Bitcoin Price Touched $11,400, Altcoin Season Over?
It’s safe to say that Bitcoin’s dull days are behind the asset as it continued its bullish run to reach $11,000. Despite gaining against the dollar, most altcoins are trailing compared to Bitcoin, questioning the state of the altseason.
Bitcoin Goes Into Uncharted 2020 Territory
After finally breaking above $10,000, the question remained if BTC can maintain its price surge, especially when it came face to face with the significant resistance at $10,500. A daily close above would have validated the bull-run and indicate that Bitcoin has a new highest price level in 2020.
Just a few hours ago, the primary cryptocurrency indeed faced the $10,500, but shot pass by it in a matter of minutes. Bitcoin kept its decisive move going and reached $11,400, where it got rejected and retraced slightly to $10,945. This represents a 20% increase in a week for BTC.
Despite the excitement and the impressive increase, though, it remains to be seen if Bitcoin will sustain its performance, or it will drop to $9,600 to close a CME gap, as it has done multiple times in the past.
BTCUSD 5m. Source: TradingView
According to popular cryptocurrency analyst Mati Greenspan, this breakout above $10,500 “could likely be the ignition to a much bigger Bitcoin bull-run.”
“The narrative has now shifted to match what’s happening in the rest of the economy, and investors will likely begin looking specially for hard money assets and digital scarcity,” Greenspan told CryptoPotato.
His comments come at a time when gold also surged to a fresh all-time high and continued forwards to nearly $1,980 per ounce. However, it got rejected and retraced to $1,937/oz.
XAUUSD 1h. Source: TradingView
End Of The Altseason?
Greenspan also touched upon the ongoing altcoin season. However, his opinion was quite negative, saying that “in regards to altcoins – the alt season is over.”
Before BTC’s breakout a few days ago, most alternative coins were pumping hard and managed to reduce Bitcoin’s dominance over the market to a yearly low of 60.4%. However, the largest cryptocurrency reacted swiftly and has increased its dominance now to 62.9%.
Although some large-cap and lower-cap alts have charted gains against the dollar in the past 24 hours, their performance against Bitcoin is in the red. From the top 10 coins, only Bitcoin Cash, Bitcoin SV, and Litecoin have slightly increased their value against BTC.
On the contrary, Ethereum, Cardano, Chainlink, Tezos, and Stellar are between 6% and 8% down compared to the primary cryptocurrency.
Other significant losers against Bitcoin include Celsius (-12%), ABBC Coin (-12.21%), Elrond (-13.6%), Augur (-14.7%), Flexacoin (-20.44%), and Ampleforth (-26.5%).
Altcoins Vs. Bitcoin. Source: coin360.com