- EOS, Tezos, and Maker leading the pack
- BTC dominance takes a hit as well as price did of $200
- However, A monster rally could be on the way
Bitcoin price took a hit before the weekend, going from $10,950 to about $10,200 level. However, soon after BTC price recovered.
Today, Bitcoin has been trading around $10,542 when it took another dump of over $200 in less than half an hour, going to $10,320.
Currently, BTC/USD is trading around $10,375 with 24 hours loss of 0.03%, as per Messari.
This year, while Bitcoin price soared over 200%, altcoins failed to show any signs of life.
However, this time, altcoins are taking over Bitcoin.
The total market cap in response rose to $269 billion, up from yesterday’s $260 billion but still need to catch up to $274 billion on Sept. 6.
BTC dominance meanwhile has gone down to 72.6 percent from the high of 73.4% on Sept. 6.
A Monster Rally on the Way?
There is no knowing yet if and when altcoins will start their bull run, as a good number of these digital currencies are still down between 85 to 95 percent. Some like Cardao are down even more than 95% from their all-time highs.
However, Bitcoin’s journey to a new high seems to have started.
For starters, the three consecutive negative weeks that we saw recently was last seen during the bull run of 2017.
Occasions where Bitcoin had 3+ consecutive negative weeks within a bull trend. pic.twitter.com/tthihB64Rf
— Nunya Bizniz (@Pladizow) September 3, 2019
Moreover, Bitcoin traders are increasing their exposure to the digital asset on futures trading platform BitMEX. As we recently reported the open interest on XBT (that represents Bitcoin) against USD has crossed $1 billion, reaching $1.06 billion mark.
It is fast approaching its all-time high of $1.22 billion, set on July 10.
This willingness of traders to risk more of their money on the future outcome of the leading cryptocurrency, however, fails to provide clarity on which direction BTC price will move as it is split between “shorts” and “longs” by 51.02% and 49.08% respectively.
However, recently trader Jonny Moe took to Twitter to advise investors to place their positions cautiously as chart suggests a potential drop to around $6,000 level.
“Update: Still anticipating a return to the parabolic trend. Previously had ~$5,500 on this chart, assuming a quicker return to mean. Since we’ve consolidated sideways for about 2 months, the downside is more like $6,000 now,” he said.
Behold the great bitcoin triangle of 2019 … the one and only that will decide the future of billions of dollars 🔥 pic.twitter.com/6RlWelgiId
— Alex Krüger (@krugermacro) September 7, 2019
A good thing is, popular analyst PlanB emphasizing that BTC price, as it has been, will likely be below and above stock to flow model value every year, “cointegration, not correlation, is key.”
“Proof is in: bitcoin price is mainly driven by stock to flow, not by any other factor.”
As per this model, the Bitcoin price will go beyond $1 million.