After several bear months, some altcoins, in particular Ethereum, Binance Coin and Chainlink, began to show signs of life. Moreover, some analysts believe that we can expect further growth in the rate of these coins.
The closer the end of 2019, the more it seems that BTC will successfully complete it anyway. In the first half of the year, the cryptocurrency exchange rate increased from $ 3,330 to $ 13,880, after which the crypto community observed fluctuations in the range from $ 100 to $ 2,000. Over the past 7 days, the price has risen from about $ 7,800 to about $ 8,400.
Considering Bitcoin the leader in the cryptocurrency market, many analysts often consider the dominance of this coin in the market as an indicator of the health of altcoins. BTC dominance shows the amount of money in the cryptocurrency market that is currently invested in BTC, compared to other cryptocurrencies. At the moment, the dominance of BTC is approximately 66%, which means that 66% of all funds circulated in the crypto space are invested directly in Bitcoin. However, analysts are observing a decrease in BTC dominance, which could have a positive effect on the value of altcoins.
The dynamics of Chainlink (LINK) are indicative; some traders note that the altcoin chart shows that the asset is starting an uptrend. Popular analyst Nicholas Merten said in one of his blogs on YouTube that LINK is the # 1 altcoin for 2020, he also noted that the project’s achievements can actually be used in real life.
Well-known Twitter trader The Crypto Dog predicts an increase in the cost of BNB to $ 20.
$ BNB one of my largest bags right now. I've got $ 20 in sight.
I don't have confidence in us seeing a pull-back, but if I had to, I'd add at re-test around $ 16.30 pic.twitter.com/LJUO4mC7x6
The Crypto Dog? (@TheCryptoDog) October 9, 2019
After the news that BNB is supported by AliPay and WeChat, the coin rate soared by 9%, however, Alipay representatives recently announced that they would block transactions with BTC and any other cryptocurrency. Nevertheless, Binance began to work indirectly with Alipay and WeChat – the exchange accepts fiat funds from users with their help.
