The cryptocurrency news today show that Bitcoin is in an obvious state of weakness. The same situation has been present over the past couple of weeks, resulting in a failure to bounce back as the most dominant cryptocurrency fell below $8,000. All of this makes people wonder and ask themselves: are altcoins now in the focus and could they reverse the current trends?
The truth is, the entire market is in a vulnerable position. Today, however, the ETH news show that ETH has lost almost nothing on a daily level and Ripple’s XRP token has even gained 1% to reclaim the $0.2546 position.
The Bitcoin price news have long been showing vulnerability for the major cryptocurrency. In other words, we can safely say that Bitcoin is losing steam and struggles to pierce $8,200 as the trading volume dries up.
What’s also important to note if you are asking “are altcoins going to rally now” is a discussion about dominance levels. As you may know, Bitcoin has been holding the near 70%-ish dominance level for some time now. It has slowly weakened over the weekend with a fall back to just above $8,000 following a couple of brief touches of $8,200.
The analyst named Josh Rager yesterday pointed out that BTC may be primed for a drop to $7,600. However, as the XRP news today and other market updates show, the altcoins are building a breakout and the bulls may soon uncover themselves.
“Bitcoin dominance is currently at 70%, but I’m predicting it will decline significantly as alts gain a lot of dominance over the next year. Many alts including $XRP and $ETH look very bullish in their BTC pairings!,” an analyst known as Crypto Welson said today.
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