In the altcoin news today, we are focusing on the two indicators which show that the price of Binance Coin (BNB) and Ethereum (ETH) could trigger an upside movement very soon. After months of difficulty, altcoins such as Ether, Chainlink and Binance Coin finally show signs of life and are in the focus of many charts providing hope for a new bull run.
As the year 2019 nears its end, the Bitcoin price looks back on an overall positive year – even despite last month’s slump in the Bitcoin news which put Bitcoin back at $8,000 levels from a high of $13,880 previously this year.
The two indicators showing that the year is not over (for altcoins) are also coming at the right time for traders who expect new gains on the market. During the period when Bitcoin declined in price, altcoins declined even further and lost all momentum they had gained during the price run. The downward trend seems to be coming to an end now, analysts are certain.
As a true crypto market leader, Bitcoin often paves the way for altcoins in one form or another. According to analysts, Bitcoin’s market dominance is a metric for altcoin health. As it stands now, the dominance by BTC shows that a lot of money is invested in the leading cryptocurrency – comparative to the rest of the altcoins. As we speak, Bitcoin dominance holds at 66% which means that 66% of the money in the crypto space are currently invested directly in BTC.
However, the two indicators showing a bright future for altcoins are the news and the previous runs this week. For instance, Binance Coin (BNB) rallied more than 9% this week and may continue its bull run as Binance opens the door for fiat payments on the exchange via Alipay.
Things do not look that clear right now as Alipay and WeChat strongly refuted the announcement and the head of Binance issued a tweet clarifying the situation. Binance Coin (BNB) is now trading at $17 down by around 1.79% overnight as a result of this ‘clarification.’
The ETH news also hint the two indicators for a potential rise for Ether. In short, while Bitcoin takes another downward dive, it is up to the biggest altcoin out there (Ether) to make a move and lead the altcoins to a new rally.
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“Overall trend is down… Volume is still bearish. It’s certainly a look to hedge short play for me going into the close,” the contributor filbilb stated on his Telegram trading channel this Tuesday.While Bitcoin is changing hands with $8,800 with a 0.77% increase on the day, we can see that Binance Coin (BNB) has surged by 4.22% and is now at a price of $21.20. On the other hand, NEO is also rallying and managed to add 5.66% in the past couple of hours - arriving to a price of $13.Nonetheless, every trader could feel the fatigue as BTC is stuck this Wednesday. The weekly performance shows a 6% loss for the coin despite the remaining 5% which are up overall compared to the same time last month.The altcoin markets triggered the rise of the BNB and NEO altcoins, both of which were breaking out of their sideways pattern and would deliver noticeable moves. Out of the top twenty cryptocurrencies by market cap, NEO (NEO) and Binance Coin (BNB) were the clear winners on the day. Earlier today, their gains were 13% and 6.55%, respectively.Meanwhile, the biggest altcoins Ethereum (ETH) and Ripple (XRP) are still hesitant to rise above 2%. While ETH is at $187 and cannot breach the $190 mark, XRP is at $0.2733 and is finding it hard to go through the $0.2900 region.
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