Altcoin Newsletter #187
Features BTC.D, ADA, NEAR, LTC, RENDER, BRETT
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Bitcoin Dominance (BTC.D, valuable Altcoin-focused metric)
- Cardano (ADA)
- Near Protocol (NEAR)
- Litecoin (LTC)
- Render Token (RNDR)
- Based Brett (BRETT)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Bitcoin Dominance - BTC.D
Whenever Bitcoin Dominance trends upward, it is difficult for Altcoin valuations to remain stable.
For many reasons, when Bitcoin Dominance trends upwards, Altcoins shed their valuations.
This is now the third consecutive month that Bitcoin Dominance has been climbing and the outlook is that, over time, BTC.D will be able to revisit the 58.25% mark (green) for a breakout decision.
Breaking the 58.25% mark has historically resulted in swift increases in Bitcoin Dominance to as high as the red 71% mark.
These swift increases occurred in late 2017 and mid-2019.
Mid-2020 also deserves a mention here because BTC.D rebounded from the green 58.25% level as support to regain dominance and resume another ascent to the red 71% mark.
It is likely therefore that when BTC Dominance breaks the 58.25% mark, the Market Dominance for Bitcoin could increase rather quickly, which would likely mean that Altcoin valuations would struggle to keep up and likely shed across the market.
After reaching the 71% mark however, Bitcoin Dominance would drop drastically which would in turn enable Altcoin valuations to soar in what people have come to know and love as "Altseason".
Until the 58.25% mark breaks however, Bitcoin Dominance will remain in its consolidatory state (orange), repeating a phase that occurred from mid-2018 to mid-2019.