Litecoin, Ethereum, IOTA, Monero Leading the Altcoin Gains, But Is a Altcoin Rally Coming?
- Ethereum starts looking attractive, a break above $190 is bullish
- Alt buy strategy is to look for a pullback in BTC dominance %
The price of Bitcoin (BTC/USD) is surging like crazy but what about altcoins?
BTC’s rise close to $7,000 is pushing altcoins up as well but not as much as the flagship cryptocurrency is uptrending.
Among the top cryptos, Litecoin has turned out to be the winner. With close to 11 percent gains, LTC is trading at $84. Till date, in 2019, it has surged above 182 percent as its reward halving event comes closer and closer. There are just about 86 days left in the historically bullish event.
Bitcoin Cash with 8.34 percent gains in the past 24 hours and with 6.25 percent gains Ethereum are trading at $312 and $184 respectively. This has the total market capitalization finally crossing $200 billion mark recording $203 billion, the first time since early November as per Coinmarketcap data.
According to crypto analyst, Magic Poop Cannon, Ethereum is starting to look attractive as it has been consistently holding the 50 EMA that makes it increasingly likely that a breakout of the upside is coming.
ETH is stuck between 50 EMA support and the major overhead resistance around $180 to $190 region. If Ethereum closes above the resistance zone, a rally towards the next peak at $223 could be seen, Magic said. Moving further upwards, the next target would be $355 while a “confirmed” breakdown below 50 EMA would “temporarily negate that upside potential.”
However, there are still a few coins in the red with KuCoin Shares being the highest loser by 4.41 percent. Chainlink, Orbs, Komodo, Holo, and Aurora are down by less than 1 and just above 3 percent.
Majority of the altcoins are in the green, however, altcoin season is yet to come. According to experts once BTC starts losing its dominance, that’s the sign for the altcoin rally.
Currently, BTC dominance is constantly increasing reaching 58.4 percent and crypto trader and investor Josh Rager clarifies how during the monster bull run of bitcoin in 2018, Bitcoin dominance dropped 10 to 14 percent. And this time as well, he says alt rally could push the market percentage of the leading cryptocurrency to back down near 50%.
“My strategy for buying altcoins is to watch the charts for BTC dominance % to pullback,” says Rager.
With #Bitcoin dominance close to multi-year highs we're almost guaranteed to see an #altcoin season now. The question is: will #BTC's dominance come down because BTC’s price is going down, or are #altcoins going to outperform #Bitcoin on the upside?
— Weiss Crypto Ratings (@WeissCrypto) May 10, 2019
Once BTC starts dropping, the lost share will start moving into altcoins taking them upwards.
Live Ethereum (ETH) Price:
1 ETH/USD =$1,659.9596 change ~ 8.26%