Altcoins
A Bitcoin metric suggests a big altcoin season could be near, says analyst Kevin Svenson
Cryptocurrency analyst and trader Kevin Svenson is highlighting a Bitcoin (Bitcoin) which signals a bullish signal for altcoins.
Svenson tells its 78,500 YouTube subscribers indicate that Bitcoin’s dominance, the ratio of BTC’s market capitalization to the market capitalization of the rest of crypto assets, suggests that “we may be close to altcoin season.”
“Bitcoin dominance starts to break below its trend line, which could be a good sign for altcoins…
…the fact that Total3, the [total] The altcoin market cap is actually finding support against Bitcoin’s decline today, so this is a sign that sellers in the altcoin market are exhausted and we may start to see the start of altcoin season.”
Source: Kevin Svenson/YouTube
The cryptocurrency analyst and trader adds:
“If you own altcoins, this is pretty much what you want to see. Because in the cryptocurrency market, when Bitcoin falls, many times Bitcoin’s dominance actually increases because altcoins fall with Bitcoin. People want to move away from small-cap speculative altcoins and into what they are most confident in, which is Bitcoin. It always happens.
But this time, Bitcoin’s dominance is collapsing with Bitcoin. This is a sign that altcoins are gaining more trust, more speculators and more money flowing into altcoins.”
Svenson also states that altcoins are currently in oversold territory.
“One could say that altcoins are actually diverging bullishly from Bitcoin. What is clear when looking at the market cap of altcoins is that sellers are exhausted. They have already oversold and now altcoins are gaining dominance.”
Italian: https://www.youtube.com/watch?v=9svJSldvs0E
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