Reason Why Bitcoin is Pumping and Altcoins are Dumping, Altcoins pump coming soon.
I know you should have noticed that Bitcoin is pumping and most altcoins or tokens are dipping this week, even though Bitcoin is hitting new monthly highs and is still on a bullish run, aiming to hit a new ATH any time soon. At the beginning of Uptober as Bitcoin pumped all other coins followed suit, but at this point bitcoin is pumping alone and leaving Altcoins behind, so many people are confused why that is happening, what does it mean for Altcoins.
Here is the reason why Bitcoin is still Pumping and Altcoins are Dumping, Sometime ago made a post about Bitcoin Dominance, how to use it to confirm your trade trends and it influence on Altcoins market, just to refresh your memory on what Bitcoin Dominance (BTC.D) is the total market cap of all the cryptocurrencies compared against Bitcoin. It very important in predicting trend of Altcoins, when Bitcoin Dominance (BTC.D) is pumping Altcoins will be dumping.
Bitcoin Dominance Chart Source
If you look at the chart during the beginning of this month when all Altcoins and Bitcoin were pumping together after rektember (September) was over, that was when Bitcoin Dominance experienced a dip, but now the reverse is the case, Bitcoin Dominance is currently pumping and Altcoins are Dumping expect very few.
But Base on Altcoin market cap history charts, I'm expecting a huge pump to start the Altcoins season, in 2017 after the 1billion market cap string run and fall recovery (which is indicated by the yellow circle) there was a massive pump and now in 2021 after 250 million market cap string run and fall recovery indicated by the yellow circle on the chart, we are yet to see the huge pump.
Clearer view of the 2017 vs 2021 total altcoin market cap chart
Posted Using LeoFinance Beta
