The coming altcoin news show that many cryptocurrencies are standing still despite the Bitcoin’s movements in the green and the Bitcoin dominance which is apparently closing on 70%.
As the most dominant cryptocurrency extends its gains, the crypto markets are climbing. Now that Bitcoin is leading the pack, it has held on to gains in give figures and continues to eat into the altcoin markets as the dominance approaches 70%.
Right now, Bitcoin is trading at $10,791 and is nearing the $10,800 level, after which it will set its eyes on the $11,000 margin. The good news are that BTC is seeing is fourth green candle in many days and the asset continues to climb as the latest cryptocurrency news show.
Only a few hours ago during the Asian trading session, the leading cryptocurrency rose and increased the Bitcoin dominance – from a low of $10,300 to an intraday high of $10,860 and a dominance which is now at 66.4%. Even though the 70% Bitcoin dominance is still not that close, the momentum is strong and the movement has taken BTC back to its highest level for two weeks.
Speaking of, the momentum left most of the altcoins in the dust. As the altcoin news today show, the Bitcoin dominance is increasing while the altcoins are standing still and posting only small gains. The Bitcoin hash rate also hit another all-time high a few days ago as Bitcoin goes from one strength to another.
Analysts are now prepared for the next resistance levels which are around $11,200 with upside breaks that are possibly reaching $11,500. On the downside, the support lies at $10,400 and $10,000 as the lower level. The support for the Bitcoin dominance is set at 65% which has been a normal level over the past few months.
According to the trader and analyst Josh Rager:
“30%+ pullback was a common theme last uptrend & great opportunity to buy at confirmed support.
Everyone still wants $8k… & could happen.
But ignoring to buy a 35% pullback on the best performing asset over the past ten years b/c it “may” hit 10% lower.”
https://twitter.com/Josh_Rager/status/1157360261835177984
The Binance boss Changpeng Zhao also echoed a similar sentiment, stating: “Slap yourself, if you sold $BTC under $10,000.”
Slap yourself,
if you sold $BTC under $10,000.
— CZ 🔶 BNB (@cz_binance) August 1, 2019
The Bitcoin dominance surge has left the altcoin markets bruised – but that may not be for long as the surge continues.
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