Bitcoin dominance continues to climb as alt coins struggle

28 Jun, 2019
Analysis
Bitcoin dominance continues to climb as alt coins struggle

Bitcoin appears to have found support above $11,000 following the recent correction in price after reaching a new yearly high, but how do altcoins look?

Bitcoin appears to have found it's range and looks to retest the $12,000 mark once again, which could ultimately delay any plans for altseason. Bitcoins recent rally saw altcoins suffer dramatically and have not seen any decent bullish momentum following bitcoin correcting after its 20% surge on Wednesday. 

What is more concerning, is Bitcoins dominance appears to be steadily increasing, leading some to believe BTC is heading for another bullish breakout and delaying any plans for an altcoin rally. 

While most cryptos saw moderate to minimal gains in USD value, Bitcoin based pairs have seen large declines in price over the past week with Bitcoin performing well. 

While BTC dominance continues to climb, it appears that altseason will be further delayed as Bitcoin dominance now sits at 62.4% where it appears to be stalling. 

All eyes are on Bitcoin at this point to see if it has more rocket fuel to challenge the all-time high or if it will see a deep correction, triggering a sell-off into altcoins. Something most traders at this point would gladly welcome.

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Read more about: Bitcoin (BTC)

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