The Future Coin

Bitcoin

$35,226.69

BTC -10.41%

Ethereum

$1,122.87

ETH -6.94%

XRP

$0.27

XRP -6.81%

Litecoin

$138.04

LTC -9.18%

EOS

$2.69

EOS -4.75%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Altcoin News

Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge

by The Future Coin
June 26, 2020
in Altcoin News
0
Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

A brutal drop in altcoins may be coming if the bottom of a two-year-long bullish channel holds in Bitcoin dominance.

If it breaks down, however, altcoin season may finally be here.

Why Bitcoin Dominance Matters In The Cryptocurrency Market

Bitcoin was the first-ever cryptocurrency, designed by Satoshi Nakamoto. In its likeness, all other cryptocurrencies were then created, sparking an entire category of thousands of altcoins.

Over time, more new and useful use cases developed, and tokens were designed with goals that differ greatly from Bitcoin’s.

The crypto market has since grown from just a new form of encrypted, digital payments to its own sector of the tech industry.

Related Reading | BTC Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season

But the relationship between Bitcoin and altcoins remains something crypto analyst watch closely. A metric weighing Bitcoin against all other altcoins in the space is an especially helpful tool. This metric is called BTC dominance.

It can be used to predict any strong deviations between Bitcoin and altcoin performance. One of those deviations may soon be coming, and it is one where altcoins could suffer severely.

bitcoin dominance altcoin

BTC.D Monthly | Source: TradingView

BTC.D Long-Term Bull Channel Targets 88% Dominance and Total Altcoin Destruction

According to a long-term bullish channel that’s now formed on BTC dominance across two years, altcoins may be in trouble.

If the bottom of the pitchfork channel holds, BTC.D would likely target one of the upper quadrants outlined by the tool.

The move up would match the last major movement in BTC.D, following a similar downtrend breakout at a similar angle.

The rise in Bitcoin dominance would send the metric to as high as an 88% share of the total crypto market. It would also leave altcoins dropping to the lowest levels the bear market has to offer.

The decline would nearly erase all progress in altcoin growth over the last few years. It would be almost as if the crypto bubble never formed at all.

Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

Unlike Bitcoin that’s been becoming more recognized by institutions as a potential hedge against inflation, altcoins continue to get a bad reputation.

But the bad rap is mostly due to the ongoing decline in these assets. If BTC dominance breaks down from the channel, altcoins season would happen instead.

Regardless of what Bitcoin did, altcoins would overperform the number one cryptocurrency according to the metric.

Breaking down could potentially result in a fall to former support, resting at roughly 53%. 58% has long been considered a barrier to altcoin season.

If and when that level is broken, major altcoins such as Ethereum, Ripple, Litecoin, and more should finally catch up with Bitcoin.

Source link

EDITOR’S CHOICE

‘Shark Tank’ star Kevin O’Leary slams Bitcoin as niche and poorly regulated: ‘a giant nothingburger’ | Currency News | Financial and Business News

Should I buy altcoin? | MyWalletHero

Blockchain takes on forgeries, counterfeits

Business strategies to turn the pandemic around in 2021

Ethereum On Bearish Momentum: 8.5% Down In The Last 6 Hours

Litecoin On Bearish Momentum: 9.16% Down In The Last 6 Hours

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 35,182.00
ethereum
Ethereum (ETH) $ 1,125.61
tether
Tether (USDT) $ 0.994443
ripple
XRP (XRP) $ 0.274307
polkadot
Polkadot (DOT) $ 12.75
cardano
Cardano (ADA) $ 0.297029
litecoin
Litecoin (LTC) $ 138.63
bitcoin-cash
Bitcoin Cash (BCH) $ 473.38
chainlink
Chainlink (LINK) $ 19.16
stellar
Stellar (XLM) $ 0.276458
binancecoin
Binance Coin (BNB) $ 40.19
usd-coin
USD Coin (USDC) $ 1.01
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 35,059.00
bitcoin-cash-sv
Bitcoin SV (BSV) $ 202.36
monero
Monero (XMR) $ 154.59
eos
EOS (EOS) $ 2.69
tron
TRON (TRX) $ 0.028970
theta-token
Theta Network (THETA) $ 2.00
tezos
Tezos (XTZ) $ 2.60
havven
Synthetix Network Token (SNX) $ 13.80
nem
NEM (XEM) $ 0.209534
celsius-degree-token
Celsius Network (CEL) $ 4.88
aave
Aave (AAVE) $ 150.86
cosmos
Cosmos (ATOM) $ 7.48
neo
NEO (NEO) $ 22.74
vechain
VeChain (VET) $ 0.024107
okb
OKB (OKB) $ 5.70
crypto-com-chain
Crypto.com Coin (CRO) $ 0.068458
uniswap
Uniswap (UNI) $ 6.95
dai
Dai (DAI) $ 0.998070
maker
Maker (MKR) $ 1,448.18
leo-token
LEO Token (LEO) $ 1.34
compound-ether
cETH (CETH) $ 22.42
dash
Dash (DASH) $ 120.85
dogecoin
Dogecoin (DOGE) $ 0.008990
iota
IOTA (MIOTA) $ 0.400555
binance-usd
Binance USD (BUSD) $ 1.00
zcash
Zcash (ZEC) $ 100.95
cdai
cDAI (CDAI) $ 0.021048
huobi-token
Huobi Token (HT) $ 5.00
filecoin
Filecoin (FIL) $ 21.55
compound-usd-coin
cUSDC (CUSDC) $ 0.021559
yearn-finance
yearn.finance (YFI) $ 29,656.00
ethereum-classic
Ethereum Classic (ETC) $ 7.41
solana
Solana (SOL) $ 3.14
compound-governance-token
Compound (COMP) $ 195.27
ftx-token
FTX Token (FTT) $ 8.75
sushi
Sushi (SUSHI) $ 6.04
zilliqa
Zilliqa (ZIL) $ 0.064650
kusama
Kusama (KSM) $ 81.53