Bitcoin (BTC) is struggling to sustain above $50,500 but that has not stopped the altcoins from following in Ether’s (ETH) footsteps after the top-ranked altcoin hit $4,000 on Sept. 3. This has pushed Ether’s market dominance above 20% while Bitcoin’s dominance has shrunk to 41.1%.
However, Bitcoin’s hesitation in the past few days has not altered the outlook of Bloomberg senior commodity strategist Mike McGlone who has retained a $100,000 target on Bitcoin and $5,000 on Ether.
Crypto market data daily view. Source: Coin360
Apart from the top two cryptocurrencies, the nonfungible token (NFT) sector had been attracting investor’s attention since July. Cointelegraph contributor Jordan Finneseth recently suggested that the recent drop in transaction volumes and a few other reasons could be signaling a rotation of capital from NFTs to the decentralized finance sector.
Let’s study the charts of the top-5 cryptocurrencies that may outperform in the short term.
Bitcoin broke above the $50,500 resistance on Sep. 3 to hit $51,000 but the long wick