Bitcoin Golden Cross Confirms BTC Domination Will Blow Altcoins

Bitcoin golden cross confirms that the domination of the asset will blow over the rest of the altcoins as it rallied over the past weeks as we are reading in the latest Bitcoin news.

Ethereum is up by more than 100% from the $88 lows while XRP doubled and crossed the $0.20 after dropping as low as 20 after dropping as low as $0..
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115 during the Black Thursday crash. BTC could soon start diverging from the altcoins as the market conditions develop to favor the number one cryptocurrency as the analysts say. Josh Olszewicz, an analyst at Brave New Coin, observed that the Bitcoin dominance chart printed a signal of strength which is the Bitcoin golden cross formation. The golden cross is when a short-term moving average crosses the long-term moving average and is often followed by a bullish breakout.

Olszewicz pointed out that the 50-day moving average crossed the 200-day moving average of the BTC dominance chart which tracked the percentage of the crypto market that is made up of BTC. The arrival of the golden cross is a sign that the altcoin season could be awakened. The previous golden crosses on the Bitcoin dominance chart preceded the rallies in Bitcoin against other altcoins which suggest that the same will happen again. His analysis was echoed by the lead technical analyst from BlockFyre who commented that altcoins are going to struggle:

 “ETH heading for levels not seen since 2016. LTC trading below 2014-2016 prices. XRP heading for levels from 2014, 2016, and 2017. The alt market looks like it could capitulate soon. Seems like the worst is yet to come but afterwards should provide huge opportunities.’’

The intelligence senior analyst at Bloomberg Mike McGlone corroborated the sentiment that the BTC asset is going to outperform most of the coins. in the report dubbed ‘’Bloomberg Crypto Outlook: Bitcoin Demand Exceeding Supply’’ Mcglone explained that the current macroeconomic environment will ‘’sustain the first-born crypto performance.’’

The comments were made regarding the fact that most of the cryptocurrencies could be decentralized but not all of them have the characteristics of scarcity that boost so much value in Bitcoin. Paul Tudor Jones demonstrated the narrative in his report called ‘’the Great Monetary Inflation.’’ He remarked that where fiat money is being debased Bitcoin is quite powerful because it is the only viable investment asset.