The crypto market is an unusual one. The Wild West atmosphere, the volatility, and the 24/7, 365 trading provides little rhyme or reason, and often times Bitcoin and altcoins rise together, while other times they do not.
At the start of the year, both Bitcoin and altcoins performed well relative to their bear market lows. Many altcoins doubled in value, until Bitcoin breached $4,200 and altcoins struggled to keep up ever since – bleeding out in their ratio relative to Bitcoin. The carnage continues, and as Bitcoin tests new 2019 highs, altcoins may be facing a major capitulation event if they fall any further than the bear market lows they had previously set.
Bitcoin Dominance Hits 60%, Over 63% Could Spell Doom for Alts
Bitcoin’s rally continues. After breaching above the important FOMO trigger of $10,000, soon after, Bitcoin bested $11,000 and just recent made its first test of strong resistance at $11,500.
Resistance from $11,500 through $12,000, with key areas around $11,700 offer the final nail in the coffin for the bear market. Analysts claim once this level is taken, the bull market will truly begin.
— CtheLightTrading (@canuck2usa) June 25, 2019
With so little resistance above this area, Bitcoin should – as one-half of the Winklevoss twins has pointed out – push right to $15,000 soon.
– I expect some altcoin bounces around 63.5%
– If we break above this weekly (63.5%) – alts = 💀
Don’t rush to buy shitcoins, move slow and even better – don’t move at all (yet). pic.twitter.com/1Jjc7NGcH9
— Mac ❄️🐺 (@MacnBTC) June 25, 2019
Alongside Bitcoin price, BTC dominance is also rising. Dominance is now breached 60%, and is quickly trending higher….