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bitcoin dominance btc.d altcoin
Nexo Logo

Bitcoin Dominance Readies Deadly Blow Against Altcoins, Indicator Says

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3 mins read
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Bitcoin is up over 70% year to date and its recent break through resistance at $10,000 helped propel altcoins toward even stronger ROI. Several altcoins are up well over a few hundred percent, beating out the first-ever cryptocurrency by a wide margin.

This all could soon reverse according to a handful of signals on BTC dominance charts, causing Bitcoin to vastly outperform the rest of the crypto market.

Altcoins Outperform Bitcoin in 2020 After Last Year’s Crypto Market Capitulation

Bitcoin is the first-ever cryptocurrency and anything that came after it is considered an altcoin, or a stablecoin. Stablecoins are backed 1:1 by USD or another fiat currency and assets to ensure stable prices with limited fluctuation. Altcoins can be just about anything, with some designed for smart contracts, others as payment tokens, and several as nothing more than worthless coins to speculate over.

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These different types of crypto assets often have an inverse or correlated relationship, depending on market conditions.

For example, in 2019 when Bitcoin rallied to $14,000 – potentially its next target above current levels – altcoins were decimated in its wake. This year, however, altcoins are soaring, helping to carry Bitcoin higher. Together, the two asset types are pumping, yet Bitcoin dominance has been falling.

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BTC dominance has fallen to 60%, a level that hasn’t be reached in well over a year – before Bitcoin’s bull rally last year that crushed alts into dust.

Altcoins have been making significant recoveries, not only in USD but against BTC. However, after altcoins have spent several months now beating out Bitcoin, dominance metrics are hinting at a sharp reversal that will let the king of crypto catch up against the rest of the market.

 

bitcoin dominance btc d altcoins td 9 buy bearish divergence RSI

BTC.D Daily TD 9 Buy Setup | Source: TradingView

Buy Setup on BTC Dominance Could Send Alt Season To Screeching Halt

On daily BTC dominance price charts, a TD 9 buy setup has appeared. The TD Sequential indicator designed by Thomas Demark is one of the most reliable in the crypto market. The same indicator called the top in dominance, sparking the extended altcoin season that may be coming to an end. It is only appropriate that the opposite signal also calls the bottom.

Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History

After the 9 sell signal, BTC dominance dropped over 13% to current levels. Coinciding with the accurate sell signal, BTC.D appears to be forming a falling wedge pattern. Further adding credence to the possibility of a reversal, the Relative Strength Index is showing a strong bullish divergence.

bitcoin dominance btc d altcoins td 9bullish

BTC.D Daily Falling Wedge and RSI Bullish Divergence | Source: TradingView

Technical analysis is never a guarantee of future results, but can be a tool to assist traders, investors, and analysts with predicting the highest probability outcome. Together, a TD 9 buy setup, and a bullish wedge and matching divergence on the RSI, a reversal is becoming more probable by the day.

Tags: alt seasonaltcoinsbitcoinbitcoin dominancebtcbtc dominancebtc.dbtcusdBTCUSDTcryptoTD Sequentialxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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