In the recent past, the Altcoins had performed well, whereas the price of Bitcoin remained constant. The analysis of the last four months revealed that the crypto market is expanding.
It rose about fifty-two billion dollars ($52b) from one hundred and twenty-five billion dollars ($125b) to reach a market total of one hundred and seventy-seven billion dollars ($177b).
The price of Bitcoin, on the other hand, is stable in the range of five thousand two hundred and three hundred dollars ($5200 to $5300).
The traders expected that Bitcoin would be stable and therefore their value can be predicted. The altcoins showed abrupt dominance in the past, but no resistance over the long range.
Analysis of Bitcoin dominance over Alt Coins
Many Tokens as Basic Attention Token (BAT), crypto.com and alike have recorded losses against Bitcoin and U.S. dollar. Some traders made the speculation that the Bitcoin will assume its position once the momentum of altcoin declines and therefore the dominance of cryptocurrency is temporary.
These analyses are based on purely technical grounds. On the other hand, the analysis of the past performance of Bitcoin suggests that it may decline more in the range of below five thousand dollars ($5,000) level.
However, strong recovery can return the game in favor of Bitcoin as evident from Tweets.
Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800.
Similarities in both candles and volume. pic.twitter.com/IGivErxz5Q
— Galaxy (@galaxyBTC) April 20, 2019
The real volume of Bitcoin can be predicted by analyzing and evaluating the eight-volume exchanges known as Bitwise Asset Management as in accordance with OnChainFx.
Recent Report presented to the U.S. Security Exchange Commission (SEC) from March 4 to 8 estimated daily spot volume to be two hundred and seventy-three million dollars ($273m).
Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800.
Similarities in both candles and volume. pic.twitter.com/IGivErxz5Q
— Galaxy (@galaxyBTC) April 20, 2019
When examined by Bitwise team they assured that the removal of the fake volume of Bitcoin can produce good result as the real Bitcoin volume is healthy.
If the volume of Bitcoin can manage to secure a position over three hundred million dollars ($300m), then the asset will be above fifty-three hundred dollars ($5,300) which is a good point.
Recently the reports confirmed that the investors’ interest in the crypto market is increasing.
Based on the Bitcoin rally theory it has been speculated that the Bitcoin market stabilizes with real numbers, Alt Coin would gradually return to the trading volumes it was performing at in the past.
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