Some altcoins are more bullish than bitcoin
Some altcoins are more bullish than bitcoin

Some altcoins are more bullish than bitcoin

By Marco Cavicchioli - 25 Jun 2021

Chevron down

Right now there are some altcoins that are showing greater bullish signals than bitcoin

This is revealed by Santiment, who points out that bitcoin has dominated the crypto markets in recent weeks of distress, but this momentary dominance could end

In fact, the price of bitcoin has held up better than many altcoins in recent weeks, so much so that since its low peak on 19 May it has done nothing but lateralize, fluctuating between $30,000 and $40,000, with rare exceptions, for more than a month in a row. 

By contrast, the price of many altcoins has continued to depreciate, such that BTC’s dominance has grown from its annual low of 38% on 19 May to its current 45%, in particular with almost constant growth over the past two weeks. 

Ethereum’s dominance in the last two weeks, on the other hand, has fallen from 18% to 16%, clearly showing that at this stage BTC has performed better than ETH and many altcoins. 

However, some indicators suggest that this trend may soon change

Why altcoins may be rising relative to bitcoin again

In particular, Santiment calculated the ratio of many altcoins to non-deposit and deposit assets on the blockchain. 

This ratio shows that recent deposit activity for some cryptocurrencies is well above the average of the last 90 days. 

This is a parameter that also varies greatly from coin to coin, so that for example for Bancor it is very high, while for Raden Network it is very low. 

Overall it is impossible to determine a general trend because there are many altcoins with positive values of this parameter and many others with negative values, but there are several which have very high positive values at the moment. 

Therefore not all altcoins are giving bullish signals, but at the same time, there are many that are. 

It is possible that this means that not all altcoins are ready to rally in the crypto markets, but there are several that are. 

For example, Santiment points out that sentiment on Twitter towards Ethereum has fallen to its lowest level since even June 2018, partly due to the fact that in times of trouble interest in crypto markets tends to shift to Bitcoin. 

It also points out that FUD (Fear, Uncertainty and Doubt) is actually still high with regard to Bitcoin as well, and traders fear that the price of BTC could go back below $30,000 again.

However they add: 

“Markets move in the opposite direction of crowd expectation”.  

In other words, the situation remains complex, and difficult to read, but there aren’t only bearish signals. Right now there is probably no predominance of bearish or bullish signals, but the situation is changing from what it has been for the past two weeks. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded and the Facebook group" Bitcoin Italia (open and without scam) ".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.