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With the volatility in Bitcoin at an all-time low, numerous Bitcoin traders and investors are beginning to look for greener pastures in other closely related crypto-assets and altcoins.
This has led to a massive inflow of both new capitals and new investors into the altcoins market who have been seeing massive price surges and gains against the Bitcoin.
However, the big question everyone is asking is how long will these massive gains last, and what are the effects of the altcoin boom on the Bitcoin price?
In this Bitcoin analysis, I will be talking about the correlation between the Bitcoin cryptocurrency and the Altcoin market. I will also be talking about the most important factors and indicators you should be watching for in the two markets in order to be prepared for a future price surge or crash.
Bitcoins Dominating Influence On The CryptoMarket.
Bitcoin is still the top dog when it comes to cryptocurrency, with a market capitalization of about 62%, you can expect every little move in Bitcoin to affect the whole crypto market to some certain extent.
However, this Bitcoin dominance is gradually dropping as Altcoins are beginning to gain more momentum against the Bitcoin. But how much gain the altcoins make is totally dependent on if the 61% support can get broken.
A break of that support level could see us enter into a bullish Altcoin season.
This makes the Bitcoin dominance chart a very important indicator for predicting the future move of the crypto market as a whole because as far as that 61% support region holds and Bitcoin bounces off from it, we can expect to see a massive sell-off in the Altcoins market.
The Best Altcoin To Watch Right Now
Even as we wait for Bitcoin to decide on what it wants to do, there is an important altcoin that is gradually gaining momentum worldwide and I believe you should keep an eye out for and put on your watchlist in the coming weeks.
ChainLink
Since its lunch in China, this Altcoin has seen massive adoption and growth around the world. I believe this growth will continue, for the time being, making it a perfect altcoin to put on your watch list.
I have talked about this altcoin in a few of my Bitcoin analyses in the past one of them being the analysis titled “Altcoin Pumping, Bitcoin Breaking Key Resistance. Start Of A New Bull Run?“.
In that analysis, I pointed out the massive bullish setup that was currently playing out on Chainlink.
I expect this bullish move to continue for the near term even as the Altcoin continues to gain more followers and adoption worldwide.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.
