- The Altcoin Market Has to Break Upwards to Become Bullish Again
- Will Ethereum 2.0 Trigger the Highly Expected Altcoin Rally?
- The Dominance of Altcoins Is Gradually Increasing
Ethereum News Today – The recent massive plunge in Bitcoin (BTC) price affected many altcoins in the market. Nevertheless, these altcoins only plunged heavily against their USD pair, not against Bitcoin (BTC). Since the found a temporary bottom at the beginning of September, altcoins have gradually gained value against BTC. For instance, the price of Ethereum against Bitcoin has increased by 32 percent, XRP/BTC pair has surged by 27 percent, and XLM/BTC price has also surged by 29 percent during this time.
The Altcoin Market Has to Break Upwards to Become Bullish Again
The market valuation of all the altcoins has been in a protracted downward trend since the start of July when the market cap reached $126 billion. A bearish downtrend accompanied a harsh rejection and the market cap plunged towards the support around $60-66 billion. At the moment, it is obvious that the altcoin market has to break upwards to become bullish once more, else, the downward trend will continue.
Ethereum (ETH) Price Today – ETH / USD
According to previous data, one can say that altcoins are at their best performance when there is a slow uptrend from Bitcoin (BTC). Sometimes, altcoins outpace Bitcoin (BTC) when its price is ascending slowly.
Will Ethereum 2.0 Trigger the Highly Expected Altcoin Rally?
Previous data have shown that Ethereum (ETH) is usually the major indicator for altcoins movement. This is partially because it is the largest altcoin by market cap. In addition, most of the smaller altcoins in the market are ERC20 tokens, which are built on the platform of Ethereum. In addition to this main indicator, Ethereum is planning to launch Ethereum 2.0 in the last quarter of this year.
The launch of Ethereum 2.0 could be a game-changer for altcoins. It could bring the much-awaited momentum for the next altcoin rally. The price of the digital currency typically runs up before the event, so it is possible that traders would buy the rumor and sell the news.
The Dominance of Altcoins Is Gradually Increasing
The chart of altcoin dominance is still holding up to the trendline; this is a good thing for the altcoin market. Comparing the altcoin dominance chart to the previous cycles, the previous periods have several confluences. In every period, a bullish divergence shows up before a bullish break on altcoins.
The dominance level of Bitcoin (BTC) has dropped below 70 percent. This means that altcoins are gradually climbing up the ladder. At the press time, Bitcoin dominance is 67 percent.