Your favorite altcoin may be up 100% year-to-date, but make no mistake, Bitcoin is currently the alpha of the cryptocurrency pack.
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Since Bitcoin dominance hit some 32% in early-2018, altcoins have underperformed. Dramatically. In fact, dominance for the leading cryptocurrency now sits at 69% and is showing no signs of stopping its growth.
According to a recent analysis by one leading trader, Willy Woo, the carnage seen in altcoin markets may soon end — or at least may take a breather. Bag holders rejoice!
Altcoins May Soon Bottom Against Bitcoin
While Bitcoin is a mere 50% lower than its all-time high of $20,000, a majority of altcoins are far from achieving that milestone. Per data from Messari’s OnChainFX, XRP, Ethereum, Bitcoin Cash, and Litecoin are among the leading altcoins that are still more than 80% down from their all-time high. This bifurcation, as aforementioned, has resulted in a surge in Bitcoin dominance.
Woo, however, believes that altcoins may soon finally find some support against Bitcoin. He posted the below image on Twitter, which shows that the altcoin capitalization-to-Bitcoin capitalization ratio and the altcoin market volume-to-Bitcoin market volume indicators are currently “heading into a region of support.”
Indeed, as the Bitcoin-centric Adaptive Capital partner chart depicts, the two aforementioned indicators are currently poised to encounter two key lines of historical support. Should history repeat itself, altcoins should bounce in the coming months, potentially to kick off what crypto traders call an “altseason”.
Woo isn’t the only analyst currently charting for altcoins to finally start baring their fangs.
Per previous reports from NewsBTC, Bitcoin dominance is nearing the apex of a rising/ascending wedge, which, is a technical pattern marked by…