Bitcoin Dominance Is About to Collapse, According to Crypto Trader Scott Melker

News
Wed, 06/17/2020 - 19:30
Alex Dovbnya
Cryptocurrency trader Scott Melker believes that another altcoin season might be on the horizon
Cover image via stock.adobe.com
Contents

In his recent tweet, cryptocurrency trader Scott Melker claims that Bitcoin's dominance is ‘dangling on the edge of the precipice.’ 

If it were to collapse, Melker suggests that it could mark the start of another altseason. 

image by @scottmelker

Related
Bitcoin (BTC) Bull Mike Novogratz Says That He Would Short All Altcoins

Ceding ground to altcoins 

According to data provided by CoinStats, Bitcoin’s market share is currently standing at 64.5 percent.

It has dropped almost 2.5 percent over from mid-May, and the chart posted by Melker indicates that it is on the verge of a major crash.

image by @scottmelker

The Bitcoin dominance is currently down nearly 10 percent from its last year’s high of 73.1 percent that was reached on Sept. 2, 2019.    

Because of Ethereum’s strong performance in early 2020, it dipped below 70 percent on Jan. 6 and never managed to reclaim this level. 

Cardano kicking off another altseason?  

May turned out to be a stellar month quite a few mid-cap altcoins as well Cardano (ADA), the tenth biggest cryptocurrency with a market cap of $2.1 bln that rallied 65.6 percent in the span of one week (from May 28 to June 4).

In January 2018, Bitcoin saw its dominance drop to an all-time low of 33 percent when investors were throwing money at altcoins during the peak of the massive speculative crypto bubble.

image by coinstats.app

As reported by U.Today, Placeholder co-founder Chris Burniske expects Ethereum to trump Bitcoin during the next bull run.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings