It’s been an incredibly strong year for altcoins thus far. Versus Bitcoin, many have outperformed.
As reported by Bitcoinist previously, the small-cap, medium-cap, and large-cap altcoin indexes from crypto exchange FTX have outperformed Bitcoin since the start of 2020.
Yet a prominent analyst expects this trend to reverse in 2021. He went as far as to say that Bitcoin dominance — the percentage of the crypto market made up of BTC — could surpass 2019’s highs.
Bitcoin Dominance Could Surge in 2021: Analyst
According to a trader, Bitcoin dominance has the potential to surge to 86% heading into the end of 2021/start of 2022. The analyst attributed this sentiment to Elliot Wave, which is a type of technical analysis suggesting that markets move in predictable waves/cycles due to investor psychology.
The trader that shared this sentiment is the same one that,