{"id":470459,"date":"2021-08-30T20:00:43","date_gmt":"2021-08-30T20:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=470459"},"modified":"2024-06-11T13:58:23","modified_gmt":"2024-06-11T13:58:23","slug":"bitcoin-dominance-altcoin-season-2","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-dominance-altcoin-season-2\/","title":{"rendered":"Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer"},"content":{"rendered":"

Bitcoin price<\/a> is struggling to break through resistance at $50,000, and it could partially be altcoins to blame for the weakness. The most recent technical structure on the highest time frames suggests that not only could alts continue to gain against BTC dominance, altcoin season itself could last a while longer.<\/p>\n

Bitcoin Dominance And Technical Analysis Using The Metric<\/h2>\n

Technical analysis<\/a> is a subjective art. The practice has enough naysayers as is, but even those that subscribe to the study don’t always believe that all charts are created equally.<\/p>\n

For example, there are several industry vets that do not believe BTC dominance \u2013 a metric that weighs Bitcoin against the rest of the crypto space in terms of market share \u2013 has value as part of crypto analysis.<\/p>\n

Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone<\/a><\/i><\/b><\/p>\n

If Ethereum outperforms Bitcoin<\/a>, for example, dominance might dip as a result. The magnitude of this is enhanced further due to the sheer volume of unique altcoins that exist today. Some even argue that the metric itself was once useful, but less so due to dominance not including the vast world of NFTs or the constant sea of new DeFi projects springing up.<\/p>\n

For those that are believers, the recent altcoin season could have been predicted with some degree of accuracy<\/a>. And if the metric continues to hold weight, altcoin season might have another few months left.<\/p>\n

\"BTC.D_2021-08-30_14-33-31\"<\/p>\n

Could altcoins beat Bitcoin at its own game a while longer? | Source: CRYPTOCAP-BTC.D on TradingView.com<\/a><\/pre>\n
Why Altcoins Season Could Last Several Months Longer<\/h2>\n
BTC dominance has established a massive trading range<\/a> between 70% and 38% dominance. While altcoin sentiment was at its worst compared to Bitcoin, the range failed to break to the upside, resulting in a swing to the lower boundary of the trading range.<\/p>\n
BTC.D stopped short of touching the previous bottom, but is following a pattern from the last cycle that suggests not only will the lower boundary be touched, lows will be swept and perhaps a new range reached.<\/p>\n
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course<\/a><\/i><\/b><\/p>\n
Technicals also support a fall into the bear zone \u2013 or oversold levels \u2013 on the Relative Strength Index<\/a>. The total crypto market cap has also reentered the bull zone on the RSI<\/a>, all while Bitcoin struggles with resistance.<\/p>\n
The LMACD is still fully red on the histogram and not nearly at the depths, lengths, or oversold levels as the last market cycle. All of the signals combined suggest that altcoins are likely to outperform Bitcoin for another few months.<\/p>\n
A monthly candle close below the trading range highlighted in the chart above might be the exit signal that altcoin season is over, and putting any crypto capital back into BTC might become the more profitable venture again. Before it happens, there could be extreme volatility on the dominance chart in a battle that’s brewing between Bitcoin and altcoins.<\/p>\n
Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or via <\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a>. Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to break through resistance at $50,000, and it could partially be altcoins to blame for the weakness. The most recent technical structure on the highest time frames suggests that not only could alts continue to gain against BTC dominance, altcoin season itself could last a while longer. Bitcoin Dominance And Technical Analysis Using The Metric Technical analysis is a subjective art. The practice has enough naysayers as is, but even those that subscribe to the study don’t always believe that all charts are created equally. For example, there are several industry vets that do not believe BTC dominance \u2013 a metric that weighs Bitcoin against the rest of the crypto space in terms of market share \u2013 has value as part of crypto analysis. Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone If Ethereum outperforms Bitcoin, for example, dominance might dip as a result. The magnitude of this is enhanced further due to the sheer volume of unique altcoins that exist today. Some even argue that the metric itself was once useful, but less so due to dominance not including the vast world of NFTs or the constant sea of new DeFi projects springing up. For those that are believers, the recent altcoin season could have been predicted with some degree of accuracy. And if the metric continues to hold weight, altcoin season might have another few months left. Could altcoins beat Bitcoin at its own game a while longer? | Source: CRYPTOCAP-BTC.D on TradingView.com Why Altcoins Season Could Last Several Months Longer BTC dominance has established a massive trading range between 70% and 38% dominance. While altcoin sentiment was at its worst compared to Bitcoin, the range failed to break to the upside, resulting in a swing to the lower boundary of the trading range. BTC.D stopped short of touching the previous bottom, but is following a pattern from the last cycle that suggests not only will the lower boundary be touched, lows will be swept and perhaps a new range reached. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Technicals also support a fall into the bear zone \u2013 or oversold levels \u2013 on the Relative Strength Index. The total crypto market cap has also reentered the bull zone on the RSI, all while Bitcoin struggles with resistance. The LMACD is still fully red on the histogram and not nearly at the depths, lengths, or oversold levels as the last market cycle. All of the signals combined suggest that altcoins are likely to outperform Bitcoin for another few months. A monthly candle close below the trading range highlighted in the chart above might be the exit signal that altcoin season is over, and putting any crypto capital back into BTC might become the more profitable venture again. Before it happens, there could be extreme volatility on the dominance chart in a battle that’s brewing between Bitcoin and altcoins. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":470484,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[25731,142,428,1119,75754,82790,7,1946],"class_list":["post-470459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin-season","tag-altcoins","tag-bitcoin","tag-btc","tag-btc-d","tag-cryptocap-btc-d","tag-dogecoin","tag-ethereum"],"acf":[],"yoast_head":"\nWhy Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to break through resistance at $50,000, and it could partially be altcoins to blame for the weakness. 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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer","url":"http:\/\/uniquehot.com\/news\/bitcoin-dominance-altcoin-season-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-dominance-altcoin-season-2\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/bitcoin-dominance-altcoin-season-iStock-1220700914.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/bitcoin-dominance-altcoin-season-iStock-1220700914.jpeg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin season","altcoins","bitcoin","btc","btc.d","cryptocap-btc.d","dogecoin","ethereum"],"dateCreated":"2021-08-30T20:00:43Z","datePublished":"2021-08-30T20:00:43Z","dateModified":"2024-06-11T13:58:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-dominance-altcoin-season-2\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-dominance-altcoin-season-2\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-dominance-altcoin-season-iStock-1220700914.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-dominance-altcoin-season-iStock-1220700914.jpeg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin season\",\"altcoins\",\"bitcoin\",\"btc\",\"btc.d\",\"cryptocap-btc.d\",\"dogecoin\",\"ethereum\"],\"dateCreated\":\"2021-08-30T20:00:43Z\",\"datePublished\":\"2021-08-30T20:00:43Z\",\"dateModified\":\"2024-06-11T13:58:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/bitcoin-dominance-altcoin-season-iStock-1220700914.jpeg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=470459"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/470484"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=470459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=470459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=470459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}