After months of sideways trading, several altcoins could finally see upwards price action, including Ether (ETH), Chainlink (LINK) and Binance Coin (BNB). Analysts believe that Bitcoin's price could retest $9,000 in the short-term, thus causing major altcoins to rally.
Bitcoin price movement
As 2019 draws to an end, bitcoin's price seems to finally be on a path back to positive gains. The world's number one crypto asset saw a fantastic rise from $3,330 to $13,880 in the first half of the year, before consolidating back to $7,715 several months later.
Several altcoins shared BTC's success, with the majority of the top market cap cryptos recording notable gains. However, after bitcoin saw its triumphant 2019 of $13,880, BTC began to decline in price once more. During BTC's period of downward price action, several altcoin markets lost the momentum they found earlier in the year during BTC's 2019 high rally.
At the time of writing, Bitcoin is down by 2.32% and trading at $8,385.84 as per data from CoinMarketCap.
Due to the fact that Bitcoin is the market leader, it often sets the bar for altcoin performance. Several crypto commentators cite BTC's market dominance as a metric for the health of altcoins.
As we know, Bitcoin's dominance is an indicator of the amount of money in the crypto market which is currently invested in BTC, which is comparative to the rest of the major cryptocurrencies. At the time of writing, Bitcoin's market dominance sits at 66%, thus meaning that 66% of all funds in the crypto space is currently invested in the OG crypto.
Altcoin markets showing positive signs
Many top one hundred altcoins have been showing positive signs in recent days. Several have been recording rising numbers, fired up by announcements, projects in development and of course bottoming chart patterns. Many analysts have poised the question as to whether the behaviour of certain, key altcoins could indeed lead to the much-awaited altcoin season.
Chainlink (LINK) is perhaps the most abundant altcoin at present and its chart indicates that the altcoin is could be starting an uptrend. Binance Coin (BNB) is another altcoin that has seen a fantastic 9% rally this week. One of crypto-Twitter's most popular traders, The Crypto Dog, has his sights set on $20 for BNB.
“BNB one of my largest bags right now,” he said, adding, “I've got $20 in sight.” He also noted, “I don't have confidence in us seeing a pull-back, but if I had to, I'd add at retest around $16.30.”
Be sure to check in at 14:00 for your daily cryptocurrency news updates and prices.