Cryptocurrency Relative Strength Analysis Report For Week Starting 5/12/19
When you think about Cryptocurrencies, one name immediately comes to mind, Bitcoin. Since the creation of Bitcoin, there has only ever been one cryptocurrency at the top of the market cap rankings…Bitcoin.
When the price of Bitcoin rises, generally you can expect altcoin prices to rise with it. Likewise, when the Bitcoin price drops, altcoins also follow. And sometimes when Bitcoin is rising, the altcoins are declining due to cash moving from the altcoins to Bitcoin and vice versa.
Bitcoin dominance is used to measure the percentage of the cryptocurrency market that can be attributed to Bitcoin. Thus, it’s very easy to determine the relative strength of Bitcoin at any point. Not the case for the altcoins…until now. I have taken the more popular altcoins and determined their relative strength, relative to Bitcoin using just moving average.
NOTE: if there are others coins/token, that I'm missing, please suggests them in the comments.
Binance
EOS
Ethereum
Litecoin
Neo
Steem
Tron
Zcash
Based on the moving averages and the last daily closing price, relative to the moving averages,
the altcoins relative strength, relative to Bitcoin are the following:
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Yeah the alts have been taken to the woodshed against BTC of late. Looking very oversold. Once BTC tops out on this move (may be happening now) flipping into alts against btc is a decent play.
Let's just see if I have the guts to do it. I want to always hold a certain amount of BTC for the long-term and I already cashed out into USDC down to that amount on yesterdays spike.
Bitcoin has certain been on a run as of late. I don't follow the crypto markets like I use to, but this type of quick analysis will allow me to keep a pulse on things.
This has been an interesting and unexpected twist as bitcoin dominance should really decrease over the long term as more projects and cryptocurrencies create more relative value to bitcoin. I think the leaders will come soon enough and it may be along the list you provided here.
That will be the key, the altcoins have to show value, but I think the comments is spot on.