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Altcoin season has come, Bitcoin dominance index dropped to nearly 60%

Discussion in 'General Discussion' started by jane madison, Feb 15, 2020 at 2:32 AM.

  1. jane madison

    jane madison Contributor

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    Although the Bitcoin halving event is less than 3 months away, it seems that traders are more interested in the altcoin market, which may be a surprise for some market watchers.

    According to data provided by Coinmarketcap, nearly every altcoin in the top 15 by market capitalization has achieved a significant increase over Bitcoin in the past 30 days. Of these, Tezos (XTZ), Chainlink (LINK) and Ethereum (ETH) performed the best, reaching 110.6%, 45.1%, 39.4% compared to BTC during this period, and 150%, 85%, 70% against the US dollar. In contrast, Bitcoin SV (BSV) is a controversial hard fork and is the 5th largest market currency, losing 3.2% in this time frame.

    A similar pattern is also seen when looking at the 90-day time frame, because although Bitcoin has grown against the USD, most major altcoins have grown faster. As of now, Bitcoin SV and Tezos are leading the 90-day increase, both have increased by more than 130% on BTC since November last year. Similarly, Ethereum Classic (ETC) has also increased by more than 110% compared to Bitcoin in the past 3 months, but has seen a slow rise as in recent weeks when other altcoins surged.

    Due to the new interest in these altcoins, Bitcoin has seen its market dominance drop to only 61.2%, the lowest value since July 2019. But still far from the 30% of it went down in early 2018, when most altcoins reached ATH.

    Recent market performance has certainly caught the attention of retailers once again. Google searches for the term "buy Bitcoin" are at their highest level since June last year. Moreover, Bitcoin and cryptocurrency trading books account for nearly 20% of the best sellers on Amazon in the "Online Trading & Investing" section. This could be a good sign that the market is on the right track.
     
  2. Eliza Abrams

    Eliza Abrams Scholar

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    Bitcoin still remains the most popular cryptocurrency though.
     
  3. William Hicks

    William Hicks Beginner

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    I think it is the right time to Buy Altcoins when BTC dominance is falling, I think this time low-cap altcoins like RYO have the chances to rise when alt season comes. Why did i say low-caps are good to buy? Because they are undervalued and can pump 100x-500x anytime.
     
  4. Eliza Abrams

    Eliza Abrams Scholar

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    Which altcoins do you think are most suitable?
     

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