Bitcoin’s price and dominance are currently hampering with neither experiencing major leaps or dips. However, crypto analysts have predicted that Bitcoin might decline further in price. They are also of the stance that altcoins will take the opportunity to rally instead of following Bitcoin’s pattern, as is often the case.
Bitcoin Spikes to $10,000 After Reclining to $9,800 Today
Bitcoin’s price as at press time is $10,184, which is quite similar to its price yesterday, and the past few days. Nonetheless, in the early hours of today, precisely 03:14 UTC +01:00, the crypto asset dipped to the $9,800 zone. It later made a quick retrace to the $10,000 level at 06:09 UTC +01:00.
In the same vein, Bitcoin’s dominance since August 6, 2019, has been between 67% and 69%, according to CoinGecko. The latter goes contrary to its dominance of about 70% in July. At the time, the virtual asset’s dominance fluctuated quickly.
Bitcoin’s Influence on the Altcoin Market
Since the start of the year, most altcoins have either surged or dumped depending on Bitcoin’s performance. On certain occasions where Bitcoin spiked, some altcoins did the contrary by dipping in price. What was, however, remarkable is that these altcoins sunk even further each time Bitcoin plunged.
However, crypto analysts are now predicting that this time around, altcoins won’t take the backseat. Instead, it’ll be the “REVENGE OF THE ALTCOINS”. They forecast that the current stall in Bitcoin’s momentum will trigger a bull run in the altcoin market. According to them, the most recent decline was unable to drag down altcoins; instead, altcoins have been stable or experienced minor gains.
Crypto Analyst Believes Bitcoin Will Dump and Altcoins will Surge
WelsonTrader, for instance, stated on August 22, 2019, that Bitcoin’s dominance has reached its resistance. On the contrast, altcoins have reached their major support levels, and as such, they will likely bounce. The crypto enthusiast further outlined that Bitcoin will dump while altcoins will spike.
In another tweet, WelsonTrader said a crypto asset that could potentially rally soon is XRP, the third-largest cryptocurrency by market cap. The crypto analyst also tied his recent prediction with the former, reaffirming that Bitcoin is at its resistance, while XRP is currently at its support level.
Another analyst, LilMoonLambo, opined that Tron (TRX) is exhibiting a double bottom bullish divergence on its daily chart. LilMoonLambo also remarked that altcoins have been picking up pace in the past 24 hours and this performance is not stopping anytime soon.