As Bitcoin Dominance Set to Print First Bearish Monthly Since March Altcoins Rally
Today, the market is in green. Bitcoin is up 3.91% trading at $8,272, as per Coincodex while surging to the highest level of $8,368 on Sept. 30. Bitcoin dominance, meanwhile as Nik Patel notes is “set to print the first bearish Monthly candle since March.”
March was the month when BTC dominance was last negative in, at 53 percent. Since then, it soared to 73 percent, a whopping 20 percent in just over 5 months, in early September before taking a drastic hit in subsequent weeks of the month.
As Bitcoin dominance gets ready for its first bearish monthly candle in 6 months, altcoins have taken flight.
Tron and XRP are leading the gains with 9.20% and 8.44% respectively. The third largest cryptocurrency has climbed to $0.256. The total market cap, in response, has added more than $10 billion in the process.
Last week, Bitcoin lost about 20 percent of its value and experts have been expecting the price to drop further to $7,000. This all started after the launch of Bakkt that went live with daily and monthly Bitcoin futures. In turn, altcoins fell even harder.
Good start of the week so far;
▫️ Bitcoin did sweep the lows and bouncing back up with potential bullish divergences (up to 12h). $BTC
Positive correlation looks great.
— Crypto Michaël (@CryptoMichNL) September 30, 2019
But now, today, the market has turned all green and it is possible with BTC dominance taking a drop, altcoins might finally rally.