Apart from some declines, Bitcoin has been on the rise in the past few weeks; altcoins also follow the leading cryptocurrency. Ethereum rose from $ 88 in March with a 100 percent increase, while XRP almost doubled its “Black Thursday” price; It increased from $ 0.115 to $ 0.20. However, according to an analyst, Bitcoin can be separated from these altcoins depending on market conditions.
Bitcoin performs higher than altcoins
Josh Olszewicz, a crypto analyst at Brave New Coin, observed on May 15 that Bitcoin's dominance chart showed a strength signal: Golden Cross.
Golden Cross states that the asset's 50-day moving average is above the 200-day moving average. The "bullish boom" usually follows this formation.
Olszewicz pointed out that the 50-day average above the 200-day moving average in the dominance graph, showing what percentage of the crypto market is made up of Bitcoin. Analyst said that the arrival of Golden Cross may cause disappointment for those who are waiting for the "altcoin season".
The previous Golden Crosss, formed on the dominance chart of Bitcoin, paved the way for big rallies for Bitcoin against altcoins; so this can happen again.
https://twitter.com/CarpeNoctom/status/1261463533117599744
Olszewicz's analysis was also repeated by Pentoshi, the chief technical analyst of crypto research firm Blockfyre, who shared last week that "altcoins would really have problems" and had a painful period ahead. “ETH is going to levels not seen since 2016. LTC transaction levels are below 2014-2016 prices. XRP goes to the 2014, 2016 and 2017 levels. The Altcoin market seems to be surrendering soon. Only later can he offer great opportunities, ”said the analyst. He stated that the short-term outlook for cryptocurrencies other than Bitcoin is downward.
https://twitter.com/Pentosh1/status/1260816390337986560?s=20
Basic analysis complies with technical narrative
In a report titled “Bloomberg Crypto View: Bitcoin Demand, Overcoming Its Supply”, McGlone stated that the ongoing macroeconomic environment will protect Bitcoin's performance against altcoins.
Billionaire investor, hedge fund investor Paul Tudor Jones also showed this narrative in his report "Big Money Inflation". Jones couldn't defeat altcoins. Because he didn't mention it. However, in a world where fiat money is falling, Bitcoin is extremely strong; because he stated that he is the only valid investment asset with a mathematically "shortage":
“I HAVE AN ARGUMENT HIGHLIGHTS ON BITCOIN OWNERSHIP. THE ESSENTIAL OF THE EVENT, Scarcity. BITCOIN IS THE ONLY LARGEST ASSET IN THE WORLD WITH A FIXED MAXIMUM SUPPLY AMOUNT OF KNOWLEDGE."
