{"id":400785,"date":"2019-10-08T10:00:03","date_gmt":"2019-10-08T10:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=400785"},"modified":"2019-10-08T09:54:39","modified_gmt":"2019-10-08T09:54:39","slug":"altcoins-rally-as-bitcoin-dominance-drops-lower-has-altseason-begun","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoins-rally-as-bitcoin-dominance-drops-lower-has-altseason-begun\/","title":{"rendered":"Altcoins Rally as Bitcoin Dominance Drops Lower, Has Altseason Begun?"},"content":{"rendered":"

In a rare scene today all of the altcoins are in the green and many are outperforming Bitcoin as dominance drops lower. The market share chart for the king of crypto has been showing signs of a pullback which of course is good news for the altcoins.<\/p>\n

Bitcoin Reclaims $8k But Dominance Below 69%<\/h2>\n

Following a Monday dip into the high $7,000 level BTC bounced back yesterday to reclaim $8k and top out just over $8,300. Yet again resistance has proved to be too strong here and Bitcoin fell back below $8,200 where it currently trades within its two week range bound channel.<\/p>\n

According to Tradingview.com<\/a> BTC dominance has now dropped below 69% to a two month low. \u00a0It is clear from the following chart that a pullback period has begun<\/a> and Bitcoin\u2019s market share is likely to shrink further. The next support level in terms of dominance is 66%.<\/p>\n

\"bitcoin\"<\/a>
BTC dominance – tradingview.com<\/figcaption><\/figure>\n

The failure of BTC bulls to break resistance<\/a> has been good news for the altcoins, many of which are rallying well during Asian trading today.<\/p>\n

Ethereum is currently out-performing its big brother with a 4% pump over the past 24 hours to top $180. ETH is still pretty weak in the grand scheme of things but recovery has to start somewhere and its market capitalization is almost back to $20 billion.<\/p>\n

Chart guru Peter Brandt observed the ETH\/BTC pair and how it is about to break out for Ethereum.<\/p>\n

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Bottoming construction in $ETHBTC<\/a> $ETH<\/a> pic.twitter.com\/zbi0slEQzR<\/a><\/p>\n

— Peter Brandt (@PeterLBrandt) October 7, 2019<\/a><\/p><\/blockquote>\n