Bitcoin News Flash – Updates for October 8

  • Bitcoin (BTC) dominance drops lower
  • Altcoin rally, has altseason begun?
  • Ethereum (ETH) still weak but outperforms bitcoin

Today, the market scene has shocked traders as altcoins enter the green zone. Many of these coins have outperformed Bitcoin as BTC dominance drops even lower. At the time of this writing, the market share chart for BTC has shown some signs of an inevitable pullback. This simply means good news for the altcoins.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

Bitcoin dominance drops lower as it reclaims $8k

After a dip to the $7k plus level, bitcoin has managed to reclaim $8k. However, the resistance is stronger than anticipated and the coin retraced to $8,200 from $8300.

Tradingview.com reports that bitcoin dominance has fallen steeply to 69%. This brings it to a two-month low and the BTC chart shows a pullback has begun. This implies that the market share of BTC may likely shrink further. Analysts expect the next support level of dominance to be 66%.

This failure of the bitcoin bulls to break resistance has favored the altcoins as they rallied well in Asian trading this morning.

Ethereum sees little movement but still outperforms bitcoin

The second-largest crypto in the world by market cap is presently outperforming bitcoin as it saw a 4% pump over 24 hours. Ethereum is weak generally but is recovering slowly. The market cap of ETH is back to $20 billion.

Peter Brandt explains that going by the charts, Ethereum is heading for a breakout.

Still, Ethereum may not truly rally until it takes back the $200 psychological level without joining BTC. When bitcoin dropped to $8k in the past, Ethereum was $400. This shows that it has a very long way to go.

Has altseason begun?

Ripple’s XRP also rallied by adding 3% to its current price. Sadly, it is still lower than what it was a year ago. It is still considered one of the worst-performing altcoins in 2019.

The fourth cryptocurrency by market cap, Bitcoin Cash took back its spot from Tether when it saw a 3% rise to $230. Still, the coin is weak.

Litecoin only saw a 4% rise and this wasn’t enough to retake the $60 position. The coin hasn’t been impressive since the halving took place two months ago.

As for EOS, it stands as a top ten performing altcoin as it rose by 5% to touch $3.20. however, it still has a long way to go before reaching the 60% high from 2019. Binance Coin also rose by 4% which may seem impressive, but it is still down by 60% from its peak this year.

The market cap of the cryptocurrency market rose to $8 billion due to the altcoin rally. it shows that the altcoins could have a promising week.

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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