Is alt-season finally here? Bitcoin falls as altcoins rally

The heavily-anticipated alt-season may finally be back with the likes of Litecoin, Bitcoin Cash, and XRP all rallying against Bitcoin

Ever since the bear market reversal at the start of 2019, cryptocurrency speculators have been calling for a long-awaited ‘alt-season’.

An alt-season is when altcoins rally in the market while Bitcoin moves sideways or to the downside.

Altcoins have suffered during Bitcoin’s surge from $3,150 to above $10,000 this year, with several of the top coins including Litecoin, XRP, EOS, and Bitcoin Cash all falling heavily against Bitcoin.

However, fresh off the back of another 6% drop in the value of Bitcoin, altcoins have bounced off monthly lows.

Dominance

Litecoin led the charge with a 23% bounce off $76 before finding support at around $90. The robust ChainLink token also performed well, rising more than 15% in USD and 27% against Bitcoin.

Three days ago, Bitcoin dominance tapped 70% before falling back to 67%. This indicates that a further surge in altcoins could be on the cards.

The ideal scenario for those begging for an alt-season would be if Bitcoin finds support and consolidates in the current $9,200 to $9,600 range.

If Bitcoin breaks support at $9,200 and moves into the mid-$8,000 range, altcoins could again suffer as fear would re-enter the market.

While most altcoins have been rallying, Bitfinex’s LEO token has taken a further tumble to the downside with a drop to as low as $1.27 – a far cry from its price just three weeks ago when it touched $1.99.

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