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The recent series of surges that led Bitcoin to reach $ 7,000 put the final nail in the coffin for crypto bears and radically improved the overall market outlook.
Now, analysts are closely watching the response of the altcoins to the recent wave of Bitcoin, and many analysts believe that the recovery of Bitcoin could begin to cool, allowing all markets of cryptography to rise.
Crypto markets rise as bitcoin approaches resistance at $ 7,000
Although the crypto markets have suffered a long and dark Crypto Winter, it now seems that spring has begun, with Bitcoin rising to new highs since the beginning of the year and multiple altcoins displaying bullish technical signals.
Although the markets of the altcoin are caught in a difficult situation since Bitcoin began its ascent, many cryptos started to climb today, and analysts believe that many alts will soon experience a rise in explosive arrow.
DonAlt, a popular cryptocurrency operator on Twitter, discussed this possibility in a recent tweet, explaining that he felt having multiple altcoins would be more profitable in the short term than trying to shorten BTC.
"To all the people who try to pull the top bitcoin by shorting it: have you thought about the long altcoins? They have been / are capitulating and will most likely explode when BTC is at the top. In my opinion, there is more money than shorting BTC, "he explained in a recent tweet.
To all the people who try to shoot the top Bitcoin by shortening it:
Have you thought about longing for altcoins? They capitulate / are capitulating and will most likely explode when BTC is at the top.
In my opinion, there is more money than short-circuiting BTC.
– DonAlt (@CryptoDonAlt) May 11, 2019
Today, many altcoins have already begun to appear: Ethereum has jumped 10% to $ 191, its current price of 7% to $ 0.322 and litecoin up to 88%.
"Altseason" may soon be on the crypto markets
Although today's gains are certainly positive, they are far from the massive gains of more than 100% recorded by many altcoins on previous bull markets.
Despite this, after the season, a term used by many investors to designate the period of parabolic gains for crypto-currencies other than Bitcoin, may soon be on the crypto markets.
Josh Rager, another popular cryptocurrency analyst on Twitter, talked about Altseason in a recent tweet, saying he was watching Bitcoin's dominance closely to see if an upsurge in aggregated crypto markets was imminent.
"$ ALT season in preparation? – Just watch the domination of Bitcoins. The domination of Bitcoins has dropped from 10% to 14% during the monster race at altcoins in 2018. My strategy for buying altcoins is to watch the charts for the BTC% domination on the downside. An alternative rally could bring down BTC% by as much as 50% + / -, "he said.
$ ALT Season in the making? – Just watch the domination of Bitcoins
The domination of Bitcoins dropped from 10% to 14% during the monster races in 2018
My strategy for buying altcoins is to look at the graphs of the domination of the BTC,% down.
An alternative rally could roll back BTC% by almost 50% + / – pic.twitter.com/M3PAoR1QcC
– Josh Rager ? (@Josh_Rager) May 11, 2019
Whether or not the crypto markets can maintain their upward momentum throughout the weekend will likely indicate whether they are ready to continue their climb over the coming week.
Selected image of Shutterstock.
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