The Bitcoin dominance as been weak for some time now trading around the 60% to 61% support region.
However, as of yesterday, that 60% support region gave way leading to a massive crash in the Bitcoin dominance to 58%.
In this Bitcoin analysis, I will be talking about what this Dominance crash means for the Bitcoin market and how it will affect the Altcoin market.
I will also be talking about the top 3 Altcoins I am currently watching and I believe are currently showing high probability trade setups.
What Does The Crashing Bitcoin Dominance Mean For Altcoins
Bitcoin Dominance has been a great indicator for predicting the movement of the Altcoin market. And over time, we have seen the Altcoin market always performing very well during a declining Bitcoin dominance.
This is exactly what is happening right now, telling us that more funds and investors are moving into the Altcoin market right now, and we might be seeing the Altcoin season set in.
What Does The Bitcoin Dominance Crash Mean For Bitcoin Bulls
A crashing Bitcoin dominance usually occurs only when the Bitcoin market is ranging or crashing. And currently, we are seeing indecisiveness in the Bitcoin price as the cryptocurrency ranges sideways on declining volume.
At this point in time, the Altcoin market is the best crypto market to be focused on, pending whenever Bitcoin decides to break out of this sideways range.
The Top 3 Altcoins I am Watching
Cardano is in a bullish trend but currently experiencing a price pullback.
The bullish pattern I am currently watching on the cryptocurrency is the falling wedge pattern forming on the hourly timeframe.
I believe this pattern is nearly complete and we can expect the price to rally to 0.00001798 within the next few days.
Chainlink as been exploding upwards for a while now and I believe the cryptocurrency still as a lot of potential of going further.
If the Bitcoin market continues to range, I expect to see the Chainlink cryptocurrency continue to surge. However, if Bitcoin breaks out and begins to trend again, then I expect to see the Chainlink cryptocurrency see bearish pressure increase.
Ethereum as seen over 500% growth against the Bitcoin and the cryptocurrency is still looking very bullish.
This makes the ETH/BTC pair a great cryptocurrency to keep on your watch list especially with all the growth, adaption, and improvement coming onto the ETH blockchain.
I expect to see this cryptocurrency remain very bullish over the long run.
For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.