Bitcoin’s latest advance pushed its market dominance even higher, causing a lot more damage to altcoins. The much-awaited altcoin season doesn’t appear to be anywhere near as Bitcoin is taking it all for itself. Let’s have a closer look at the impact.
Bitcoin Surges 12% In Two Days, Dominance Follows
Bitcoin surged from around $11,450 to almost $13,000 in the span of a couple of short days. This represents an increase upwards of 12%. At the time of this writing, BTC is trading at around $12,850.
Following the spike in the price, Bitcoin’s dominance, measuring its relative share in the entire cryptocurrency market, also increased by about 2%. As of now, BTC takes up 65% of the entire market. The last time BTC dominance was so high was at the beginning of December back in 2017 right before Bitcoin’s parabolic advance to its all-time high (ATH) value of $20,000.
What this suggests is that altcoins continue to struggle and that an altcoin season is perhaps not in plain sight just yet. As Cryptopotato reported, certain popular analysts expect the next altcoin season to come in 2020.
Major Alts Are Suffering Indeed
While most of the major large-cap altcoins managed to make notable gains against the USD, their performance against BTC has been nothing but lacking in the past three months.
Ethereum, the second-largest cryptocurrency, is down about 35% against BTC in the past three months alone. This becomes even more alarming when you look at the bigger picture as the cryptocurrency is currently trading at its absolute lowest point against the BTC.
Ripple (XRP) has also continued to struggle and it even created fresh 2019 and 19-month lows as it dropped beneath the support at 3,370 satoshi. As noted in our last XRP price analysis, the nearest levels of support right now are at 3,100 sat and 3,000 sat. Looking at the RSI, it remains under 50, meaning that bears are still in control of the market momentum.
Litecoin (LTC) is also having hard times against the unstoppable Bitcoin. The pain was felt exclusively throughout the past month. Back on June 19th, Litecoin was worth 0.017BTC, while it’s currently trading at around 0.009BTC. This marks a decline of around 50%.
Small-cap altcoins also took a serious hit, perhaps even more serious than that that larger ones did. For example, one of the more popular smaller-cap projects, Zilliqa, saw its cryptocurrency (ZIL) drop from around 0.0000051BTC to 0.0000013BTC throughout the year, which represents a decrease close to 80%.
We have yet to see whether or not Bitcoin will continue crushing altcoins as it is right now. But it’s safe to say that they’ve taken a serious beating.
The post Bitcoin Continues To Crush Altcoins As BTC Dominance Hits a New High At 65% Market Share appeared first on CryptoPotato.