Bitcoin (BTC) Dominance Aiming for a Drop, “Weakness in Alts are Buying Opportunities”
- BTC Dominance falling to 56.3 percent after climbing to 60.5 percent on May 14
- Once BTC dominance break down, it would be a ‘Game On’ for altcoins
- Altcoins Dominance surges upwards as IOTA and Bitcoin SV becomes the highest gainers, XRP and BCH in green as well
Since hitting bottom in December 2018 at $3,150, Bitcoin has been enjoying the greens since it entered in 2019. BTC/USD started off slowly but with April, it jumped up above $5k and with May, BTC hit off a monster rally.
The leading cryptocurrency has been enjoying big fat gains of over 130 percent till date in 2019 as it came close to touching $9,000. However, since then it has taken a slight drop as BTC trades at $8,647 with 24 hours loss of 0.84 percent.
Quarterly candle view. Be open minded and don't blindly follow past chart wiggles as gospel. pic.twitter.com/K1ZDqIZnua
— Bob Loukas (@BobLoukas) May 28, 2019
When it comes to altcoins, the market is experiencing a mix of red and green as among the top cryptos, IOTA is the biggest gainer with over 20 percent gains followed by Bitcoin SV which is up more than 19 percent. XRP is also registering greens of 2.35 percent and Bitcoin Cash by 1.79 percent.
The drop down in Bitcoin has BTC dominance taking a hit and falling to 56.3 percent after climbing to 60.5 percent on May 14. This level was last recorded in December 2017 during the bull market that saw BTC surging to about $20,000 level.
While BTC dominance cuts down by 4.2 percent, ETH dominance has risen by 1.48 percent, XRP dominance is up by 0.81 percent, Bitcoin Cash dominance is up by 0.11 percent, and Litecoin dominance has risen by 0.24 percent.
Talking about Bitcoin dominance, crypto trader and investor, Benjamin Blunts says it is the most important chart right now because he says once we break down, it would be a game on for altcoins.
“Bitcoin dominance fell in an impulsive manor and many alts had some cracking runs, but they may have more juice,” said Blunts. He further shares, “if dom falls, alts pump, simple.”
As BTC dominance declines, he says the weakness in altcoins are buying opportunity as they will start surging. A few of the altcoins are already seeing good greens, more are to follow them upwards as BTC trade sideways.