Bitcoin dominance refers to how much money is held in bitcoin, compared to other cryptocurrencies. It’s essential the relative strength of Bitcoin vs. altcoins. People have been talking about the coming of age of a resurgence in alt coins, but I haven’t paid the comments any attention, as I tend to follow the Smart Money and their only interest, so it seems is Bitcoin. But then I came an article on ethereumworldnews.com which had this to say,
Bitcoin has been caught in a bout of sideways trading as of late which has proven to be a very beneficial thing to the aggregated crypto markets, as multiple major altcoins have been able to post significant gains over the past 48 hours.
This upwards momentum across most major alts has come about as BTC’s dominance over the market is beginning to recede, and a continuance of this drop in its dominance could help fuel a mid-term alt rally at Bitcoin’s expense.
As for where Bitcoin might head in the near-future, analysts are noting that the crypto may still see some bearish near-term price action despite the positive market conditions that are currently surrounding altcoins.
So the first coin that immediate came to mind was EOS because I track 8 coins relative to Bitcoin and EOS was the first one that give me a potential reverse signal.
Two Weeks Ago
For bragging rights, I hope EOS helps me win the The Steemleo Crypto Fantasy League (CFL) for the third time in 6 wks, but that is another story.
I think EOS is getting so love again because of the highly anticipated 1.8 Upgrade Hard Fork scheduled for 9/23. It’s the largest upgrade since EOS Mainnet launch and will allow for the launch of BlockOne’s Voice.
So where is EOS heading in the short run, the chart suggests to buy on the pull back to the daily demand at $3.70 with a price target just below the daily supply at 4.75.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.