Could Altcoins Start Growing After This Bear Trend In Terms Of BTC?

0
26


Bitcoin (BTC) has been expanding compared to altcoins since the end of the bull market in 2017. At the beginning of 2018 Bitcoin’s dominance in the market was close to 32.4%. Since that moment, it more than doubled to 66.5% a few hours ago. The main question investors are currently asking is when is going to be a new altcoin run in terms of BTC. 

Bitcoin’s Market Dominance Continues Growing

Although 2018 was a difficult year for virtual currencies, Bitcoin was able to recover its dominance in the market. The first three quarters of 2018 were a time of recuperation for Bitcoin compared to altcoins. During that time, the market dominance of Bitcoin surged 75% from 32% to 56%. 

Since Q4, 2018 Bitcoin entered a period of stabilization relative to altcoins in which its market dominance remained stable around 50%-55%. The last quarter was specifically bullish for Bitcoin because it was able to reach its highest point in more than a year and increase its presence in the market. 

Meanwhile, other altcoins such as Ethereum, XRP and smaller coins have lost part of their dominance, which is now lower than 33% of the total crypto valuation. The main question is whether it will be possible for altcoins to recover their price and surge compared to Bitcoin. 

One of the digital currencies that are worth paying attention to is Litecoin (LTC). This digital asset surged earlier this year due to the upcoming halving that its network will be experiencing as soon as on August 5. However, when Bitcoin started its last bull run to $13,700, LTC started to fall. 

The altcoin analyst DonAlt on Twitter wrote a tweet in which he said that he longed LTC during the last price drop in terms of BTC. He said that the next halving is going to be the most boring one or he will go out of it rich. Nonetheless, he said that if everything goes wrong he wants to have a bag of coins.

About it, he said:

“Hero longed LTC. Either this will be the most boring halving ever or I’ll go out of this a rich. We’ll see. I want a bag in any case.”

At the moment, many other digital assets are falling compared to Bitcoin, but in the coming months, things can change if there is a movement from BTC to altcoins. However, it is worth mentioning that everything can happen and we must be prepared for every single outcome. 

Try Out Binance Today

For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.

Binance has set itself apart as the best trading platform for beginners and experienced traders, and gives you hundreds of coins to invest in. Start trading today on Binance!





Source link