Time For Altcoins to Shine As Bitcoin Dominance All Set to Break Support

The altcoins have finally arrived at the Bull run party that Bitcoin initiated a couple of weeks ago, bringing back the memory of 2017. Bitcoin’s bull rally started after the king coin broke past the key resistance of $13,000 and $15,000 and is currently trading at $18,658 registering more than 17% gains over the week. Altcoins remained fairly quiet for the past week except for litecoin which made 33% gains over the past week.

Bitcoin Dominance played a key factor in triggering the alt season where the market cap dominance of the king coin broke below the key support of 66.37. Popular Twitter analyst who goes by the name of The Wolf of All Streets has predicted that if BTC breaks past its key support then it could be the alt season for 2020.

Bitcoin Dominance

Potentially breaking support here. If this continues, we will have at least a continued opportunity in the short term to trade altcoins.

If it keeps going down, full blown alt season. pic.twitter.com/8QrFn11eZD

— The Wolf Of All Streets (@scottmelker) November 21, 2020

XRP Awakens From a Prolonged Winter Market

XRP, the third-largest cryptocurrency by market cap has become the biggest gainer for the day and even the week because of its mammoth rally of over 30% today to break past the key resistance of $0.40 to set a 52-week high of $0.4366.

The altcoin has remained quite inactive in terms of price movement over the past two years and failed to break past the psychological level of $0.30 even when other coins went through many price fluctuations. The third-largest cryptocurrency has made 53.25% gains over the past week.

Ethereum Price Peaks New Yearly Highs Other Altcoins Join The Bulls Too

Ethereum quite similar to bitcoin is recording new yearly highs after breaking past the key resistance of $500 and registering 2.5 years high. The second-largest cryptocurrency has even left bitcoin behind when it comes to year-to-date returns at over 284% returns against 155% for Bitcoin. Ethereum is currently trading at $531.02 with a 4.6% rise over the past 24-hours.

Apart from XRP and Ethereum, the biggest gainer among the top 10 coins is Cardano seeing a 16.1% rise over the past 24 hours followed by recently forked coin BCHABC with a 12.77% rise over the past 24 hours.

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Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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