Bitcoin Dominance Fast Approaching 70%, No Sign of Alt Season Yet
- Bitcoin and altcoins, all turn green
- BTC Dominance Eyeing Mid-2017 Levels
Yesterday the markets were all red.
Bitcoin dropped to $9,855 and altcoins went deep in red up to 12 percent.
However, there were a few coins that didn’t succumb to the selling pressure including Huobi, Kucoin shares, Komodo, and ZClassic. XRP was the one with the least losses among the top cryptos.
Today, we have turned all green.
The leading cryptocurrency went back to $11,000. Currently, BTC/USD is trading at $10,700 with 24 hours gains of 5.30 percent. Trading volume, however, is low, having fallen below yesterday's $2 billion to $1.88 billion.
However, altcoins aren’t faring well.
Though in the green, top altcoins are up by 1 to 2 percent only after seeing deep red. A few exceptions are Bitcoin Cash (BCH) up 8.40%, Bitcoin SV in green by 7.34%, and Monero (XMR) rising by over 6%.
The past 7-days change in cryptocurrencies' value is still in the red between the range of 20 to 35 percent.
The capitalization of the overall cryptocurrency market, in result, has taken a strong hit, dropping below $300 billion level. Currently, we are at, late June levels, $288 billion.
BTC Dominance Eyeing Mid-2017 Levels
As analyst DonAlt points out, altcoins are managing to sell off whether Bitcoin moves up or down. Bitcoin’s upward movement is not turning out to be good for altcoins, however, downward movement has them drop even harder.
This has the BTC dominance approaching 70 percent.
Currently, we are at about 69.50 percent as per TradingView, on an uptrend since April when BTC price first started surging.
This level hasn’t been seen since mid-2017 even though there have been a huge amount of coin additions in recent years, he said.
#Bitcoin to alts:
(Dominance eyes 70%) pic.twitter.com/JN3K9IPzJU
— Max Keiser, tweet poet. (@maxkeiser) July 15, 2019
“No sign of alt season yet,” analyst DonAlt said.
Altcoins are expected to go through even more pain before they start riding the bull wave. Some are predicting the alt season to come once Bitcoin hits all-time high while others believe, this time only a few, that is also a matter of if, will manage to spike.