Bitcoin News Flash – Top Headlines for October 6

  • Bitcoin (BTC) Price Is Primed for Further Loss
  • Bitcoin (BTC) Dominance Plunges to 67 Percent
  • When Would Altcoins Pump?

Bitcoin News Today – The dominance level of Bitcoin (BTC) seems to be breaking down, are altcoins about to take over? The weakness of Bitcoin (BTC) over the past few weeks has caused the digital currency to plunge to the $8k region. Nevertheless, the drop did not come as a surprise to many analysts as there were expecting it. Many believe the price of the world’s largest cryptocurrency would even decline further.

Bitcoin (BTC) Price Is Primed for Further Loss

Bitcoin (BTC) is the most dominant digital currency in the world. The dominance level of the digital currency recently hit a new all-time high when its price surged towards the $14k level. However, the digital currency has slowly weakened over the past months, and it is now struggling below the $8,200 mark. The $8,200 mark is acting as resistance, and BTC has been finding it difficult to break over that level. At the press time, BTC to USD price is $8,130 and it looks poised to breakdown further.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,681.00
0.273%

Via a tweet yesterday, Josh Rager – a crypto analyst – pointed out that BTC seems to be primed for a plunge to the $7,600 mark. The digital currency has been relatively down throughout the week, so a breakout is forming and the bulls seem to have paved the way for the bears to lurk.

Bitcoin (BTC) Dominance Plunges to 67 Percent

Bitcoin’s market share chart is also showing signs that the digital currency is about to head south. Tradingview.com recently pointed out that the dominance of Bitcoin (BTC) has dropped below 70 percent and the pattern of drop looks very clear. Digital asset investors and traders are beginning to lean towards a rise in altcoins as Bitcoin cools off. A digital currency analyst – Crypto Welson – said:

Bitcoin dominance is currently at 70 percent, but I am predicting it will decline significantly as alts gain a lot of dominance over the next year. Many alts including XRP and ETH look very bullish in their BTC pairings.”

https://twitter.com/CryptoWelson/status/1180577991329382400

Bitcoin (BTC) dominance is down to 67 percent and that of altcoins is increasing. Another crypto proponent – Crypto Bitlord – tweeted:

Even a noob can see it breaking down. What that means, simply, is altcoins are about to pump.”

When Would Altcoins Pump?

Altcoins have been down for the better part of this year. They enjoyed a significant increase in June when Bitcoin (BTC) tested its year-to-date high. However, they have returned to the levels in which they started the year with. Ethereum – the largest altcoin in the market – is down by 50 percent from its year-to-date high. It has one of the best performances among altcoins. However, no one knows when this expected rally would come and many traders are waiting for that moment.

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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