- Alt season continued as LINK, REN, BNB, and more hit all-time highs
- Alts have seen massive gains, with newer coins also performing extraordinarily well
- A Bitcoin bounce could soon put and end to alt season however
Alt season has continued in glorious fashion, with several coins beating recently-established all-time highs. LINK, REN, AND BNB are among the more established coins that have topped their own records, while newcomers such as ALPHA have raised the roof. But a Bitcoin bounce could be coming, and with Bitcoin dominance about to hit a key level, is alt season almost over?
Bitcoin Dominance Approaching Key Level
Bitcoin dominance has spent the year so far going almost exclusively down, which is not surprising after its run up to $42,000. This has allowed alts to make the massive gains they currently are, although it is only 1% above a trendline that has been in place since January 2018:
If this trendline holds then we could see alts plateauing and perhaps giving some market share back to Bitcoin, especially if Bitcoin can reclaim $38,000. If on the other hand this trendline fails to hold, we could see some seriously spectacular gains for alts in the coming weeks.
As well as ETH hitting all-time highs, LINK has also broken its own record, hitting $27 earlier today in a sign that it could be about to go on one of its famous runs, with $50 very much in sight. Other coins like REN and BNB have also beaten recently-set records, showing that there is still real momentum in this alt season.
Alt Season Coming to an End?
A potential bounce in Bitcoin dominance is echoed by a clustering under $38,000, a key level in deciding Bitcoin’s next move:
Of course there is the opportunity for both alts and Bitcoin to go up together, which isn’t out of the question initially, but if Bitcoin gets up a head of steam then it might be a wise move to take some alt profits and put them into Bitcoin. With all-time highs of $42,000 not that far away and the correction seemingly over, it could be that Bitcoin is ready for a charge at $50,000.