Ethereum
$ 1,233.33 1.36%
Solana
$ 41.16 0.58%
Dogecoin
$ 0.067749 0.99%
ApeCoin
$ 4.77 6.86%
Bitcoin
$ 21,381.00 0.63%
BNB
$ 237.99 0.60%

How Bitcoin rally is dominating market pushing Alt Coin in reds

altcoin price is down due to bitcoin

In the recent past, the Altcoins had performed well, whereas the price of Bitcoin remained constant. The analysis of the last four months revealed that the crypto market is expanding.

It rose about fifty-two billion dollars ($52b) from one hundred and twenty-five billion dollars ($125b) to reach a market total of one hundred and seventy-seven billion dollars ($177b).

The price of Bitcoin, on the other hand, is stable in the range of five thousand two hundred and three hundred dollars ($5200 to $5300).

The traders expected that Bitcoin would be stable and therefore their value can be predicted. The altcoins showed abrupt dominance in the past, but no resistance over the long range.

Analysis of Bitcoin dominance over Alt Coins

Many Tokens as Basic Attention Token (BAT), crypto.com and alike have recorded losses against Bitcoin and U.S. dollar. Some traders made the speculation that the Bitcoin will assume its position once the momentum of altcoin declines and therefore the dominance of cryptocurrency is temporary.

These analyses are based on purely technical grounds. On the other hand, the analysis of the past performance of Bitcoin suggests that it may decline more in the range of below five thousand dollars ($5,000) level.

However, strong recovery can return the game in favor of Bitcoin as evident from Tweets.

The real volume of Bitcoin can be predicted by analyzing and evaluating the eight-volume exchanges known as Bitwise Asset Management as in accordance with OnChainFx.

Recent Report presented to the U.S. Security Exchange Commission (SEC) from March 4 to 8 estimated daily spot volume to be two hundred and seventy-three million dollars ($273m).

When examined by Bitwise team they assured that the removal of the fake volume of Bitcoin can produce good result as the real Bitcoin volume is healthy.

If the volume of Bitcoin can manage to secure a position over three hundred million dollars ($300m), then the asset will be above fifty-three hundred dollars ($5,300) which is a good point.

Recently the reports confirmed that the investors’ interest in the crypto market is increasing.

Based on the Bitcoin rally theory it has been speculated that the Bitcoin market stabilizes with real numbers, Alt Coin would gradually return to the trading volumes it was performing at in the past.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Monero Price Prediction 2022-2031: Is XMR Price Going Higher?
3 Innovative Coins Presenting Unique Income Opportunities

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users