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Category: CRYPTOCAP-BTC.D

Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer

Bitcoin price is struggling to break through resistance at $50,000, and it could partially be altcoins to blame for the weakness. The most recent technical structure on the highest time frames suggests that not only could alts continue to gain against BTC dominance, altcoin season itself could last a while longer. Bitcoin Dominance And Technical Analysis Using The Metric Technical analysis is a subjective art. The practice has enough naysayers as is, but even those that subscribe to the study don’t always believe that all charts are created equally. For example, there are several industry vets that do not believe BTC dominance – a metric that weighs Bitcoin against the rest of the crypto space in terms of market share – has value as part of crypto analysis. Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone If Ethereum outperforms Bitcoin, for example, dominance might dip as a result. The magnitude of this is enhanced further due to the sheer volume of unique altcoins that exist today. Some even argue that the metric itself was once useful, but less so due to dominance not including the vast world of NFTs or the constant sea of new DeFi projects springing up. For those that are believers, the recent altcoin season could have been predicted with some degree of accuracy. And if the metric continues to hold weight, altcoin season might have another few months left. Could altcoins beat Bitcoin at its own game a while longer? | Source: CRYPTOCAP-BTC.D on TradingView.com Why Altcoins Season Could Last Several Months Longer BTC dominance has established a massive trading range between 70% and 38% dominance. While altcoin sentiment was at its worst compared to Bitcoin, the range failed to break to the upside, resulting in a swing to the lower boundary of the trading range. BTC.D stopped short of touching the previous bottom, but is following a pattern from the last cycle that suggests not only will the lower boundary be touched, lows will be swept and perhaps a new range reached. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Technicals also support a fall into the bear zone – or oversold levels – on the Relative Strength Index. The total crypto market cap has also reentered the bull zone on the RSI, all while Bitcoin struggles with resistance. The LMACD is still fully red on the histogram and not nearly at the depths, lengths, or oversold levels as the last market cycle. All of the signals combined suggest that altcoins are likely to outperform Bitcoin for another few months. A monthly candle close below the trading range highlighted in the chart above might be the exit signal that altcoin season is over, and putting any crypto capital back into BTC might become the more profitable venture again. Before it happens, there could be extreme volatility on the dominance chart in a battle that’s brewing between Bitcoin and altcoins. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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BTC Price Analysis: Bitcoin Nears Breakout of 46 Day Channel, Will BTC Price Break $42,000 Resistance?

BTC price is stuck in a range for nearly 6 weeks RSI is currently breaking 177 day trend line 50MA has been resistance for nearly 2 months Bitcoin and the broader cryptocurrency market have been stuck within a range for nearly a month and a half. This has lead many investors and traders to boring

The post BTC Price Analysis: Bitcoin Nears Breakout of 46 Day Channel, Will BTC Price Break $42,000 Resistance? appeared first on Coingape.

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Robinhood Files for IPO, Dogecoin (DOGE) Accounts for 34% of Crypto Transactions

Robinhood has filed for its Initial Public Offering (IPO) in the United States of America. The diverse financial market trading company, known for its friendly fee structure has trailed the part charted by Coinbase Global when it went public, reaffirming the notions that cryptocurrency trading has come of age. While stocks and other commodities are

The post Robinhood Files for IPO, Dogecoin (DOGE) Accounts for 34% of Crypto Transactions appeared first on Coingape.

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Soros Fund Management Enters Crypto With Bitcoin Trading

Private American investment management firm, Soros Fund Management has reportedly entered the cryptocurrency trading ecosystem. According to a report by The Street, sources close to the matter told author, Michael Bodley, that Soros Fund Management’s Chief Investment Officer, Dawn Fitzpatrick permitted the trading of Bitcoin (BTC), in a move designed to boost the firm’s embrace

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Did Elon Musk Succeed in Changing Investors Mind On Bitcoin (BTC)?

Elon Musk, the iconic billionaire and CEO of the electric automaker, Tesla Inc has continued to grow his influence in the cryptocurrency ecosystem. A new survey report has duly captured the extent of the popularity of his opinion. The survey, conducted by Investing.com was targeted at assessing the influence of the eccentric business leader over

The post Did Elon Musk Succeed in Changing Investors Mind On Bitcoin (BTC)? appeared first on Coingape.

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Coinbase to Ship Products Beyond US and EU

As the current digital currency ecosystem continues to evolve, American Nasdaq-listed cryptocurrency exchange, Coinbase Global Inc is set to take its products global. In a recent blog post shared by the company’s co-founder and Chief Executive Officer, Brain Armstrong, the firm is set to streamline its listing process, while making rolling out additional products to

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Cryptocurrency Mining Firm Argo Secures $20M Loan from Galaxy Digital

London Stock Exchange-listed cryptocurrency mining firm, Argo Blockchain has secured a loan facility worth £14 million ($20 million) from Galaxy Digital. Per the announcement, the loan which will run for six months is needed to prevent the firm from selling off its Bitcoin (BTC) holdings amidst the ongoing bear market.  New RNS: Argo is pleased

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Crypto Investments Rise By 19900% YoY in India To Cross $40 Billion

India has witnessed massive growth in cryptocurrency investments in the last year The country has seen a rise from $200 million to over $40 billion worth of investments in digital currency Bitcoin (BTC) holdings are being viewed as digital gold by the citizens India’s Cryptocurrency Investment Surge Despite strict regulatory measures looming over the digital

The post Crypto Investments Rise By 19900% YoY in India To Cross $40 Billion appeared first on Coingape.

