Altcoins Beat a Retreat Again as Bitcoin Dominance Reaches Two Month High

All of this talk of ‘altseason’ may be misconstrued as they have all started to pull back again. Bitcoin, however, has held on to its recent gains which is doing wonders for BTC market dominance.

Big Bounce Off Resistance

Crypto markets are correcting again and have dumped $5 billion since their high point over the weekend. The majority of those losses are from altcoins as nearly all of them are in the red at the time of writing.

Over the past seven days market cap has ranged between $170 and $180 billion and it is currently falling back towards the middle of that channel at around $176 billion. The altcoins cannot seem to hold their gains and have fallen into a pump and dump cycle lasting a couple of days at a time.

A number of them have lost over five percent in the past 24 hours and they include EOS, Litecoin, Cardano, Tron, Ethereum Classic, and BAT. A couple, such as PAI and Bytom have dumped double figures today as the altcoin avalanche continues.

Several traders are sensing this shift and gradually moving back into BTC as it is now viewed as a better bet. Fundstrat’s Tom Lee thinks otherwise stating that one pre-condition to an alt-rally is a drop in correlation with Bitcoin. He went on to state that this has already started which could be a precursor to altseason. Some agree with the sentiment stating that most altcoins are at major support zones;

Others have pointed out that the altcoin dump is good news for Bitcoin and markets are repeating action last seen in mid-2017 when the two were inversely correlated.

Bitcoin Dominating

BTC is holding its own at the moment, after reaching a weekly high of $5,355 a couple of days ago it has only lost a percent or so pulling back to $5,290 at the time of writing. This has resulted in BTC dominance climbing to 52.8 percent which is its highest level since early February.

Altcoins Beat a Retreat Again as Bitcoin Dominance Reaches Two Month High 1
BTC dominance YTD – Coinmarketcap.com

Bitcoin volume is also up to $14 billion which is another sign that it could push higher. BTC has made higher lows since its big rally started at the beginning of April. The slow and steady up trend as met resistance at $5,400 however and this could prove to be a critical point. The long awaited ‘golden cross’ is rapidly approaching and may happen this week as the 50 day moving average crosses the 200 day. This is generally a very bullish sign for an asset.

Altcoins Beat a Retreat Again as Bitcoin Dominance Reaches Two Month High 2
Image from TradingView.com
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 28,881.00
ethereum
Ethereum (ETH) $ 1,770.43
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 302.95
xrp
XRP (XRP) $ 0.390019
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.461806
solana
Solana (SOL) $ 42.38
dogecoin
Dogecoin (DOGE) $ 0.084133