Electroneum, MASK, Elrond, TRON Rally As Bitcoin Dominance Dips; What To Expect?

Bitcoin’s overall crypto market dominance continues to decline, nearing lows of 39.95 on Sept 12. This seemed to be a boon for Altcoin’s performance with several tokens trading in the green. Bitcoin (BTC) hit a barrier at $46,274 on Sept. 12, but as this occurred, Ethereum (ETH) and Altcoins bounced higher from the prior week’s sell-off.

At the time of post, Algorand (ALGO, +12.27%), TRON (TRX, +20.96%), Elrond (EGLD, +25.38%), Celer Network (CELR, +25.91%) were significantly up in the last 24 hours. Other notable performances include a 48% increase in the price of Electroneum (ETN) and a 65% increase in the price of Mask (MASK), which lifted the token’s price back above $12.

Electroneum (ETN), a mobile-phone-based crypto platform that offers an instant payment system has marked the second day in green, rallying nearly 100% from lows of $0.0127 on Sept. 11.

BTC Dominance

Earlier in September, TRON (TRX) and BitTorrent (BTT) jointly announced the launch of BitTorrent Chain (BTTC), a layer 2 scaling and cross-chain solution which will begin by connecting TRON, Ethereum & Binance Smart Chain (BSC) & other chains. Through this, users on all these platforms will be able to transfer assets seamlessly with reduced fees & low latency.

On Sept. 10, the TRON Foundation announced in a step ahead that ”BTTC is powering TRON to form a closed loop of both layer 1 and layer 2 networks with sound cross-chain connectivity”.

Elrond (EGLD) is “a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy.” Elrond has ticked higher since Sept. 8 as the bullish crossing of its daily moving averages buoyed its price to new all-time highs of $297. At the time of post, Elrond traded at $286, up 24.47% on the day.

Cryptoanalyst and trader, RektCapital speaks on the Elrond climb- ”EGLD has more than doubled since successfully retesting its breakout structure. ELGD is officially in price discovery, enjoying new all-time highs”

What To Expect?

While many Altcoins have seen double-digit gains during the recovery from last Tuesday’s ”Flash crash”, the price of Bitcoin remains in consolidation near the $46,000 level despite BTC all exchanges reserve hitting a three-year low.

$BTC All Exchanges Reserve Hit a Three-Year Low, Courtesy: Cryptoquant

Cryptoanalyst, Michael Van de Poppe stated earlier as regards BTC near term price ”On the upside, we also know that $46,700 is still a very important resistance level…If that cracks, I think the chances that we’re going to break through $47,500 towards $50,000 is significant, and that will bring strength to the Altcoin markets as the Altcoins will just follow suit.”

While the debate about whether or not the market is seeing an Altseason goes on, one of the tell-tale signs is a sideways trading Bitcoin that leads to traders shifting their gaze towards Altcoin, which subsequently leads to a drop in Bitcoin dominance.

At the time of post, the overall cryptocurrency market cap stood at $2.116 trillion, and Bitcoin’s dominance rate was at 40.7%.

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