A closely-watched crypto analyst says five large-cap altcoins are starting to show signs of strength as Bitcoin (BTC) tries to bottom out.
Nicholas Merten tells his audience of 516,000 YouTube subscribers that a shift in altcoin markets is beginning, with Bitcoin hitting bottom.
“We are entering kind of a capitulation phase of Bitcoin selling, which means we are in mid-dollar cost territory. We could still drop a few thousand dollars off the price of BTC, but we’re in the typical range of 70% or less here from all-time highs and even given the macro environment, given all of these factors, we we are probably entering into a lateral capitulation. here.”
Merten emphasizes the fact XRP is now beginning to gain bullish momentum in its Bitcoin (XRP/BTC) pair.
“You have XRP here that has come down to a level that it’s been consistently fluctuating here basically since June 2020, so it’s on par with Bitcoin’s performance really since June 2020 here.”
merten says Binance Coin also shows its strength against BTC (BNB/BTC).
“We have BNB which has continued to hold an ascending support line here against its Bitcoin pair. Basically within a few percentage points of its May 2021 highs or its December 2021 highs, so really not too destined here against Bitcoin.
Merten says smart contract platform Solana also rose against Bitcoin (SOL/BTC) over the past few weeks.
“We don’t talk too much about Solana here, but I have to give her credit here. That’s up from the lows here, about 76% off these relative highs here, 72% at the time of recording here. »
The analyst also notes an increase in the price of avalanche against Bitcoin (AVAX/BTC) after the asset’s difficult run this year.
“We saw Avalanche,9 which saw a hard sell here, down about 80% from the highs here, seeing a major bounce here in price coming off the lows here of about 50% against Bitcoin. It’s really exciting to see here.
Finally, the analyst highlights decentralized exchanges Uniswapnoting its huge gains against Bitcoin (UNI/BTC) over the past few weeks.
Even one of the DeFi [decentralized finance] parts we’ve talked about here. UNI, in this case, achieves a truly stellar double bottom bounce of over 87% here. Earlier today, it increased to around 94%. »
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Featured Image: Shutterstock/Art Furnace/Natalia Siiatovskaia