Bitcoin [BTC] and Alts Ethereum, Litecoin, and XRP Looking At Opposite Ends of a Break-out?

Bitcoin and the cryptocurrency markets closed over 21% higher on a monthly scale as it added $30 billion to its total market capitalization. Moreover, the rise was recorded on a single day as Bitcoin has held support above $5000 for the month.

Furthermore, the instantaneous rise in Bitcoin and the associated surge in altcoins required for the markets to de-couple to justify Bitcoin’s price. Bitcoin’s dominance over the cryptocurrency market has seen a slight increase by over 4% over the past month.

Altcoins Ethereum [ETH], Litecoin [LTC] and XRP’s Divergence

While Bitcoin’s dominance over the cryptocurrency market is 55.4%, Ethereum is leading the altcoins with 10% dominance over the entire market as well. Hence, a massive price break-out in Ethereum will have a considerable effect on the markets.

According to trade and chart analyst, alias Sawcruhteez on Twitter, the charts of Ethereum [ETH] and Bitcoin [BTC] are currently looking at opposite ends. He tweeted:

“Seeing a major divergence between $BTC and $ETH over the past month. Bitcoin has formed a bull channel while #ETHUSD is trapped in a bear channel.”

Similarly, even Litecoin [LTC] is forming a similar downward facing channel to that of Ethereum [ETH]. The price of Litecoin at 4: 40 hours UTC on 2nd May 2019 is $72.39. It is trading 20% higher on a monthly scale, after testing higher of $99 and a low of $64 during April 2019.

XRP is also looking to form a channel resembling Litecoin [LTC] and Ethereum [ETH], suggesting that the divergence from Bitcoin is observed across all top coins.

Furthermore, Sawcurhteez also mentioned that he is currently short on Ethereum. He tweeted:

May is the month to pay close attention to this pair (ETH/BTC). I am currently short and looking to add if we bounce to 0.031 – 0.032 [BTC] levels.”

Hence, the possibility of a massive shift in the percentage of holdings between Bitcoin and other Litecoin can be expected soon.

So you agree with the analysis, will Bitcoin and altcoins de-couple again? Please share your views with us. 

Summary

Article Name

Bitcoin [BTC] and Alts Ethereum, Litecoin, and XRP Looking At Opposite Ends of a Break-out?

Description

Bitcoin and the cryptocurrency markets closed over 21% higher on a monthly scale as it added $30 billion to its total market capitalization. Moreover, the rise was recorded on a single day as Bitcoin has held support above $5000 for the month.

Author

Nivesh Rustgi

Publisher Name

CoinGape

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.