Friday, September 2, 2022
HomeCryptoAlt CoinsBTC, DOT, LUNA, AVAX, EGLD


Bitcoin’s (BTC) dominance has dropped from about 48% on Oct. 20 to 42.3% on Nov. 7 while the total crypto market capitalization has continued its northward journey. This indicates that the price action has shifted from Bitcoin to altcoins.

CryptoQuant CEO Ki Young Ju said that Bitcoin whales are selling but this has not resulted in the breach of the strong support at $60,000. He also pointed out that Bitcoin reserves across exchanges have continued to decrease, indicating strong appetite from buyers.

Crypto market data daily view. Source: Coin360

The majority of the market participants remain bullish on Bitcoin and anticipate a rally to $288,000 by the start of 2022, according to a survey conducted by PlanB.

Real Vision founder Raoul Pal also projected a bullish picture for cryptocurrencies in an interview on Nov. 3. He said the current bull run is unlikely to top out in December of this year and may extend to between March and June of the next year. Pal anticipates the possible launch of Ethereum 2.0 and the likelihood of an Ether (ETH) exchange-traded fund being green-lit in the first half of 2022 will attract institutional investors and trigger a massive rally.

In this bullish backdrop, let’s analyze the charts of the top-5 cryptocurrencies that may remain in focus and outperform in the short term.