The price hike that Bitcoin is heading towards $ 11,000 has increased the speculation of an important bull run future. In contrast, a popular analyst believes that altcoins losing value against BTC mean that altseason is gone.
We can say that the calm days of Bitcoin are left behind, as the asset witnessed a rise to $ 11,000. Despite earning against the dollar, most altcoins fall compared to Bitcoin, and the status of the subseason is being questioned.
Where is Bitcoin in 2020?
After eventually rising above $ 10,000, it remained the question mark whether BTC could sustain the price hike, especially when faced with significant resistance of $ 10,500. It confirms the daily closing bull run and shows that Bitcoin has a new highest price level in 2020.
Bitcoin continued its stable movement and reached $ 11,400, where it was rejected and slightly retracted to $ 10,945. This represents a 20% increase for BTC in a week.
Despite the excitement and impressive increase, it is predicted whether Bitcoin will maintain its performance or drop to $ 9,600 to close a CME gap, as it has done many times in the past.
The End of Altseason?
Greenspan also mentioned the ongoing altcoin season. However, his thinking was quite negative: “Regarding altcoins — the sub-season is over.” said.
Before the rise of BTC, most of the altcoins were on the rise, and this duru managed to reduce the dominance of Bitcoin in the market to 60.4% annually. However, the largest cryptocurrency quickly reacted and now has dominated 62.9%.
Although some big and small hats have gained against the dollar in the last 24 hours, their performance against Bitcoin is not enough. Of the top 10 crypto currencies, only Bitcoin Cash, Bitcoin SV and Litecoin slightly increased their value against BTC.