After a jaw-dropping uptrend in Bitcoin dominance, all eyes have started to focus on the altcoin subset once again. You see, over the past couple of days, cryptocurrencies have begun to gain some strength against BTC for the first time in a blue moon, resulting in a slight Bitcoin dominance retracement from 71.2% to 69.7%.
While this may sound like nothing, analysts are starting to get convinced that altcoins are ready to continue to gain some steam at long last. Let’s take a closer look.
Altcoins Extremely Oversold
In August, we reported that Adaptive Capital’s Willy Woo remarked that altcoins were “heading into a region of support” at long last. This trend has continued into early-September.
The prominent on-chain analyst, known for his reports on how Bitcoin’s network effects equate to its value, remarked that the altcoin vs. Bitcoin market capitalization chart is “now two weeks into testing its 6.5-year support line”, which has yet to break. What’s more, the weekly relative strength index (RSI) of this chart is “more oversold [than its been] in its entire history”. Read More at NewsBTC...