Cryptocurrency News Today – Crypto Tidbits for May 9

  • Bitcoin’s dominance is showing signs of reversal
  • IOTA, Basic Attention Token and Zcash among the top gainers
  • One analyst expects the bulls to stay for the mentioned altcoins

Cryptocurrency News Today – the rise in Bitcoin’s dominance is beginning to show signs of reversal following a strong rise in the value of a few mid-cap digital tokens. The top gainers among the top 50 digital assets all posted double-digit gains over the last 7 days and they include, NEO, IOTA, Ox, BAT, Zcash, and Augur.

According to the popular digital currency trader with the moniker, Benjamin Blunts says he is starting to see bullish swings in the top gaining altcoins. Let us see more about these tokens and what is in store for the coming week.

Benjamin Blunts: Altcoins are Breaking Out of Multiple Channels

According to the trader Benjamin Blunts via a tweet:

I don’t want to induce any form of FOMO but many altcoins are breaking through multi-channels. The last time this happened was in BNB back in 2018 before it initiated a mind-boggling rally. Some of the top coins looking primed are ZRX, NEO, and BAT.”

The rise in the value of Ox and Basic Attention Token has been impressive with both assets posting 26% and 22% gains on a daily scale. Both coins are trying to initiate a break-out from previous ranges. The rise in the value of the top market capped altcoins, has been limited. The resistance positions are close to breaking-out in Ethereum. The golden cross between the 50 and 100-Day EMA is bullish for the coin.

ETH’s value is also looking to break from the ascending wedge. While the movement is bearish, the upward action could continue targeting the $228 and $240 area. However, a break to the downside could still be a possibility.

Liquidity is Strong Despite the Weak Fundamentals

Currently, there’s a lack of narrative regarding the growth of cryptocurrencies due to the ongoing pandemic. Nevertheless, Bitcoin’s liquidity can help drive altcoins. Altcoin capital has always been led by the large-capped cryptos followed by the mid-capped coins. The fall in the price of XRP under the 0.000023 BTC area has formed a strong bear outlook for altcoins.

XRP has acted as a benchmark for cryptos for a while. The market sentiments have also been sour for altcoins as BTC’s dominance reached 68.9% which is a high point. Nevertheless, we can see significant gains in a few altcoins which is a new ‘narrative.’ No wonder the crypto trader known as B.Biddles tweeted:

This cycle makes sense. Bitcoin is pushing new investors into the crypto market and getting people already in the market more excited. The whales are putting BTC into altcoins. The goal is to rinse them, and resume the narrative of Bitcoin’s halving to pump it.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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