Today was a weird day for the crypto markets. For the first time in seeming months, altcoins dramatically outperformed Bitcoin — managing to gain multiple percent on the market leader.
While Bitcoin has gained 2.5% over the past 24 hours, leading altcoins, including everything from Ethereum and EOS to Monero and Chainlink, have rallied higher by some 7% or 9%, and even further in some cases.
With this being one of the first trading sessions in a blue moon that altcoins have managed to outpace the market leader, investors are wondering if this (dare I say) micro-altseason will continue. Analysts have weighed in. And interestingly, they report that Bitcoin bulls may be having it a bit tough.
Altcoins May Get (Some) Reprieve
According to Bitcoin Bravado’s lead analyst, Jack, selling altcoins at this point in time is nonsensical. In the tweet below, he argued that BTC dominance, which recently hit a two-year high, is poised to “fall off a cliff”, potentially to collapse back to the low-60s or mid-50s.
As he points out, there is currently a fractal developing on the cryptocurrency market capitalization excluding Bitcoin chart (altcoin market capitalization, in other words). The fractal implies that altcoins are soon to see a strong bounce, potentially after BTC dominance rallies a bit more to “75% to 77.5%”.
If you're selling your alts here, you are doing this wrong
You don't get charts more beautiful than this one
If we get a nice consolidation after hitting the top box, continuation as squigly is likely
If not, still a monster rally pic.twitter.com/5hTjRrOuAI