Declining Bitcoin [BTC] Dominance Boosts Altcoin Rise, ETH and XRP Lead The Way

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Published 23 Nov, 2020 | 12:48:49 PM UTC

Declining Bitcoin [BTC] Dominance Boosts Altcoin Rise, ETH and XRP Lead The Way

Bitcoin rebounded from another $1000 flash crash after registering a daily low of $17,671 on Sunday after breaking past the key resistance of $18,500. The king coin is currently trading at $18,705 registering a 2.30% rise over the past 24 hours. However, it is important to note that BTC is losing steam at the top after recording a new yearly high of $18,936.

Popular Twitter crypto influencer The Moon pointed out that bitcoin was forming a head and shoulder pattern on the one-hour price chart when it was trading at $18,652. The top cryptocurrency flash crashed soon after to $17,671.

Trader and market analyst who goes by the Twitter name of Fiat Jack pointed towards another factor which could lead to a price consolidation at the top for BTC. The analyst noted,

On-chain vs spot volume ratio is suggesting this rally is losing steam Admittedly, there is room left to the upside, but it seems off-chain volume has consumed the on-chain movements to a level of historical boundaries Consolidation or reversal usually follows shortly

Bitcoin’s Falling Dominance Could Play in Altcoins’s Favour

Bitcoin dominance is on a continuous slide after breaking the key support of 67.18 on Saturday and is currently at 64.13. A falling dominance could play in favor of altcoins who came to the bull party

Ethereum made the most of Bitcoin’s falling dominance as it registered a new yearly high of $594.58 after soaring more than 9% over the past 24 hours. The second-largest cryptocurrency could see a bitcoin price rally with little to no resistance until $800. The ETH price pump is also being attributed to the nearing ETH 2.0 launch date as the ETH 2.0 deposits soared to over 50%.

XRP made headlines on Saturday after a 40% price rally after it broke past the key resistance of $0.40. The third-largest cryptocurrency by market cap is currently consolidating above $0.462 after registering two year high of $0.493. XRP has been one of the least active altcoins when it comes to price gains over the past two years.

The third-largest cryptocurrency is currently look set for a bullish breakout and might climb further to register another yearly high.

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.

Published by

Prashant Jha

Published 23 Nov, 2020 | 12:48:49 PM

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