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Bitcoin Dominance Nears 62%, Altcoin Market Set for a Potential Breakout: News of September 18, 2024

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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:

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.

Sui outperformed market

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.