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Bitcoin Now Endorsed By Mexican Billionaire Ricardo Salinas 

In a newly featured video, Mexican billionaire Ricardo Salinas endorsed the use of Bitcoin (BTC) in his banking business The video was posted as a tweet by Anthony Pompliano, an avid BTC investor  Salinas also elaborated on why he believes “fiat is a fraud” Billionaire’s Bank To Introduce BTC In Mexico Ricardo Salinas Pliego, well

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Why Is Ethereum’s Trading Volume Declining Despite Gas Fee At a 6-Month Low?

Ethereum (ETH) has just recorded its lowest transaction or gas fee in 6 months. As with Bitcoin (BTC) and other digital assets, Ethereum has witnessed a massive plunge in price and capitalization since it attained its ATH price of $4,362.35 back in May. From this ATH, the cryptocurrency is now trading at $1,828.69, up 3.87%

The post Why Is Ethereum’s Trading Volume Declining Despite Gas Fee At a 6-Month Low? appeared first on Coingape.

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Bitmain Suspends Antminer Sales as Chinese Customers Put Miners for Sale

Major Bitcoin mining machine manufacturer, Bitmain Technologies has announced the suspension of the global sales of its Antminers. The move was unveiled via the company’s official WeChat account platform and comes following the Chinese government’s plan to clamp down on local mining operations.  The past days have seen an exodus of Chinese mining machines as

The post Bitmain Suspends Antminer Sales as Chinese Customers Put Miners for Sale appeared first on Coingape.

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BREAKING: Paraguay Proposes a Bill to Make Bitcoin Legal Tender

South American nation, Paraguay is on track to make Bitcoin (BTC) a legal tender following the announcement of the proposal of bill to support the move. The bill proposal was affirmed by a member of parliament Carlitos Rejala who shot into global fame in the past weeks. The bill, if passed will position Paraguay as

The post BREAKING: Paraguay Proposes a Bill to Make Bitcoin Legal Tender appeared first on Coingape.

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Dip or No Dip, Mike Novogratz Says He is “Still a Big Buyer of Bitcoin”

Mike Novogratz, the Chief Executive Officer of cryptocurrency assets management firm, Galaxy Digital, has reiterated his trust in the capabilities of Bitcoin (BTC) and cryptocurrencies as a viable asset class. Speaking in an interview on Bloomberg Live, Novogratz said that he views Bitcoin as a form of digital Gold. “I look at #Bitcoin in particular

The post Dip or No Dip, Mike Novogratz Says He is “Still a Big Buyer of Bitcoin” appeared first on Coingape.

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NYSE-listed BIT Mining Ships 320 Bitcoin Mining Hardware From China to Kazakhstan

New York Stock Exchange-listed cryptocurrency mining company, BIT Mining has announced that it has shipped a total of 320 mining machines from its data center in Sichuan, China to a new site in Kazakhstan. Per the update shared by the firm, the hardware relocation became necessary as the Chinese government reportedly cut the energy supply

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Top 3 US Banks Now Offer Crypto Futures Trading, Will Other Banks Follow Soon?

Despite the incessant clamor for the lack of regulatory clarity in the U.S., the biggest banks are already offering cryptocurrency-related services. As reported by Bloomberg, JPMorgan Chase & Co, Goldman Sachs Group Inc, and Morgan Stanley are notably offering crypto futures trading to their clients. This is coming at a time when banks in the

The post Top 3 US Banks Now Offer Crypto Futures Trading, Will Other Banks Follow Soon? appeared first on Coingape.

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BTC On-Chain Data Signals Start of Bear Market, When Will BTC Reach $64k Again?

Bitcoin exchange inflow by whales has grown rapidly in last few days especially on 21st June, 2021 signally a possible start of bear market. Famous financial cycle expert Charles Nenner has predicted that Bitcoin price all time high of $64,000 is not going to be taken out for a long time. Bitcoin Exchange Inflow Spikes

The post BTC On-Chain Data Signals Start of Bear Market, When Will BTC Reach $64k Again? appeared first on Coingape.

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People’s Bank of China (PBoC) Instructs Financial Institutions to Clampdown on Crypto

People’s Bank of China (PBoC) has instructed all financial institutions in the country to help effect the clampdown on cryptocurrency engagements. According to a Reuters report, the apex bank said it recently summoned all financial institutions to intensify the way they prevent cryptocurrency trading. Per the report, the PBoC urged these institutions to cut payment

The post People’s Bank of China (PBoC) Instructs Financial Institutions to Clampdown on Crypto appeared first on Coingape.

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Breaking: MicroStrategy Purchases Additional 13,005 Bitcoins Worth $489 Million

Nasdaq-listed software company, MicroStrategy Incorporated has purchased an additional 13,005 units of Bitcoin (BTC) to cushion its already robust BTC reserves. As shared on his official Twitter handle, the company’s CEO, Michael Saylor revealed that the latest purchase is valued at approximately $489 million in cash at an average bitcoin price of about $37,617.  While

The post Breaking: MicroStrategy Purchases Additional 13,005 Bitcoins Worth $489 Million appeared first on Coingape.

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What if Michael Burry is Right? BTC Price Confirms “Death Cross” Formation

Popular hedge fund manager Micahel Burry, who correctly predicted the 2008 financial crisis beforehand, has now predicted the “mother of all crashes”. Burry has been vocal about the latest developments in the crypto space along with his views on the global macroeconomic situation. Last Thursday, the founder of Scion Asset Management said: “All hype/speculation is

The post What if Michael Burry is Right? BTC Price Confirms “Death Cross” Formation appeared first on Coingape.

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