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

  • If BTC closes May at $8,975+, it will be the largest monthly green candle since November 2013
  • With BTC dominance sliding down, altcoins can see the gains of 617 percent in Alt Season

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.

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.

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.

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.”

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.

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

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