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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Dominance Breaks Down As Altcoins Begin to Rebound

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
crypto bitcoin dominance altcoins

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Created by industry experts and meticulously reviewed
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Altcoins like Ethereum, Litecoin, and XRP have struggled to recapture lost market share from Bitcoin in 2019. This has been reflected by a sharp increase in Bitcoin dominance – a metric that has increased steadily throughout the year.

But as Bitcoin dominance begins to break down from recent highs, altcoins have begun to show signs of life once again, and some crypto analysts believe that a recovery may be ahead for altcoins now that Bitcoin has started to correct in a big way.

Altcoins Gain Against Bitcoin as BTC Dominance Dwindles

All this year, Bitcoin’s parabolic rally has been like a vacuum for altcoins, sucking out whatever remaining value they have left after falling as much as 99% in some cases to their bear market lows.

Related Reading | Ethereum, XRP, Litecoin and Other Large Cap Alts Poised For 20% Breakout 

As Bitcoin climbed higher and higher, both the USD value and the BTC ratio in altcoins began to fall. But now that Bitcoin’s bullish rally has come to an end, Bitcoin dominance – a metric used to weigh Bitcoin’s market cap against the rest of the alts in the space – has also started falling, and it could open the flood gates for altcoins to rally.

BTC dominance reached a peak of over 70% in early September and has been steadily declining since. This week, Bitcoin dominance fell to under 67% and appears to be ready to plummet lower, especially if altcoins continue to rally.

$BTC dominance breaking down. Continuing to look like it's dropping more and more. pic.twitter.com/lmhEuvA5wZ

— IncomeSharks (@IncomeSharks) October 7, 2019

The drop in BTC dominance coincides with a rise in the value of many of the top altcoins. According to altcoin charts, the asset class appears to be bottoming – especially when it comes to “major” alts such as Ethereum, XRP, or as one crypto analyst points out, Tron or IOTA.

On the day, Tron, EOS, and Chainlink are all up 9% or more, while XRP trails right behind with 7% growth over the last 24 hours. These alternative crypto assets have all gained against the leading crypto by market cap, with their BTC ratios also being up as much as 6% on the day.

So many alts (especially the majors) printing the same structure.
It's that time of the year where we toss a coin to choose a position? $TRX / $ETH / $XRP / $IOTA pic.twitter.com/ao5hmtCjjb

— The Crypto Monk (@thecryptomonk) October 6, 2019

Given that altcoins have been stuck in a downtrend for nearly the entire last two years, selling pressure is starting to dry up, and the low liquidity markets of each altcoin are ripe and waiting for a whale to come in and start making waves once again.

Related Reading | Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market 

With Bitcoin price trading sideways, altcoins often shine. Could the current Bitcoin price action and fall in dominance lead to a true alt season as the crypto community has been clamoring for? Or is this yet another altcoin bounce, and soon Bitcoin dominance will set a new high in the coming days?

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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