Altcoins have started to shine in recent months. In fact, many altcoins have significantly outperformed the No. 1 cryptocurrency while rising to all-time highs. The best example is Chainlink (LINK), the crypto unit of decentralized Oracle. The altcoin has been turning heads in the crypto field recently with its continued rise.
As for the trend in the coming weeks, one crypto analyst suggested that Bitcoin will triumph over alternative cryptos as it expands its dominance.
Altcoins shine as Bitcoin (BTC) consolidation continues
Last week was pretty calm for BTC. After a big dive last weekend, the leading cryptocurrency managed to soar above $12,000. Now, BTC has entered a new phase of consolidation, with $12,000 proving to be a hard-to-pass Walnut.
During that time, altcoins hit record highs as investors ‘ attention shifted from BTC. This week, altcoins, particularly LINK, Band Protocol, and Decentraland, shone with eye-popping gains.
As investors search for the next altcoin to catch an astronomical surge, analyst Willy Woo noted that the altcoin party could soon come to an overwhelming halt.
Bitcoin On Verge Of Disrupting Altcoin’s Party
Famed in-chain analyst Willy Woo listed a number of factors in a tweet on August 9 that suggest the flagship cryptocurrency will gain significantly relative to altcoins in the coming weeks.
Woo also believes Ethereum (ETH), the second-largest cryptocurrency, looks stronger than other altcoins. In this case, both BTC and ETH increased in a situation that may occur.
Woo said that “Bull divergence, BTC Dominance, expecting BTC to gain over alts in coming weeks. Waiting for the top indicator to reverse (detects volume movements). ETH currently more bullish than other alts. In that regard, I believe we’re in an era of dual pumpage.”
While BTC may perform particularly well in the coming weeks, alternative cryptocurrencies remain in the background, according to woo’s analysis. Therefore, watching Bitcoin in the coming days seems like a better idea.
