- Altcoins Begin to Regain Market Dominance
- Bitcoin dominance drops to 67 percent
- Signs of a new altseason
Ethereum News Today – Altcoins have been asleep over the past two months. However, bedtime is over, as the majority of altcoins seems to have woken up from their slumber. Altcoins such as XRP (XRP), Ethereum (ETH), and Litecoin (LTC) are finally showing significant moves. They have woken up to reclaim some of the market dominance they lost to the world’s largest cryptocurrency by market cap. If these altcoins continue to move in this direction, it could mark the start of a new altseason.
Altcoins Begin to Regain Market Dominance
The market dominance of Bitcoin (BTC) started rising in December last year. After the digital currency surged from $3,200 to about $14k in a period of six months, the dominance level of Bitcoin (BTC) increased enormously. The dominance of Bitcoin (BTC) peaked at 73.5 percent, a level not seen since 2017. At the moment, the dominance of the digital currency has dropped significantly. This is because Bitcoin (BTC) has been trading sideways during the altcoin rally. The majority of altcoins in the market amassed a considerable level of gains, reclaiming the dominance they lost to Bitcoin over the past few months. At the press time, the dominance level of Bitcoin (BTC) has dropped to 67 percent.
Are These Signs of a New Altseason?
No one knows if the new altseason has started despite the numerous indicators and pointers. What is known is that Bitcoin (BTC) has been staggering over the past few days, while altcoins are surging higher. Many altcoins are testing new monthly highs due to the recent altcoin rally. Altcoins left Bitcoin (BTC) behind, and BTC to USD price plunged by more than $500. The one-week chart of Bitcoin indicates that it entered a consolidation phase after testing the year-to-date high of about $14k on June 26. While BTC is still struggling to correct higher, altcoins have already started surging.
Ethereum (ETH) is breaking out of a falling wedge pattern. The digital currency is currently surging higher and it just broke over a major resistance level. The short-term Ethereum price prediction is $242. If the buying pressure increases, ETH to USD price might hit $300 in the coming weeks.
The price of XRP (XRP) surged by more than 27 percent over the past couple of days. This massive rally helped XRP to surge over the 30 cents resistance level. The next resistance of the coin is at the 33 cents mark. A break over that level would pave the way for more gains towards the 38 and 42 cents levels.
Stellar Lumens (XLM) also saw a massive upward surge. The price of XLM surged by more than 40 percent in just a few days. This massive surge in the price of XLM helped it to claim a spot among the top ten digital currencies in the market. At the press time, XLM is the 10th largest digital currency by market cap.