The charts don’t lie, and Bitcoin and cryptocurrency are starting to turn very bullish. Bitcoin has been tracking along the top of the 200-day moving average, holding it strongly. At the same time, the rest of the layer one blockchains, and other selected cryptos, are going into overdrive.
There is a wind of change blowing through crypto right now. The upswing in the Bitcoin price after the big correction down to the $30,000 price region, culminated in around 3 weeks of sideways movement.
As Bitcoin tracked sideways, the bears were out in force. According to them, this was the beginning of a new correction that would take us all the way back down to $30,000, and for some, well beyond.
Currently, Bitcoin is continuing its sideways movement, carefully holding that big 200-day moving average, while the daily stochastic RSI tracks down to the bottom. Once there, it could be expected to swing back up, causing an upside momentum shift, to say nothing of an impending golden cross for the number one cryptocurrency.
In the meantime, altcoins are making hay. Bitcoin dominance is continuing to drop steadily, with the last 3 days seeing another 2% drop, to add to the almost 8% decrease over the month of August.
Leading the charge over the last couple of days is Ethereum, the number 2 ranked cryptocurrency by market cap. ETH had its own small sideways accumulation period of nearly 3 weeks, and has now woken up since yesterday, to post an 11% gain, equating to a $350 increase in the price.
When ETH moves, it takes the rest of the market with it. Cardano, Polkadot, and Solana layer ones are among those riding this train. Cardano has smart contracts being launched on Sept 12, while Polkadot’s canary chain Kusama has seen big growth recently due to impending parachain auctions locking up huge amounts of KSM. DOT itself also has this coming in the near future.
Meanwhile Solana has had its own spectacular growth over the last week, recording a nigh-on 100% rise in the last week alone. This is very likely due to the fact that Solana is now seen as a very serious competitor to Ethereum, Cardano, and Polkadot, with its amazingly high transaction speeds.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.