Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
August 25, 2023

Trader Reiterates Warning on Altcoins As Dogecoin Rival Crashes Over 25% in Hours, Updates Outlook on Bitcoin

By Daily Hodl Staff

A closely followed crypto strategist is issuing another dire warning about altcoins as one Dogecoin (DOGE) rival abruptly plummets.

Pseudonymous analyst Credible Crypto tells his 346,000 followers on the social media platform X that Pepe collapsed against Bitcoin (BTC) in just days and other altcoins may soon see similar price action.

ADVERTISEMENT

“PEPE leading the way with some help from the team. Down 30% against BTC since posting 11 days ago…which alt is next?”

Source: Credible Crypto/X
Source: Credible Crypto/X

PEPE/BTC is trading for 0.0000000000346 BTC ($0.000000898) at time of writing, down 15.1% in the last 24 hours.

On Thursday, Pepe hit a high of $0.00000112, only to plunge a few hours later to a low of $0.000000825, a 26% drop. The sudden decline coincided with reports that the team behind the project was selling off their holdings of the memecoin.

Next, the analyst weighs in on Bitcoin and predicts BTC’s dominance (BTC.D) will dip down to around 48.46% in September before taking off on a massive trajectory to cross 54% before the end of the year. At time of writing, BTC.D is at 49.17%.

ADVERTISEMENT

The BTC.D chart tracks the percentage of the total crypto market cap that belongs to the crypto king. Generally, an increasing BTC.D indicates that the liquidity in altcoins is flowing into Bitcoin and driving the alt market down.

“Nothing has changed here. Seeing calls of alt-season, don’t be fooled.

BTC dominance just broke out of a two-year long range and is backtesting the breakout.

There has been NO shift in market structure that justifies flipping bearish on Bitcoin dominance here. My bet? We tap the green zone and continue the rally on Bitcoin dominance, which should coincide with our next major move up on Bitcoin.

If I’m right, and dominance does start skyrocketing to levels we haven’t seen in over two years, you can bet it will be accompanied by some massive green candles.”

ADVERTISEMENT
Source: Credible Crypto/X
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Design Projects/Andy Chipus/karnoff/MrArtHit/Sensvector