As the number one cryptocurrency in the market, Bitcoin, continues to fight for its reputation, altcoins across the crypto board continue to bleed out showing signs of its ultimate demise. Yes, last 24-hours have been an exception to that. On looking at the market statistics, not too long ago, many altcoins recorded new lows relative to their Bitcoin pairings.
However, despite the adverse altcoin movements, Monero and Cardano have been showing signs of going against the grain to rise from the ashes amid the altcoin bearish trend.
With attitudes towards altcoins hitting alarming lows, these price levels could present lucrative purchasing opportunities for Bitcoin if it manages to stabilize above the 10,000 US dollar mark. If the number one crypto asset by market cap fails to sustain, the bearish bloodbath might resume.
According to Max Keiser, a Bitcoin maximalist and a former Wall Street dealer, Bitcoin’s dominance in the crypto market is moving towards 80 percent. Individuals who engage and wish to participate in the crypto market should consider rotating out of other virtual assets like altcoin and venture into Bitcoin.
In a tweet that got published on August 6, Keiser stated:
“#Bitcoin as the number one crypto is dominating 68.2 percent of the crypto market heading towards 80 percent as altcoin dies in favor of Bitcoin. It is sad but true that the 2014 -2017 days of altcoins and hard forks cryptos are dead and gone. My advice, don’t be the last to rotate out of altcoins into Bitcoin.”
At the time of writing, Bitcoin dominance sits over 70% with a market cap of around 190 billion US dollars out of the whole crypto market’s cap of about 270 billion US dollars.
Are Altcoins on their Death Bed as Bitcoin’s Dominance Continues?
Older than the number two crypto asset in the market, Ethereum, the term Altcoin has been in use in the crypto community to represent any virtual asset other than BTC. That includes crypto assets that have been valued over 133 billion US dollars such as Ethereum and virtual assets that have never felt the feeling of peaking above the 10,000 US dollar mark.
The past few weeks have been a mixed period for crypto traders and investors as the number one crypto asset, Bitcoin, has been struggling to gain its upward momentum. While BTC continues to fight for its reputation, altcoins have been withering and fading, with low trade volumes, lower lows, and little chances of bouncing back.
However, two altcoins, Monero and Cardano might be going against the grain to stand on their ground as worthy crypto players and Bitcoin competitors.
Monero has been recording positive strides in recent times managing to jump two positions on the crypto market charts.
At present, Monero (XMR)’s popularity is on the rise following the potential of the privacy-oriented crypto asset that is proving to be a viable future investment for traders and investors. Monero has a massive following in China’s city of Bangkok.
According to crypto analysts, following its positive trends in the last few weeks, Monero might be on its way towards an upsurge that might see the crypto cross the 100 US dollar mark soon.
According to the current price statistics, a bullish trend might be on the offing for the number 10 ranked crypto that is currently valued at about 87 US dollars. According to the latest price statistics, Monero might cross the 90 US dollar value by the end of today. If the crypto continues moving with its current momentum, its price might pass the 95 US dollar and 97 US dollar value next week heading towards bigger goals.
Ranked number 12 in the crypto market, Cardano is currently valued at about 0.045 US dollars with a market cap of 1.1 billion US dollars.
Since the emergence of the bulls running the market momentum, the ADA/USD pair has been performing impressively. Reflecting the appreciating channels, Cardano has been bullish. For instance, today’s market opened its trade session at a low price, but ADA is currently exchanging at $0.045349, summing up a 1.66 percent increase over the last 24-hours.
As other altcoins fall and continue recording dismal performances, it seems Cardano and Monero are putting a brave fight to remain relevant in the market.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.