The surge of altcoin dominance in the last 24 hours signalled key signs of the second altcoin cycle that started back in January 2021. Nicholas Merten from DataDash looked into major updates.
Ethereum is back
Altcoins are making a substantial rebound which is starting to materialise in market dominance. Most of the market capitalization gains comes from Ethereum‘s leapfrog to the upside, cancelling weeks of negative price action. Ethereum’s 30-40% correction against Bitcoin is the best time to accumulate altcoins and build positions. Ethereum has broken past the line of resistance and is now on course to break the previous all time highs.
OmiseGo, Chainlink, Tron and AAVE ready to break previous resistance
Nicholas looked into some technical setups of calls made in the Dash report. The position of OmiseGo (OMG Network) built around 1100 sats now around 1300 sats, setting higher lows, waiting to get above the1500 sats resistance range before taking off (7:20). Chainlink (LINK) is yet to see any major move since June 2020 but is now setting a consistent range of lows as support on top of previous resistance (7:49). AAVE, one of the large cap DeFi protocols now has some room to start moving up after a clean 60% pull back between February and March (8:23).
Nicholas says he does not rate Tron(TRX) fundamentally but there is an opportunity to buy low and sell high with it’s current set up. A lot of momentum can flow in to Tron if it pops above the current resistance, which is the starting price back in 2017 before the vertical movement (9:20).
Goldman Sachs close to offering bitcoin and other digital assets to wealth management clients
The last bit of news is about former high-profile critic of Bitcoin, Goldman Sachs. They are close to offering Bitcoin and other digital assets to its wealth management clients. The bank aims to begin offering investments in the emerging asset class in the second quarter. Goldman is looking at ultimately offering the full spectrum of investments in digital assets, whether that’s through the physical bitcoin, derivatives or traditional investment vehicles. Some Goldman clients feel like they’re sitting at the dawn of the new Internet and are looking for ways to participate in this emerging space, according to Mary Rich, global head of digital assets for Goldman’s private wealth management division. Nicholas says he expects JP Morgan, Wells Fargo, Bank America and other commercial banks will to follow soon.