Do altcoins have enough strength to keep Bitcoin under the 70% dominance index for a long time?
The weekends passed smoothly for the cryptocurrency market against the low level of volatility. Altcoins managed to pull back the dominance index of Bitcoin to the area below 70%. Most of the coins are located in the green zone, except for BTC, XRP, and Binance Coin.
Top 10 coins by Coinstats
The key data of the top 3 coins are looking the following way.
|Name||Ticker||Market Cap||Price||Volume (24h)||Change (24h)|
|Bitcoin||BTC||$185 754 928 049||$10 355,01||$12 087 536 766||-0,18%|
|Ethereum||ETH||$20 978 345 507||$194,67||$6 505 996 848||2,93%|
|Ripple||XRP||$11 327 393 921||$0,263278||$833 934 738||-0,32%|
Our recent Bitcoin price analysis has not come true yet, as the coin keeps located within the same price range. Yesterday’s trading volumes were below average, and the pair consolidated in a very narrow range, step by step decreasing to the four-hour EMA55. The price volatility has not exceeded 2% over the past day.
BTC/USD chart by TradingView
On the 4H chart, Bitcoin is struck between $10,300 and $10,400. The declining level of the trading volume confirms the short-term price drop to the nearest support at $10,100. This mark is about to be reached until September 11.👉MUST READ
Bitcoin is trading at $10,304 at press time.
Ethereum has started its rise earlier than we predicted in our recent forecast and the leading altcoin is moving confidently to the $200 mark.
ETH/USD chart by TradingView
According to the chart, bulls are becoming more active, pushing the rate to the critical $200 level. The MACD indicator also suggests the upcoming growth. However, the rise will be accompanied by slight corrections to the point around $190 as it is outlined on the chart.
Ethereum is trading at $193.38 at press time.
XRP is the biggest loser out of the top 3 coins, as its rate has dropped by around 0.5% over the last day.
XRP/USD chart by TradingView
XRP is about to repeat the earlier scenario when the rate went down after a bullish candle. In this regard, the price might go back to the support at $0.25 shortly. The relatively low level of trading volume confirms such a movement.👉MUST READ
XRP is trading at $0.2621 at press time.