Altcoins start to rise in pair with Bitcoin
In the past 7 days, most cryptocurrencies have fallen, but Bitcoin is leading the way, with altcoins showing strength over BTC.
During that period, Bitcoin fell more than 9%, while ETH and XRP recorded losses of around 5%. Ethereum Classic, Maker, Ontology, XEM, DigiByte, Qtum and Lisk are in the green.
However, the market winner was the Theta Token which rose 134%, followed by OmiseGO (65.56%), Zilliqa (27.46%), Enjin Coin (21.49%), Hedera Hashgraph (18.57%) , ICON (16.30%) and VeChain Thor (8.71%).
All of this is in the dollar market.
Today, KickToken rose 94%, Singular DTV 47%, Theta Token 26%, Matic Network 17%, Waltonchain 15%, Enjin Coin 13%, Travala and HBAR 12% and Zilliqa 10%.
“Fingers crossed for Bitcoin to let this little altcoin season continue,” tweeted trader Scott Melker.
Moon for the alts?
Could the world’s leading cryptocurrency, Bitcoin, be left behind or are traders transferring their profits from BTC to altcoins? This is to be seen.
According to trader Satoshi Flippper, this is the time for altcoins to rise before Bitcoin takes off again.
“BTC will bleed slowly here. The domain will decrease and the alts will emerge in the coming days / weeks. Some alts have the lowest support ever, ”said the trader.
“It makes sense for BTC to correct, allowing the alts some relief, all before BTC takes off to new highs later this year.”
Until the first week of May, Bitcoin’s dominance was almost 69%, as TradingView showed. That figure has now dropped to about 66.5%.
Not everyone is feeling so optimistic about altcoins, with some keeping away from them.
“I have 0% alts at the moment,” said trader Salsa Tekila.
Last week, OmiseGo was pumped and dumped in the ‘Coinbase Effect’ after the cryptocurrency exchange announced that it will list the token.
According to analyst Mati Greenspan, the altcoins season of 2020 is just speculation combined with false activity.
Text adapted from: BTC EG