.2% is truly confirmed as continued support.”
To read the entire article click here
Author: Nick Chong