Senior market analyst at eToro Mati Greenspan says long-term Bitcoin hodlers may be getting into altcoin season, investing in coins with smaller market caps as the price of Bitcoin stays in limbo.
“I’ve been tweeting about alt season for a few weeks already. At the moment, while Bitcoin is kind of standing still some of the altcoins are outperforming. Litecoin has done very well because it has a very large community base and there’s a halving event coming up in August. And Binance Coin has been doing very well as well. And then we have these days where some altcoins will go up double digits. They’re basically taking turns and each day there’s like a winner of alt season that I’ve been tweeting out as well.”
In a new article on Bitcoinist, Greenspan highlights Bitcoin’s dropping dominance and movement from a long dormant Bitcoin wallet as additional signs of a shift from BTC to alts.
Right now, the price of Bitcoin is down 0.45% at $3,962. Ethereum is down 0.35% at $137, and XRP is down 0.99% at $0.3129, according to Coin360.
Meanwhile, technical analysts at large are searching for signs of Bitcoin’s next movement as the leading cryptocurrency struggles to stay above $4K.
Bitcoin Magazine – Slow grind could lead to short squeeze
Cointelegraph – If price can’t close above $4,000 soon, mild correction expected
NewsBTC – Market presents last chance to buyers
Ethereum World News – Higher lows and higher highs create rising wedge formation
NewsBTC – ETH turned vulnerable below $140
Cointelegraph – Price has again dipped back to the 20-day EMA
Blockonomi – Price remains supported above $0.3210
FXStreet – XRP/USD set for critical support retest