Altcoins Pumping as Bitcoin Takes a Break, Total Coin Market Cap Reaches 10-Month High

The leading cryptocurrency is taking a rest after going above $8,900 on May 29. Since then, BTC is trading near $8,700. There less than two days left for the exciting and bullish month “May” to end that saw BTC rising 67.63 percent. If Bitcoin manages to rise a bit more at around $8,975, we would register the largest monthly green candle since November 2013.

If Bitcoin can close the month of May at $8975 or higher, with at least a 70.37%+ gain

It will be the largest monthly green candle (open to close) since November 2013

May 2019 has been a tremendous month for Bitcoin pic.twitter.com/i4gwADo0GV

— Josh Rager 📈 (@Josh_Rager) May 30, 2019

At the time of writing, BTC/USD has been trading at $8,711 with 24-hours gains of percent 0.96 percent. This drop in Bitcoin price has the BTC dominance sliding to 55.3 percent. For the past 3 days, this continuous drop has been seen which is good for the altcoins.

“No where near alt season yet (needs to break below 50% dominance) but good for trade setups,”

said crypto trader and investor Josh Rager.

bitcoin dominance is creeping up to some monor resistance now but i dont think we we see any significant stalls until 55.

so while bitcoin dominance remains bearish, its still altseason fam pic.twitter.com/VQRJ5w3RV3

— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 30, 2019

As Bitcoin takes a break, altcoins have started pumping with Bitcoin SV leading the market with an incredible 44 percent increase in price. But this jump is the result of fake news.

Reportedly, a Chinese news site Coinbull published a fake report of Craig “Faketoshi Wright transferring 50k BTC from the biggest BTC wallet to Binance, confirming he is the real Satoshi. Additionally, Binance CEO Changpeng Zhao will re-ist BSV and further make an official apology on Twitter.

I don’t know how much this contribute to the pump, but this fake news snapshot went viral in many Chinese retail groups around the same time and folks (thought it was real) got super excited abt it 🙄🙄🙄

CHINESE RETAIL IS THE BEST HERD EVER

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) May 29, 2019

Among the top 10 cryptocurrencies, Ethereum and XRP are following Bitcoin SV with more than 5 percent gains.

Among these top cryptos, EOS is gaining a lot of attention thanks to its upcoming announcement on the weekend.

“I'm in EOS which continues to make higher highs in USD and BTC,”

said Rager further commenting,

“I want to see it pump the next 3 days. Ppl seem bullish. Could pump higher or dump.”

this chart is a few days old but this is how i see $eos playing out this year.

yes, im bullish. pic.twitter.com/xAwTMvy6qL

— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 30, 2019

Today’s biggest gainer is Bitcoin Diamond with over 50 percent gains. Meanwhile, notable mentions include, Zcash (13.68%), Neo (9.20%) Ethereum Classic (7.81%), and Cardano (6.58%).

This has the total market cap surging to $280 billion which was last hit in July end, hitting 10 months high.

If we experience an altcoins season, we can expect the gains of 617 percent which is the average gains recorded by last 4 altcoins cycles as shared by “An Altcoin Trader’s Handbook” author, Nik Patel.

Couple of fun facts:

– Of the previous 4 ALTBTC bear cycles, the average drawdown has been 69.7%. The current drawdown of this ALTBTC bear cycle is 66.5%.

– The average growth experienced across the past 5 ALTBTC bull cycles was 617%.

— Nik Patel (@cointradernik) May 14, 2019

It would interesting to see which altcoin leads the alt season and if BItcoin would allow them to.