Quick take:
- Bitcoin has been in a state of continuous sideways movement since early June.
- Social media dominance of BTC has been dropping and could point to an alt season.
- A bullish ETH/BTC chart hints of altcoins gaining in the crypto markets.
- Additionally, the Shit-coin Perpetual contract on FTX recently hit a new All-Time high.
Bitcoin (BTC) continues to be in a state of Limbo as the King of Crypto is yet to provide proper signs of its next move. From around the 3rd of June, Bitcoin has not gone above $10,000 neither dropped below $8,800. The trading range of BTC has tightened in the month of July with Bitcoin’s price oscillating between $9,500 and $8,800.
Bitcoin’s Social Media Dominance is Dropping
The lack of volatility from Bitcoin has led to a drop in BTC’s dominance on social media. Bitcoin and Crypto Analyst, Mati Greenspan, highlighted this fact via the following tweet that also concluded that an Alt Season was in the pipeline.
Bitcoin social dominance at it’s lowest levels since January. Check out that downward spiral. #ALTSEASON pic.twitter.com/9h3bRzjQ9K
— Mati Greenspan (Tweets are not trading advice) (@MatiGreenspan) July 8, 2020
A Bullish ETH/BTC Points to Altcoins Thriving in the Crypto Markets
Furthermore, legendary Commodities and Crypto trader, Peter Brandt, shared his recent analysis of ETH/BTC where he pointed out that Ethereum should experience a significant breakout to 0.03276 BTC. Additionally, Mr. Brandt explained that most altcoins should gain on Bitcoin in the near future. Peter Brandt’s analysis can be found in the following tweet.
Significant breakout in $ETHBTC with target of .03276 $BTC $ETH Most alts should gain on #bitcoin in near future pic.twitter.com/tYRJk869GN
— Peter Brandt (@PeterLBrandt) July 8, 2020
Altcoin Market Cap Continues to Increase
The market capitalization of altcoins is usually the best visual measure of the state of an Alt Season. Checking the daily CryptoCap chart courtesy of Tradingview.com, it can be observed that the value of altcoins has been gaining gradually since the Coronavirus crash of mid-March.
Shit Coin Perpetual Contract on FTX Hits an All-Time High
Additionally, the FTX Shit-coin Perpetual Contract has officially hit an all-time high value of $1,045, and continues to gain. This achievement was highlighted by the CEO of the FTX exchange via the following Tweet.
It’s finally here. The moment we’ve all be waiting for. The culmination of our collective journey into cryptography and economic engineering. The era in which we carry the world forward.
Today, on July 11th 2020, SHIT has recorded a new all-time high.https://t.co/mLtmEgC8hD pic.twitter.com/ANphhPCBxy
— SBF (@SBF_Alameda) July 11, 2020
Conclusion
Summing it up, Bitcoin’s lack of volatility in the past month or so has resulted in a drop in BTC’s dominance on social media. This drop is indicative of an ongoing alt season that can further be confirmed by a bullish ETH/BTC pair. Additionally, the market cap of altcoins is on an upward trajectory as confirmed by the Shit-coin Perpetual contract on FTX.
As with all analyses of Bitcoin and altcoins, traders and investors are advised to carry out their own research. The use of risk management techniques should also become a habit. This includes placing of adequate stop losses and use of low leverage during uncertain times.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
