Bitcoin [BTC] Unilateral Rise to $9385 Dwarfs Altcoins; Will Dominance Usurp 70%?

By Nivesh Rustgi
Published April 30, 2020 Updated April 30, 2020
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Image Source: Powermoves

Bitcoin [BTC] Unilateral Rise to $9385 Dwarfs Altcoins; Will Dominance Usurp 70%?

By Nivesh Rustgi
Published April 30, 2020 Updated April 30, 2020

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].

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The price of Bitcoin [BTC] at 6: 00 hours UTC on 30th April is $9360, it recorded a high at $9385 earlier today.

bitcoin altcoin mcap
BTC Vs. Total Market Capitalization of Altcoins (TradingView)

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
ETH $23.8
Combined XRP, BCH, LTC, EOS, XTZ, XLM, LINK, ADA, XMR, TRX = $29.0 billion

ethbtc price analysis
ETH/BTC Price Analysis (Source: Twitter)

Furthermore, Ethereum, one the leading performing altcoins, also broke the uptrend w.r.t. Bitcoin. Tyler D. Coates (Alias: Sawcruhteez), tweeted,

I am very, very, very impressed with the move in $BTC today for a variety of reasons.

1) First sign of decoupling from $gold and the #SP500
2) $ETH lost value vs #BTC & 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.

total market cap altcoins
Total Market Capitalization of Altcoins (TradingView)

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. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst 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

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