Is a new altseason coming? Assets like Ethereum, Ripple and Cardano are increasing in value, while BTC looks stable below $ 19,000.
Bitcoin’s volatility continued over the weekend with some $ 1,000 moves taking it from a $ 18,800 high to $ 17,700 and vice versa. Altcoins, however, maintained their recent momentum and reduced BTC’s dominance over the market to around 63%, will we have a new altseason?
Bitcoin volatile weekend
The primary cryptocurrency exhibited increased signs of volatility over the weekend. It started with a new annual record on Saturday at almost $ 19,000.
After reaching a few inches of breaking the 2017 historical record, BTC headed south with a vigorous plunge of more than $ 1,000, resulting in a new $ 17,650 intraday low (on Bitstamp).
The fluctuations intensified, but this time in the opposite direction, when the BTC jumped to $ 18,700 a few hours later. After a subsequent setback, Bitcoin is now just over $ 18,400.
The technical indicators suggest that the cryptocurrency has to overcome the resistance lines by $ 18,950, $ 19,400 and $ 19,660 before potentially breaking the current ATH.
On the other hand, support levels of $ 18,200, $ 18,000 and $ 17,700 may help in the event of another price drop.
New altseason? Altcoins enhance and reduce BTC dominance
Altcoins have been enjoying the past few days. Ethereum experienced another increase of 7% and went from US $ 580, since the shareholding has increased recently.
Ripple has also doubled in its recent impressive price performance. The XRP added 4% of the value and is above US $ 0.45.
Bitcoin Cash (1%), Binance Coin (1%), Chainlink (1%), Polkadot (3%) and Litecoin (3.5%) are also in the green. However, the most notable performance in the top 10 is Cardano. ADA rose 20% and approached $ 0.15. A few days ago, the ADA was struggling to stay above $ 0.10.
The double-digit price increase club has several representatives of medium and low capitalization altcoins. Waves leads with a 37% increase on a 24-hour scale and a 77% increase last week.
Horizen’s daily earnings are next with 30%. Next are Numeraire (20%), VeChain (12%), Yearn.Finance (11%) and Celo (10%).
Consequently, altcoins have managed to lessen Bitcoin’s dominance over the market. The metric that compares BTC’s market capitalization with all altcoins dropped to 63.2%, while hovering over 68% on November 19.