Bitcoin BTC News Today – August 29 – Bitcoin and Altcoins are Nearing Highest Correlation, Is Alt-Season Coming Soon?

Bitcoin

Bitcoin News Today – Bitcoin, the largest cryptocurrency by market cap is the king of cryptos. This coin has outperformed many other altcoins this year. It managed to hold on to the $10k level for a while before slumping this morning. Some analysts have even tagged it as a safe haven asset in the event of economic crisis.

Bitcoin (BTC) Price Today – BTC / USD

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bitcoin
Bitcoin(BTC)
$8,657.03
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Bitcoin News Today – Bitcoin News Update – BTC Latest Update – Bitcoin and Altcoins Are Nearing Highest Correlation in the Year

The technical indicators reveal that BTC and altcoins are nearing its highest correlation in 2019. This simply means that it may soon be time for altcoins to surge as Bitcoin has. An alt-season may be coming soon. Altcoins are presently mimicking price movements of Bitcoin and the top altcoin doing this is Ether. Bloomberg reports that Ether has been heading one-to-one with Bitcoin and has the highest correlation so far.

Oanda Corp chief market strategist, Ed Moya spoke about the potential alt-season. He said that the correlation is linked to a consolidation pattern as seen in the cryptocurrency space. Moya also said that volatility has reduced over the past few weeks. This can be attributed to a drop in the regulatory hurdles and future concerns.

Bitcoin Dominance Grew Massively this Year

The crypto market has seen rallies across the board in 2019. This was caused by an increase in institutional adoption of cryptocurrencies and blockchain. Also, Facebook’s stablecoin is also a part of the reasons for the surge.

So far, Bitcoin has gained approximately 175% this year. The coin has outperformed other top altcoins such as Litecoin which gained 150% this year. It also did better than Bitcoin Cash that doubled its growth for the year. Ether didn’t see much growth as it has only grown by 40% during the same period.

This outperformance of Bitcoin is linked to its dominance. Since April 2017, BTC dominance levels have skyrocketed. President of Digital Assets Data, Ryan Alfred believes that this trend indicates a consolidation in the cryptocurrency space. It comes mainly from money from the altcoins flowing into BTC. However, Alfred believes that it may be short-lived.

The crypto exchange, CoinCorner has also reported a similar trend. Up to 90% of the customer transactions of the company are related to BTC. The other top altcoins such as Litecoin, Ethereum, and XRP are just 7% said the firm’s chief executive officer, Danny Scott.

Scott believes that the altcoins are dying slowly considering the amount of BTC transactions. “As always in the crypto industry, it always comes back to Bitcoin.” He said.

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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