Bitcoin [BTC] recently tested $7000 on 11th May 2019 as the price market capitalization of Bitcoin crossed $120 billion. However, Bitcoin [BTC] pulled back below $6800 soon in the next 4-hour trading session.
Moreover, altcoins also recorded double digits gains. Ethereum and Bitcoin Cash [BCH] broke $185 and $320 respectively. EOS also broke above $5.2 was a 9.2% gain on a daily scale.
Moreover, the market capitalization of the entire cryptocurrency market also gained over $6 billion in two 4-hour trading sessions, as the gains in BTC started pouring into altcoins. Frank Canfield, Co-Founder of Singal Profits had explained this phenomenon in a recent interview with Ran Neuner where he explained the beginning of the alt-season.
According to him, the altcoins are testing key support and represent a ‘falling knife’ w.r.t. BTC. However, there is a lot of room left for altcoin gains and that will happen once gains from Bitcoin start pouring into altcoins. He said in the interview,
“So liquidity moves from Bitcoin in the major market caps, then midcap and then the small caps and then in the sh*t coins. So they money moves downwards…”
The rise in all major altcoins was near 10%. Ethereum [ETH], Bitcoin Cash [BCH], XRP and Litecoin [LTC] have seen identical gains in the 4-hour chart reciprocating Canfield’s thoughts. A long Bullish Marubuzo has been observed on major altcoins.
The total market capitalization of altcoins gained 8.15% as it added over $6 billion on a daily scale. The total market capitalization of altcoins market $86.524 billion. The rise of altcoins also decreased the market dominance of Bitcoin slightly (around 0.2%).
Do you think that a consolidated bull market will begin or the tussle between bitcoin and altcoins will continue till the dominance is highly unbalanced? Please share your views.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com