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Declining Bitcoin [BTC] Dominance Boosts Altcoin Rise, ETH and XRP Lead The Way



Bitcoin rebounded from another $1000 flash crash after registering a daily low of $17,671 on Sunday after breaking past the key resistance of $18,500. The king coin is currently trading at $18,705 registering a 2.30% rise over the past 24 hours. However, it is important to note that BTC is losing steam at the top after recording a new yearly high of $18,936.



Popular Twitter crypto influencer The Moon pointed out that bitcoin was forming a head and shoulder pattern on the one-hour price chart when it was trading at $18,652. The top cryptocurrency flash crashed soon after to $17,671.

Trader and market analyst who goes by the Twitter name of Fiat Jack pointed towards another factor which could lead to a price consolidation at the top for BTC. The analyst noted,

On-chain vs spot volume ratio is suggesting this rally is losing steam Admittedly, there is room left to the upside, but it seems off-chain volume has consumed the on-chain movements to a level of historical boundaries Consolidation or reversal usually follows shortly

Bitcoin’s Falling Dominance Could Play in Altcoins’s Favour

Bitcoin dominance is on a continuous slide after breaking the key support of 67.18 on Saturday and is currently at 64.13. A falling dominance could play in favor of altcoins who came to the bull party

Ethereum made the most of Bitcoin’s falling dominance as it registered a new yearly high of $594.58 after soaring more than 9% over the past 24 hours. The second-largest cryptocurrency could see a bitcoin price rally with little to no resistance until $800. The ETH price pump is also being attributed to the nearing ETH 2.0 launch date as the ETH 2.0 deposits soared to over 50%.



XRP made headlines on Saturday after a 40% price rally after it broke past the key resistance of $0.40. The third-largest cryptocurrency by market cap is currently consolidating above $0.462 after registering two year high of $0.493. XRP has been one of the least active altcoins when it comes to price gains over the past two years.

The third-largest cryptocurrency is currently look set for a bullish breakout and might climb further to register another yearly high.

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Author: Prashant k Jha

Declining Bitcoin [BTC] Dominance Boosts Altcoin Rise, ETH and XRP Lead The Way Blockchain, Featured, Home CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Source: https://coingape.com/bitcoins-dominance-decline-boosts-altcoin-rise/

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