Altcoins Pumping While Bitcoin Rests Below $9,000
Over the past 7-days, most of the cryptocurrencies have been down but bitcoin is leading the way with altcoins showing strength relative to BTC.
All of this has been in the USD market.
Today, KickToken is up by 94%, Singular DTV 47%, Theta Token 26%, Matic Network 17%, Waltonchain 15%, Enjin Coin 13%, Travala and HBAR 12%, and Zilliqa 10%.
“Fingers crossed that Bitcoin lets this little alt season continue,” tweeted trader Scott Melker.
Moon for Alts?
Could the world’s leading cryptocurrency, bitcoin, be lagging behind or are traders moving their BTC profits over to altcoins? That’s to be seen.
According to trader Satoshi Flippper, this is the time for the altcoins to surge before bitcoin takes off yet again.
“BTC is going to bleed out slowly here. Dominance will go down & ALTS will moon next few days/weeks. Some ALTS are sitting on all-time low support even,” said the trader.
“Makes sense for BTC to retrace, allow ALTS some relief, all before BTC takes off for new highs later this year.”
Up until the first week of May, bitcoin dominance was nearly 69%, as per TradingView which has now come down to about 66.5%.
Not everyone is feeling the altcoins rally and is even keeping away from them.
“I'm 0% alts right now,” said trader Salsa Tekila. “Will buy later in the year, in no rush. I either scoop em cheap when they capitulate or after BTC has a big run-up while plebs flow in looking to buy the next ‘gem' that will flippen orange coin.”
As we recently shared, last week, OmiseGo was pumped and dumped on the ‘Coinbase effect’ after the crypto exchange announced that it is going to list the token. AVA the travel booking site Travala.com also jumped on the back of merger with the leading crypto exchange Binance.
According to analyst Mati Greenspan, the alt season of 2020 is just speculation combined with fake activity.
“Without building things that actually work, that actually solve a problem or have a use, nobody makes money. Fake volumes & fake social engagement aren't valuable. Without real-world utity, it's all just speculation and every pump will eventually be dumped,” he said.