Bitcoin Dominance Nears 62%, Altcoin Market Set for a Potential Breakout: News of September 18, 2024
Bitcoin dominance is rising, reaching near 62%, signaling altcoin underperformance for now. Look for altcoins outperforming BTC on key EMAs, such as SUI and FTM, which continue to show strength.
Bitcoin dominance rises ahead of Fed
Bitcoin dominance breaking all time highs = altcoins still not the best play yet.
I think we reject around 62% dominance and that's when we see $ETH, $SOL and the rest of the altcoin market explode.
Until then, expect chop and underperformance.
There will always be a few outliers, of course, but the exceptions will be the charts that are outperforming BTC.
Look for altcoins that are above weekly, daily and 4 hour 200EMA's on their BTC pairs.
There are only a couple, but it's always better to buy relative strength than to buy laggards said Jacob Canfield from twitter:
Bitcoin dominance breaking all time highs = altcoins still not the best play yet.
— Jacob Canfield (@JacobCanfield) September 17, 2024
I think we reject around 62% dominance and that's when we see $ETH, $SOL and the rest of the altcoin market explode.
Until then, expect chop and underperformance.
There will always be a few… pic.twitter.com/XhnQOy7sHi
SUI & FTM continue to outperform in L1s
Sui and Solana are both Layer-1 blockchains making a buzz in the crypto space, although with very different profiles. Solana is among the largest crypto assets today, with rumors circulating that it might be a contender for the third exchange-traded fund (ETF). Sui, on the other hand, is a much younger blockchain, aiming to outcompete Solana on its most attractive features.
Raoul Pal, CEO and founder of Global Macro Investor, shared these bullish sentiments. Pal pointed to a number of positive trends in Sui’s recent performance. Most prominently, he showed how Sui has managed to trend upwards in a stagnating market, claiming that “relative strength in a sideways market is worth paying attention to.
Tether-Issued Stablecoin USDT's Market Share Grows to 75% as Market Cap Tops $118B
USDT's market share grew to 75% from 55% in the past two years, according to Token Terminal.
The Tether-issued stablecoin's supply rose to $118 billion from $65 billion while main rivals struggled.
Binance Denies Responsibility in WazirX Hack, Says It Never Acquired the Company
Binance has denied ownership of WazirX and any responsibility for a recent $235 million hack, urging the platform to address the user fund losses. In a blog post, Binance responded to claims by WazirX owner Nischal Shetty, who had submitted affidavits to the Singapore High Court seeking a moratorium to block creditor actions.
MicroStrategy Boosts Capital Raise to $875M for Bitcoin, Eyes Additional $135M
MicroStrategy increased its capital raising by an extra $175m.
It will now raise $875 million to buy more #Bitcoin and potentially raise another $135m within two weeks.
