Nicholas Merten, a crypto analyst, recently shared his thoughts on the cryptocurrency market. Merten believes a turn around is imminent – a transfer of wealth from bitcoin to major altcoins.
Glory Days For Alts Draw Near
Nicholas Merten, a crypto analyst, famously known on YouTube – DataDash channel, brings hope to altcoin baggers once more.
Ever since the market entered into the “crypto winter” season, major altcoins are yet to recover from its effects.
Bitcoin, along with hundreds of altcoins, lost their value – with some almost forgotten as their value had dropped to near zero.
Nevertheless, Nicholas Merten, having observed this about the market, made it known that bitcoin’s market dominance has been on the decline for a while now. On the other hand, major altcoins such as Ethereum, XRP, and Litecoin has been receiving some attention lately.
“We started to see a major shift here over the last few weeks, and that is Bitcoin dominance starting to decline. This really started to happen back here in early September. Ever since then, people have gotten worried with the idea that we might be seeing a trend shift. Whereas, for example, we were setting higher lows and higher highs here for Bitcoin, we’re now seeing the opposite. Lower highs and lower lows,” Nicholas Merten reveal.
Elaborating on what this meant and what the community should expect, Merten further said;
“That’s a sign of a trend reversal. Especially when you’re setting multiple lower lows and lower highs. That’s what I look for. And what I’m really looking for is a significant break below 67.5%…”
ETH, XRP, and LTC To Become Major Benefactors
ETH and XRP cryptocurrencies, despite their -47.92% and -50.14% losses from their YTD prices respectively, Nicholas Merten believes there’ll be an outflow of investments from bitcoin into these cryptocurrencies.
“[I see] ETH and XRP as well, again some of the larger cryptocurrencies here, the second and third largest, following suit and really gaining the market dominance here. Because that’s how it works, it’s an outflow process here from the larger caps down to the mid and small caps.”
However, Litecoin seems not to be left out as he expressed that Litecoin’s indicators are “starting to look good.” And also, “the stochastic RSI is almost coming into the mid-range channel here which is a bullish sign…,” Nicholas Merten concluded.