- Altcoins Would Soon Outperform Bitcoin (BTC)
- Bitcoin (BTC) Dominance May Drop Further
Cryptocurrency News Today – The price of Bitcoin (BTC) has been somewhat stagnant over the past few days. As a result, many analysts are predicting that altcoins would outperform Bitcoin (BTC) in the short-term. About three weeks ago, altcoins started a sharp upward rally. The price of Ethereum (ETH) surged by more than 10 percent in one day. Litecoin to USD price also saw gains of about 8 percent. Ripple’s XRP was one of the highest gainers, as it surged by about 30 percent in three days.
However, since then, this rare trend in the digital currency market has paused. Bitcoin (BTC) has dominated the digital currency market for the better part of the year. After hitting a dominance level of 69 percent, BTC dominance has been relatively flat, resulting in some to suggest that it is the time of Bitcoin (BTC) to shine once more.
Ethereum (ETH) Price Today – ETH / USD
Altcoins Would Soon Outperform Bitcoin (BTC)
Many analysts are expecting altcoins to soon start their crusade higher. They believe altcoins are getting ready for a boom. Recently, Chonis – a crypto analyst – pointed out that Bitcoin dominance is far from a support level, irrespective of the metric’s stagnation. He added that he could see altcoins continuing to gain traction until the historical BTC dominance of 67 percent is truly confirmed as continued support. His tweet reads:
“$BTC dominance – I could still see giving up a couple more percentage points down to #alt coins until this level of historic market capitalization is truly confirmed as continued support.”
$BTC (dominance)- I could still see giving up a couple more percentage points down to #alt coins until this level of historic market capitalization is truly confirmed as continued support…#bitcoin pic.twitter.com/FLNwAhavva
— Big Chonis Trading (@BigChonis) October 12, 2019
Bitcoin (BTC) Dominance May Drop Further
Another digital currency analyst – Nebraskan Gooner – recently shared his opinion about the digital currency market. Via a tweet, he said that his indicator is showing signs of a trend reversal in the dominance level of Bitcoin (BTC). This implies that the metric may trend towards 66 percent. The price of Bitcoin (BTC) has been stagnant for some days now. The stagnation in bitcoin price is what is pioneering these expectations that altcoins may outperform Bitcoin (BTC).
The stagnation of the leading digital currency is a market trend that analysts describe as indicative of or a precursor to relative rice strength in alternative digital currencies. In reference to a chart, a digital currency analyst recently said:
“The more I see this PA the more I feel this will be the case. I think people will continue to overanalyze the Bitcoin (BTC) range and miss out on significant altcoin movements. Not me.”