2024

Bitcoin

<p>The post <a href="https://coinpedia.org/news/is-altcoin-season-finally-here-as-bitcoin-dominance-breaks-the-bearish-wedge-pattern/">Is Altcoin Season Finally Here? As Bitcoin Dominance Breaks the Bearish Wedge Pattern&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Over the past few months, the prices of many altcoins have fallen significantly, by 30% to 70%. This sharp decline has made many analysts skeptical about the chances of an altcoin season. However, recent developments in Bitcoin’s dominance are providing a glimmer of hope.</p> 
<p>Meanwhile, Prominent crypto trader Titan of Crypto has pointed out that Bitcoin’s dominance has broken a bearish wedge pattern. This means <a href="https://coinpedia.org/news/expert-downplays-bitcoins-sub-30-correction-lists-positive-factors/" target="_blank" rel="noreferrer noopener">Bitcoin’s share of the market is decreasing</a>, which could be a sign that altcoin season is starting.</p> 
<h2 class="wp-block-heading" id="h-breakout-in-bitcoin-dominance">Breakout in Bitcoin Dominance</h2> 
<p>In a recent analysis, Titan of Crypto has confirmed a significant breakout in the rising wedge pattern on Bitcoin dominance charts.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> <br><br>The breakout of the rising wedge on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> dominance is confirmed. <br><br>After weeks of corrections this could be the time for <a href="https://twitter.com/hashtag/Alts?src=hash&amp;ref_src=twsrc%5Etfw">#Alts</a> to recover and more. <a href="https://t.co/kyaOe4WNSE">pic.twitter.com/kyaOe4WNSE</a></p>— Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1811430722219237422?ref_src=twsrc%5Etfw">July 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to the 1-week charts, a bearish wedge pattern has formed and a breakout has now been confirmed. This pattern typically signals a downward trend, indicating that Bitcoin’s dominance in the market is likely to drop from its current level to 39.97%.</p> 
<p>Titan of Crypto’s analysis suggests that the decline in Bitcoin dominance could create a favorable <a href="https://coinpedia.org/news/veteran-crypto-trader-highlights-roadmap-for-the-beginning-of-altcoin-season/" target="_blank" rel="noreferrer noopener">environment for altcoins to recover</a>. After experiencing weeks of corrections, this shift might allow altcoins to regain value and market position.&nbsp;</p> 
<p>However, Trader suggests that investors could see this as an opportunity to shift their focus towards altcoins, expecting a potential gain.</p> 
<h2 class="wp-block-heading" id="h-altcoin-began-to-outperform-btc">Altcoin Began To Outperform BTC</h2> 
<p>Looking at the <a href="https://in.tradingview.com/symbols/BTC.D/" target="_blank" rel="noreferrer noopener nofollow">weekly charts</a>, BTC.D fell from 62.69% in March 2021 to 40.89% in May of the same year. This period coincided with many altcoins reaching their all-time highs during the last bull market.&nbsp;</p> 
<p>However, for the market dynamics to resemble those of 2021, at least 75% of the top 50 altcoins must perform better than Bitcoin. The <a href="https://coinpedia.org/price-analysis/bitcoinbtc-price-falls-under-55000-altcoin-season-in-making/" target="_blank" rel="noreferrer noopener">decrease in Bitcoin dominance</a> allowed altcoins to gain attraction and outperform Bitcoin.</p> 
<p>Bitcoin’s dominance has decreased slightly this week from 55.04% to 54.68%. This small drop suggests that some altcoins have started to outperform Bitcoin.&nbsp;</p> 
<p>Read Also: <a href="https://coinpedia.org/price-analysis/top-underspoken-altcoins-to-beat-the-market-in-july/" target="_blank" rel="noreferrer noopener">Top Altcoins Picks For Breakout Rally Gains Next Week</a></p>

Is Altcoin Season Finally Here? As Bitcoin Dominance Breaks the Bearish Wedge Pattern

Mục lục

CoinPedia News

Các bài viết khác được xuất bản trên 12 thg 7, 2024

Arthur Hayes shames crypto investors for falling for the oldest politician trick in the book

Kraken Returns: German Government Recovers $141 Million in Bitcoin

MoonBag Price Forecast: Investors Ditch FLOKI and WOO as MBAG Predicted to Hit $1 by 2025

Why Only XRP Price Surge Amid Crypto Market Decline?

XRP Beats Bitcoin, Ethereum On Launch Of Reference Rate On Leading Derivatives Exchange: Brad Gar...

Abra buys Valkyrie’s Tron and Zilliqa trusts

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!