Altcoins Continue to Take Dominance

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BTC is attempting to maintain this area on the weekly chart as altcoins continue to take dominance from BTC and ETH.

This general trend of altcoins achieving higher lows has been holding fairly strongly over the past few weeks. The MFI is making an attempt at trending upwards on the weekly, however it should be noted that the MACD is still swinging downwards. This could mean that without a change in the momentum, BTC may continue to struggle in the short term.

The overall cryptocurrency market cap is currently just above $2.2 trillion. BTC dominance is down to 40.3% while ETH dominance is down to 19.9%. As these both decrease, non-ETH altcoin dominance also increases.

Altcoin dominance is continuing to rise as BTC and ETH struggle to break out of their current ranges. Large sectors of the altcoin market are achieving higher lows over the longer term, and this is translating to fairly bullish sentiment throughout the altcoin space.

If ETH and BTC continue to consolidate, it wouldn’t be surprising if we continue to see altcoins outpace them both.