Cryptocurrency

Altcoins Boosted by Bitcoin Dominance Falling to 10-Week Low

As reported on NewsBTC, “Bitcoin dominance has been caught in a descending channel since May when it reached 69%. At present, BTC represents 64.9% of the total cryptocurrency market cap, a 10-week low. “Bitcoin dominance has been caught in a descending channel since May when it reached 69%. At present, BTC represents 64.9% of the total […]

By Chris Sykora · July 7, 2020

Altcoins Boosted by Bitcoin Dominance Falling to 10-Week Low

“Bitcoin dominance has been caught in a descending channel since May when it reached 69%. At present, BTC represents 64.9% of the total cryptocurrency market cap, a 10-week low.

“The end of last month saw the start of a sharp down leg, which has had the effect of sparking life into the alternative cryptocurrencies.

“Today sees a strong performance by the altcoins against Bitcoin, leading many to wonder if the long-awaited altseason is imminent.

“Bitcoin dominance measures the market cap of BTC against that of the rest of the other cryptocurrencies. It serves as an indicator of Bitcoin’s strength about the altcoins. As such, when BTC dominance falls, altcoins pump.

“The metric has long been used as a guide to predict the coming of the so-called ‘altseason,
where exponential increases in altcoin valuations lead to a frenzy of activity in the market…”

Continue to read the full report on NewsBTC.