Bit-comment: Bitcoin eased its dominance
September 18, 2019 @ 16:06 +03:00
Bitcoin remains outside the market, trading at $10,250. All dynamics are now in altcoins, which is seen in the sharp decline in the Bitcoin dominance index to 67.8%. Almost all the altcoins from the TOP-100 are in the green zone. The long-awaited growth is especially strong for XRP, which spiked by nearly 16% in the last day. Ethereum (ETH) adds more than 7% and trades around $212. Bitcoin Cash (BCH) and Litecoin (LTC) add 5% and 4% respectively.
The reversal of dynamics against Bitcoin is associated with side trend fatigue, the disappointment that BTC did not attract demand for safety after the attack on Saudi Arabian oil facilities. Altcoins have long been in the oversold zone. It is difficult to say how long the surge can be, and whether the current situation is a trend reversal. But the altcoins were buried for so long that they can continue to do so, while thee ongoing growth may be associated with speculation due to anaemic dynamics of Bitcoin.
Otherwise, it would have caused a much more severe Bitcoin sale-off. But waiting for the end of September and the launch of delivery futures saved Bitcoin from a sharp decline.
The FxPro Analyst Team