Bitcoin dominance makes no room for altcoins
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Bitcoin dominance makes no room for altcoins

By Federico Izzi - 5 Sep 2019

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The dominance of bitcoin continues to rise reaching 71% with the price staying around 10,500 dollars, a figure regained in this first week of September, whereas as far as altcoins are concerend, the red sign still prevails.

Source: COIN360.com

Among the first 20 altcoins, only Monero (XMR) and Ethereum Classic (ETC) manage to keep up with bitcoin, both rising: Monero by 4% and ETC above 3%. The other altcoins move below par, confirming that the strength of bitcoin is highlighting the difficulties of the other cryptocurrencies.

Monero chart by Tradingview

Monero’s rise pushes XMR into third place in today’s top performances.

Energi (NRG) also returns to be noticed among the best, scoring the best rise of the day, recovering all the decline of yesterday when it recorded the worst downturn of the day. Energi regains 55th place with a market cap approaching $100 million. Energi is also proving to be the most volatile crypto of recent days.

On the other hand, the worst decline is that of Egretia (EGT), a very volatile token in recent weeks. 

A week after breaking the wall of the 2,500 currencies listed on CoinMarketCap, the number reaches over 2,600 cryptocurrencies on the platform. This highlights how in a few days more than 100 new projects have been launched: the month of September is very profitable and is proving to be a springboard for new adventures in the sector. Such a rapid increase is a trend that has not been recorded since 2017

Despite this positive note, the altcoin sector continues to suffer. Bitcoin rises to over 71% of the dominance and causes the dominance of the altcoins to plummet, especially for the top 5 in the ranking. 

Ethereum, Ripple, Bitcoin Cash and Litecoin continue to lose market share as a result of the strong pressure they are suffering from BTC. Ethereum is close to 7% dominance, a level it has not recorded since February 2017. Ripple falls to one step from the 4% share, levels abandoned in December 2017. 

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin continues to seek stability at $10,500 after the strong leap upwards that has characterised the last five days, with a movement that in a handful of days marks a rise of about 15%. 

This is the best rise of the last week surpassed only by Ethereum Classic who still benefits from the strong upward momentum of the past weeks. 

Ethereum chart by Tradingview

The price of Ethereum (ETH)

The first altcoin continues to suffer. Ethereum, for the first time in 2019, is going to end the two-monthly cycle started in mid-July downwards. The rebound that pushed prices to test the former support, now resistance, of the 185 dollars two days ago rejected the attack upwards. 

In these hours, Ethereum has returned to test the 170 dollars a step away from the dangerous low touched on August 29th in the $165 area. A sinking below this level would make prices plummet to test the threshold that delimits the trend of the future of Ethereum set at 155 dollars, a level that Ethereum seemed to have definitively abandoned last April. 

For ETH it becomes mandatory to recover the 185 dollars as soon as possible, supported by volumes and purchases which could bring the prices to 200 dollars.

Otherwise, it will be necessary to cross the fingers so that this sinking lasts as little as possible. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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