The uptrend in Bitcoin [BTC] price has been unilateral, in that it has failed to cause an uptrend in the altcoins. While Bitcoin [BTC] have achieved 100% recovery from the drop in March, the total market capitalization of altcoins is trailing behind Bitcoin [BTC].
The price of Bitcoin [BTC] at 6: 00 hours UTC on 30th April is $9360, it recorded a high at $9385 earlier today.
The percentage Mcap of cryptocurrencies excluding Bitcoin and Ethereum is currently at 27.2%. Moreover, the top ten altcoins after Ethereum comprise of 11% of total crypto market cap. Veteran trader and chart analyst, Peter Brandt tweeted,
Market cap summary as of April 29, 2020 Bitcoin = $159.8 billion
U.S. Corn crop (2019/20) = $41.1 billion
Combined XRP, BCH, LTC, EOS, XTZ, XLM, LINK, ADA, XMR, TRX = $29.0 billion
I am very, very, very impressed with the move in $ today for a variety of reasons.
1) First sign of decoupling from $ and the #
2) $ lost value vs # & broke down a TL.
3) We are back above the adoption curve TL.
With the halving less than 12 days away, the uptrend in Bitcoin is expected to continue. Furthermore, the dominance of Bitcoin [BTC] rose above 65%, and is currently facing looking for support from the 50-day EMA (Exponential Moving Average). The dominance looks primed for a move up to the 70% mark on a weekly scale.
Nevertheless, along with BTC, the altcoin market capitalization broke above the long term bearish trend-line. Continuation can be expected to the upside from the breakout above descending triangle. However, with Bitcoin [BTC]’s violent price action, support needs to be established before altcoins can establish a bull or bear trend.
Do you think Bitcoin [BTC] bull run will initiate an alt-season or BTC dominance will reach new yearly highs? Please share your views with us.