• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Bitcoin Altcoins Crypto BTC

Massive Altcoin Rally Inbound After Bitcoin’s Dominance Broke a Key Level

Cole Petersen by Cole Petersen
3 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

Bitcoin’s 2020 rally has provided some much-needed upwards momentum for the aggregated crypto markets, with many altcoins putting significant distance between their recent lows and their current prices.

Interestingly, unlike previous rallies, Bitcoin and altcoins have been rising in tandem, suggesting that fresh capital is entering the markets rather than investors siphoning funding away from Bitcoin and towards altcoins, or vice versa.

This may change, however, as one analyst is now noting that Bitcoin’s dominance just broke beneath a critical support line, suggesting that altcoins are about to see some intense upwards momentum.

Crypto Market Continues Rising as Altcoins Closely Track Bitcoin 

Currently, the aggregated crypto market is trading up significantly from its daily lows, which has come about after Bitcoin rallied past $10,000.

This upwards momentum has made the overall crypto market’s structure appear to be highly bullish, with many analysts noting that BTC and other altcoins could be on the cusp of going parabolic.

In the near-term, it is important that Bitcoin closes its weekly candle above $10,000, as a close below this level could rattle investors and lead to a sharp market-wide selloff.

One factor that is important to keep in mind is that altcoins may start outperforming Bitcoin in the near-term, which could be driven by Bitcoin’s market dominance recently dropping below a key support level.

HornHairs, a prominent crypto analyst on Twitter, spoke about this in a recent tweet, telling his followers that its dominance could drop by another 5% before finding support, suggesting that altcoins could significantly outperform BTC in the near-term.

“BTC DOMINANCE: One of the cleanest trendlines I’ve seen has officially broken down, along with horizontal support, on the BTC dominance chart. A good -5% left before it finds previous support, meaning select alts should have at least a few more moves to the upside left,” he noted.

$BTC DOMINANCE

One of the cleanest trendlines I've seen has officially broken down, along with horizontal support, on the BTC dominance chart.

A good -5% left before it finds previous support, meaning select alts should have at least a few more moves to the upside left. pic.twitter.com/KZTykZfPac

— HornHairs ? (@CryptoHornHairs) February 9, 2020

Could Ethereum’s Price Action Further Support This Notion?

HornHairs also noted that Ethereum’s recent price action seems to further support the notion that altcoins will see some intense upwards momentum against BTC.

“Another way to gauge ALT/BTC health is the ETH/BTC chart. Currently we see price attempting an S/R flip on the daily. Looks great so far as long as it can hold 0.02175,” he explained.

Another way to gauge ALT/BTC health is the $ETH/BTC chart.

Currently we see price attempting an S/R flip on the daily.

Looks great so far as long as it can hold 0.02175. pic.twitter.com/ybnh3sXOjK

— HornHairs ? (@CryptoHornHairs) February 9, 2020

In the near-term, Bitcoin will likely continue to offer guidance to the crypto market, but it is highly possible that it will soon enter a bout of sideways trading that allows altcoins to incur significant upwards momentum.

Featured image from Shutterstock.
Tags: altcoinsbitcoincrypto
Tweet123Share221ShareSend
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Investors Stock Up on Presale Cryptocurrencies to Navigate the Erratic Market

Investors Stock Up on Presale Cryptocurrencies to Navigate the Erratic Market

14 mins ago
Dogecoin

Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal

60 mins ago
Cardano

Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why

5 hours ago
Crypto

Crypto Investor Sentiment Refuses To Budge, But Can The Weekend Change This?

11 hours ago
Tron

Tron Upward Price Momentum At Risk Unless Key Resistance Is Breached

13 hours ago
LUNC

LUNC Token Continues To Surge During Market Uncertainty, What’s Behind It?

16 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Decentraland (MANA) Records Unimpressive Performances As...

    2 hours ago
  • Litecoin Set For 5X Rally, But This P2E Token DigiToads Can...

    17 hours ago
  • Elon Musk Says AI Is The Most Important Technology Of Our...

    18 hours ago
  • Further Upside Prediction For Dogecoin and Shiba Inu...

    21 hours ago
  • SandBox (SAND) and Decentraland (MANA) Don’t Even Come...

    23 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Casinos not on Gamstop
      • Real Money Casinos
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.