Bitcoin’s Recent Price Rally Could Result in Short Term Sideways Trading; What About Altcoins?
- Altcoins could eventually start growing after a period of strengthening Bitcoin dominance
- An altcoin season would be welcomed by participants in the market
Bitcoin (BTC) has been operating sideways during the last few days. The virtual currency surged a few days ago to $13,700 and then it fell to $10,700, which is something very common for the digital asset that tends to have 20% swings on its price from one day to the other.
At the moment, analysts consider that Bitcoin could be traded sideways, which could have a positive effect on some altcoins.
Could Altcoins Start Growing?
As mentioned before, Bitcoin was traded with large volatility during the last few days. After surging 20% the virtual currency fell by a similar magnitude in just 24 hours. Despite this, the upward momentum could continue in the future and help Bitcoin continue its bull trend.
One of the most popular commentators on Twitter, Don Alt, explained that he is cautious about Bitcoin’s price surge and explained that he would open a short position in case it is not able to break through resistance.
Shorted the corn, tiny size, still waiting for the monthly close with any big trades.
Low conviction because it's trading against the high timeframe trend.
Will roll this one into a big one once (IF) I get confirmation. pic.twitter.com/lHEEfq0xMg
— DonAlt (@CryptoDonAlt) June 28, 2019
Although Bitcoin has been moving higher during the last months, there are some altcoin investors that are disappointed. Altcoins didn’t react in the same way as Bitcoin did and remained stable close to their same levels, while Bitcoin was expanding day after day.
If Bitcoin enters a period of consolidation, it is possible for other digital assets to start growing compared to Bitcoin. Another crypto expert, Mitoshi Kaku, explained that Bitcoin has already established its range. He considers that now it is time to trade the waves, either distribution or accumulation. Additionally, he said that there might be a good alt season “around the corner.”
$BTC Strategy & Ideas – As you can see the price stablished it's range already, all we need to do know is be patient and trade the waves (Either distribution or accumulation). Since dominance will top in no time, I'd say a good alt season is around the corner. #Gann #CryptoIkagi pic.twitter.com/R51kvUC6Eu
— Mitoshi Kaku 👨🏻🚀 (@CryptoSays) June 28, 2019
At the time of writing this article, Bitcoin is being traded around $11824 and it has a market capitalization of $210 billion.
In addition to it, Bitcoin is close to its highest dominance points in early 2017. According to CoinMarketCap, Bitcoin has a market dominance of 62.7%.
Bitcoin’s price is $58,269.41 BTC/USD exchange rate today. The real-time BTC market cap of $1.09 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $24.46 Billion and live coin value change of BTC 4.59 in the last 24 hours.