- The dominance of BTC has dropped 1.35% over the last 24 hours.
- BTC’s price is looking to rise to the range between $21,500 and $23,000.
- Once this rise in BTC’s price happens, altcoins will experience a rally.
With Bitcoin (BTC) still trading above the $20,000 level, crypto investors and traders are questioning whether or not this month will be a good month for altcoins.
Altcoins have established their dominance against BTC over the last several weeks. This is evident in the comparison between BTC’s market cap and the respective market caps of other coins in the market.
At press time, the crypto market tracking website, CoinMarketCap, shows that the total crypto market cap has risen 1.35% over the last 24 hours, taking the total market cap to around $1.03 trillion. BTC’s dominance stands at 38.51%, with a market cap of $395,434,535,935. This is a 0.06% decrease in BTC’s dominance over the last 24 hours.
Despite BTC’s dominance in the crypto market dropping, it’s only right to analyze BTC’s charts. This is because price moves by BTC are normally reciprocated by altcoins, as traders take profit from their BTC trades and inject it into altcoins.
Daily chart for BTC/USDT(Source: CoinMarketCap)
BTC’s daily chart is showing early bullish signs as the 20 EMA crossed above the 50 EMA yesterday. In addition, the RSI line has also crossed bullishly above the RSI SMA line recently. With these bullish flags present, BTC could rise to the macro range between $21,500 and $23,000.
Thereafter, traders will look to take profit and use the profit to invest in altcoins. This will ignite a mini altcoin bull run toward the middle of this month. The altcoins that will see their prices rise will mainly be coins that are included in the top 50 list of the biggest cryptos by market cap.
Disclaimer: The views and opinions as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Will November 2022 Be a Good Month for Low Cap Cryptos? appeared first on Coin Edition.