July was a very crazy month for the cryptocurrency market. And this is especially true for Altcoin traders.
The Altcoin market experienced every kind of market conditions you can think about.
Starting from the sideways movement that we were predominantly in earlier on this year, to the July Altcoins bullish run that saw some Altcoins making double-digit gains in just a matter of weeks, and now to the current Altcoin market condition which is the Altcoin crash, we are seeing occur across the board.
However, throughout all these market conditions and price swings, there has been one key factor that as helped me correctly predict the Altcoin market’s direction. And that key factor is “Bitcoin Dominance“.
Bitcoin Dominance And The Correlation With Altcoins
In a previous Bitcoin analysis titled “Must Read: Bitcoin Dominance Crashes To 61%. End of Altcoin Rally?” I talked about the relationship between the Bitcoin dominance metrics and the Altcoin market. I also explained how the metrics could help us predict the start of the Altcoin season.
And using all this knowledge, I was able to predict the end of the Altcoins rally and the start of the Bitcoin bull run by simply using the Bitcoin dominance chart.
Future Outlook For Altcoins
Well, right now the Bitcoin dominance as recorded by Bitcoincensus is at 61.31% and rising fast. This means we are likely to see more traders dump Altcoins and jump onto the Bitcoin bullish wave.
However, I do not expect to see this Altcoins dump continue for long, especially during this period where the cryptocurrency market, in general, is looking very bullish.
It is also important to note that the more Bitcoin rises, the more likely it would drag the whole cryptocurrency market higher with it because Bitcoin holds the largest amount of shares in the crypto market.
So I expect to see most Altcoins begin to the Bitcoin bullish trend, recover their losses, and enter into profits soon. However, I do believe only a few Altcoins will outperform Bitcoin during this massive bull 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.