Altcoins are gearing up to take a chunk out of Bitcoin’s crypto market dominance, according to crypto analyst Kiril Nikolaev.
The altcoin market has been consolidating at a collective market cap at around $100 billion, Nikolaev writes in a new article on CCN. That, combined with the fact that BTC hit historical resistance at about 60% dominance, reaching an all-time high for the year at 59.35% on May 14th, suggests alt season is alive and well.
“The fact that the bulls succumbed to this resistance even after bitcoin’s parabolic run tells us that the index is still bearish. Our bias is affirmed as the bears also manage to recover the horizontal resistance of 58 percent. On top of that, the weekly RSI of the index is overheated.
These signals tell us that the Bitcoin Dominance Index has topped off and is likely to correct in the near future. This assumption plays well with our narrative that alt season is not yet over.”
Right now, Bitcoin is up 3.85% at $8,043 according to COIN360. Ethereum is up 4.41% at $250.44 and XRP is up 3.73% at $0.3871.
Technical analysts at large are looking for Bitcoin to stay above $8K with mixed outlooks on altcoins.
Bitcoinist – Two bullish indicators are flashing at $8K
FXStreet – BTC/USD now sending mixed signals
Blockonomi – Close above the $250 and $255 levels is a must
Coinspeaker – XRP/USD may continue bearish trend after pullback
Blockonomi – LTC price rallies,