Popular crypto strategist Pentoshi says altcoin markets are showing early signs of recovery as he predicts volatility for Ethereum (ETH) rival Terra (LUNA). In addition, the analyst tells what will happen in the market. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together…
Pentoshi shared what will happen in the altcoin market!
Crypto analyst Pentoshi tells his 500,000 Twitter followers that the continued bounce in the Bitcoin (BTC) dominance chart is a positive development for the crypto market. The Bitcoin dominance index measures the total market value of BTC to other crypto markets.
A growing Bitcoin dominance indicates that BTC is either growing faster than altcoins or that other cryptocurrencies are depreciating faster than BTC. According to Pentoshi, altcoins will depreciate faster than BTC in the coming months, indicating an escape from excessive speculation to value investing. The analyst adds the following to his explanations on the subject:
I know that many people do not believe in the BTC dom. And those who have not lost much. Every time he hit the ‘sell and walk away’ line, the alternatives bombed 100% of the time. See the notes in the chart. The market holds the worst projects like a snake that sheds its skin to grow new.
Analyst awaits a bounce in these 2 altcoins!
At the time of writing, Bitcoin’s market cap accounts for 41.9% of the total crypto market valuation. Looking at Ethereum, Pentoshi predicts a rally for the second-largest cryptocurrency before continuing its downtrend. The analyst adds the following to his explanations on the subject:
ETH. This is the first time in two months that it is developing positively. For some relief I’d say $2,700 on the table and potentially $2,900.
As for Terra, the crypto analyst says the decentralized finance (DeFi) payment network will also make a splash before the next step. The analyst adds the following to his explanations on the subject:
LUNA… It’s okay to buy some fear… I think the risk/reward is more appropriate for a short-term jump…
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