Bitcoin has been on a very strong ascent in the last week with a seeming determination to hit $9,000 shortly. However, it stagnated in the last 24 hours and has severally dipped below $8,000. It is currently trading at $7,910 with a loss of -1.06 in the last 24 hours. Analysts say these dips are responsible for the rise in the altcoin market. A major cryptocurrency analyst Josh Rager has added another projection that Bitcoin dominance dipping to 52% would further strengthen the altcoin bullish move.
Altcoins coming up at last
Since April when the cryptocurrency market started recovering from the 2018 bear market, Bitcoin started coming up together with the top altcoins. However, along the way when Bitcoin broke though the $6,000 resistance, the alts started slowing down and have not been able to catch up until it hit $8,000 recently. Another cryptocurrency trader known as Scarface on Twitter had earlier said a Bitcoin price correction would give some, not all altcoins a chance to join the bullish move.
Ethereum (ETH) particularly has seen a rather swift rise in the last three days from under $200 to the current $250 price. XRP which has been struggling to keep up is also now back on the train. It has far exceeded the $0.3 it managed to maintain and is now over $0.4. Analysts have attributed altcoins’ stunted growth to Bitcoin’s overwhelming dominance which they said has to reduce for the alts to also surge.
Bitcoin dominance so far
Bitcoin dominance, the percentage of cryptocurrency market capitalization Bitcoin accounts for, has been on a consistent rise, at a point approaching the 2017 high of 66.5%. This rose in proportion to the price of the asset until it hit $8,000. In the last 24 hours, however, the price, as well as the dominance of Bitcoin, has dropped, precisely the dominance by -1.17% to stand at 57.11% at the time of writing this article. According to Rager’s analysis, the dominance will have to drop by another 5% for altcoins to continue seeing a bull market in the coming weeks.
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A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu