Crypto traders predict that cryptocurrencies other than bitcoin have been stuck in the crypto winter for too long and this is mainly true for more alternative or altcoins and their BTC pairs. Most of them lost about 90 percent of their value from their peak as reported in the previous cryptocurrency news here on DC Forecasts.
The winds seem to be changing. Many of the altcoins lost a huge chunk of their value and now they look ready to start a new market cycle. Some of the most reputable crypto traders predict that the bullish wave is coming about the prospects of these coins. They believe that an altcoin season is coming soon, showing up at the horizon. One way that the crypto traders predict the possibility of the altcoin season is by simply looking at the Bitcoin dominance index. The index shows the market cap of bitcoin against the overall market cap of cryptocurrencies. The major bitcoin dominance index confirms the upcoming altcoin season. This also tells us that the altcoins are rising in value against Bitcoin.
The crypto enthusiasts Paddy Stash has been keeping a very close eye on the index and he says that the index is breaking down in the next few days. Further, the crypto trader under the name of Crypto White Walker believes that the altcoins are in a phase of insurrection and predicts that the index will drop another 65 percent. on the other hand, the trader Rampage believes that the index will drop to 59 percent. there is an 8 percent plunge from the current levels which could give the altcoins a huge gap to pump as the analysis show for the altcoin news. Since the bitcoin dominance is shrinking, the major appears to be making their own move and Ethereum seems to be leading the pack getting up by 33 percent against Bitcoin. The trader Pierre was one of the first to notice the bullishness of the pair. Peter Brandt also noted on twitter that Ripple might be craving a bottom against Bitcoin and with these developments the popular traders are forecasting a major altcoin renaissance.
Basic Attention Token Rises 11% After Perpetual Contract Launch
“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend. A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap. Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five-digit zone and with a stable momentum.
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Lebanese People Turn To Bitcoin To Escape Dwindling Economy
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329
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