In the past few weeks, there has been a jaw-dropping uptrend in Bitcoin dominance. The crypto community has been waiting for the altseason and cryptocurrencies have started gaining some strength against BTC for the first time. This led to slight Bitcoin dominance retracement; a drop from 71.2% to 70%. Analysts are convinced that altcoins are ready to finally gain some momentum. In August, Adaptive Capital’s, Willy Woo, remarked that altcoins were “heading into a region of support” at long last. This trend has continued in September.
Bitcoin’s network effect has led to an increase in its value over the years and the altcoin vs. Bitcoin market capitalization chart is now three weeks into testing its 6.5-year support line. The weekly RSI chart is more oversold than in its entire history. Traders have been waiting to see a small bounce and expect the altseason to start in the coming few weeks. Many believe that the limited run altcoins have been on will continue.
The market capitalization of cryptocurrencies sans Bitcoin is about to break out of a descending wedge and this may signal the onset of the altseason. Though technical analysis is in favor of Altcoiners, the narrative seems to be centered around Bitcoin. Bitcoin is gaining ground with no exact target in sight. While prominent investors don’t mention an exact target for the same.
ETH has been experiencing an upward price trend. It has been currently trading at $179.30 per coin and XRP has been showing an upward price trend and it has been restraining a slight gain during the day. It has been trading somewhere around the $0.255 level and more top cryptocurrencies are showing an uptrend.
There are a few altcoins like BNB, XMR, ETC and BSV that have registered with slight losses, but the top gainer among small-cap altcoins are EOS and TRON. EOS is up by 4.64% and Tron is up by 4.60%.
Meanwhile, market analysts are of the opinion that Bitcoin might go through yet another retracement, and this might bring down the price of Bitcoin to $7,000 for several months in 2019.
One of the financial analysts, Capo said, “Should the entire fractal play out, meaning BTC will soon lose support at ~$9,500, a drop to $7,200 to $7,500 — a key Fibonacci Retracement support — should play out. That would represent a 30% drop from the current level of $10,500.”
Many experts are predicting a retracement for Bitcoin and expecting it to bleed its way to $7,400 in a falling wedge. The block reward reduction for Bitcoin is all set to happen in May 2020 and this will lead to a negative supply shock in the Bitcoin market. Geopolitical tension and rising economic unrest have warranted the need for a new safe haven and Bitcoin is gaining popularity as digital gold and the new safe haven. Altcoins are appreciating in comparison to Bitcoin. The altseason is overdue and this mini rally may be indicative that Bitcoin (BTC) is not the only asset that will see a bullrun this year, it is a good time to diversify your crypto holdings.
– This article was originally posted at CryptoTraderNews
About CryptoCurrencyWire (“CCW”)
CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness.
To receive instant SMS alerts, text CRYPTO to 888-902-4192 (U.S. Mobile Phones Only)
CryptoCurrencyNewsWire is where News, content and information converge via Crypto.
For more information, please visit https://www.cryptocurrencywire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire (CCW) website applicable to all content provided by CCW, wherever published or re-published: http://CCW.fm/Disclaimer
CryptoCurrencyWire (CCW)
New York, New York
www.cryptocurrencywire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
This article contains Third-Party Content submitted by third parties, including articles submitted through the CCW Premium Partnership Program. All opinions, statements and representations expressed by such third parties are theirs alone and do not express or represent the views and opinions of CCW or its affiliates and owners. Content created by third parties is the sole responsibility of such third parties, and CCW does not endorse, guarantee or make representations concerning the accuracy and completeness of all third-party content. You acknowledge that by CCW providing you with this internet portal that makes accessible to you the ability to view third-party content through the CCW site, CCW does not undertake any obligation to you as a reader of such content or assume any liability relating to such third-party content. CCW expressly disclaims liability relating to such third-party content. CCW and its members, affiliates, successors, assigns, officers, directors, and partners assume no responsibility or liability that may arise from the third-party content, including, but not limited to, responsibility or liability for claims for defamation, libel, slander, infringement, invasion of privacy and publicity rights, fraud, or misrepresentation, or an private right of action under the federal securities laws of the United States or common law. Notwithstanding the foregoing, CCW reserves the right to remove third-party content at any time in its sole discretion.
