For the 3rd day in a row, the speeding freight train that is Bitcoin has burst through resistance and propelled even higher. The surge has caused trouble the altcoin markets so much that BTC dominance is at its highest level ever since it went parabolic in December 2017.
Bitcoin Dominance Tops 63%
The King of Crypto exchanged at just south of $13,000 a number of hours ago during the course of the Asian early morning session. The move marks a significant gain of 13% on the day and an additional new 2019 high as the pace of the BTC train indicates no sign of weakening. Bitcoin hung on to gains above $11k for the majority of yesterday and broke through resistance, which was not really heavy, at $11,500 a number of hours ago before powering right up to $12,950.
Daily volume has cranked up to $30 billion as market cap escalates even further above $220 billion. The upcoming hurdle seems approximately the $14k level however when that is broken there isn’t much in the way of an intensification back to all-time high and beyond. Analyst Josh Rager has considered $14,200 the final gate before a substantial surge to new highs. He with certainty added;
“After price passes $14,200 there isn’t a lot standing in the way to new all-time highs. I’m not going to try to stand in front of a moving train,”
Bitcoin’s dominance (share of the market) is now above 64 percent, according to Tradingview.com. This is its highest position since December 2017 when BTC famously achieved $20k.
Altcoins Decimated But Don’t FOMO
To be honest and upfront, Bitcoin is simply eating them alive. Sadly for them however, some are already jumping ship which can and will only worsen the situation. Full time crypto trader ‘Anondran’ has had enough and is ready to dump;
“Can’t take this anymore. Bitcoin is decimating my Altcoin bags. Selling all my Alts to BTC before they drop another 50%….”
Can’t take this anymore. Bitcoin is decimating my Altcoin bags.
Selling all my Alts to BTC before they drop another 50%….
— Anondran (@anondran) June 25, 2019
It’s certainly not rocket science when it comes to making decisions about selling altcoins now. With all things considered, it really isn’t the smartest move, especially if you take a walk down the 2017 memory lane and remember what happened there. Altseason will surely arrive…sometime… but not all Altcoins will be winners. Notorious Crypto commenter John McAfee agrees with this sentiment predicting that the time of the altcoins will soon be upon us.
“Bitcoin cranking up, but the real winners, beginning soon, will be the altcoins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market – Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks.”
Bitcoin cranking up, but the real winners, beginning soon, pwill be the alt coins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market – Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks. pic.twitter.com/Mgh8KVd4M2
— John McAfee (@officialmcafee) June 26, 2019
Certainly, there are other higher cap altcoins that are still undeniably clobbered and these include XRP, Bitcoin Cash, Tron, Cardano, Stellar, Dash, NEO and IOTA– all down over 80 percent from their all-time highs.
Altcoins were undoubtedly sluggish to respond in 2017 and the exact same is occurring in 2019. People mindful about investing into a parabolic curve may do well to take into consideration some of the altcoins, especially if history repeats.
Image from Shutterstock
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