Many altcoins such as ETH, LINK, and BNB have been facing a tough time from the past few months. But the tables have turned for these altcoins as they are now seen to be showing a new ray of hope in the world of crypto-currencies. When Bitcoins started to show signs of decline in the year 2019, altcoins also lost their way and they also showed signs of downfall.
Recently, we came to know that altcoins are all set to take the lead back because digital assets markets are showing positive data and are coming forward with proclaiming some good views to the old scenario. To know more about the changes that take place in the cryptocurrency market, you can always seek Bitcoin support.
Bitcoin supremacy is declining
Bitcoin was often considered as the parameter through which one could tell the health of altcoins and this is why it is considered supreme. At present, Bitcoin is contributing 66% of the total cryptocurrency space in the market. Its dominance is showing a break in market structure. Along with this, it also tallies a lower high on its most recent significant bounce up to 71.90% which in turn is being followed by a lower low.
This directly means that if there is a decline in the position of Bitcoins in the market, it is good for altcoins. Then only altcoins will rise in its status. Many people are going for Bitcoin support to know about the crypto trends.
Altcoins showing signs of hope
There are several crypto markets that are praising altcoins for its hike in recent days. The platform has recently announced new projects which hint towards its betterment. But many are raising questions, what can we consider this simple fact to be the reason behind the hike in the status of altcoins.
Chainlink (LINK) which is one of the most influential altcoins is also suggesting that it is showing positive signs in the cryptocurrency trends. Recently, Blockchain analyst tweeted about the Oracle of Chainlink. He mentioned “Since May, an ETH/USD reference data contract has sent 330,000+ transactions of 0.333$LINK to various oracle addresses,” and “At around 5k a day, this represents over 80% of daily transfers” in his tweet.
The Crypto Monk, who is a popular crypto-traders, tweeted about the charts of top market cap altcoins. It means that there are notable patterns of the rise. Upon a deep analysis, he also mentioned that major altcoins are showing the same structure. You can know about these trends and analysis reports at Bitcoin support.
Despite the fact that the trends are good for the health of altcoins, but it will not stay in the lead if it could not maintain its status because its status depends majorly upon Bitcoin. Go to the Bittrex support section to know more about the changing trends in the cryptocurrency market.