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A popular analyst and trader says he is closely watching a crypto index that he believes will signal the start of the next altcoin season.

The pseudonymous trader, known in the industry as Credible Crypto, tells his 223,100 Twitter followers that the Bitcoin Dominance Index (BTC DOM) is poised for a relief rally, which might offer good opportunities for altcoin traders.

During our last bull run, there were multiple instances where BTC Dom spiked for some relief on its way down.

I still fully expect new [all-time lows] on BTC Dom before this bull run is over. Eyes on alts if/when BTC Dom hits 50-55%. That will probs be the BEST time to load up on alts.

Traders rely on the Bitcoin Dominance Index to get a sense of Bitcoins value relative to the value of the broader cryptocurrency market. A rising BTC DOM is an easy way to see when Bitcoins value is growing faster than the rest of the crypto markets, and vice versa.

Credible Crypto says that the BTC DOM relief rally could mark the bottom for altcoins and the start of a new altcoin season, as he expects the index to continue its downtrend.

In line with his prediction, the crypto trader adds that he expects altcoins to rally in the midterm before pulling off one final surge in the next six months. Between the two rallies, Credible Crypto says that he sees altcoins trading within a wide range.

Probs a sideways consolidation. But since these are alts, that could be a decent 20-40% range from the highs even.

As for Bitcoin, the crypto strategist believes that the largest cryptocurrency is gearing up for the next phase of its bull market.

Accumulation. BTC.

Featured Image: Shutterstock/klyaksun

Continued here:
One Metric Will Confirm Start of Next Altcoin Season, According to Prominent Analyst - The Daily Hodl

Polygon (CCC:MATIC-USD) is among the few cryptocurrencies that have performed relatively well during the recent crypto slump.

Source: Shutterstock

Previously known as the MATIC Network, Polygon has exhibited real-world utility for its users with promising features down the road.

It has the potential to stand out amid an ocean of underwhelming altcoins.

The Indian-based crypto was founded back in 2017 with a core mission of solving critical scalability issues with the Ethereum (CCC:ETH-USD) network. It is the second-largest crypto ever and serves multiple platforms, including decentralized applications and other currencies.

Unfortunately, the platform is highly congested, which is why users have faced high transaction costs.

This is where Polygon provides a platform facilitating more robust, quicker, and cheaper transactions. Moreover, its status as a Layer-2 network increases the interoperability between various blockchains.

It looks as if Polygon has an impressive growth runway ahead which makes it one of the most exciting altcoins in the market.

Mark Cuban is one of the wealthiest individuals on the planet and one of the most prolific investors in modern history. He is also a big crypto fan and has several noteworthy investments in various cryptocurrencies.

Truth be told, he wasnt a big fan of the asset class in the past but pivoted in the last year or so.

When Tesla (NASDAQ:TSLA)CEO Elon Musk shocked the crypto world by rejecting Bitcoin (CCC:BTC-USD) payments, Cuban continued accepting Bitcoin payments for his Dallas Mavericks NBA franchise.

Apart from the big names in the crypto industry, he is bullish on the potential of Polygon.

Cubans website lists Polygon as a highly structured and an easy-to-use platform for Ethereum scaling and infrastructure development.

Polygons COO, Sandeep Nailwal, described his meeting with Cuban as truly mind-blowing. Moreover, Cuban plans to integrate the altcoin into his non-fungible token (NFT) gallery, Lazy.com.

He feels Polygon stands out in its ability to process transactions at a fraction of the cost of Ethereum. Additionally, it uses an added layer that deems a sidechain and works parallel to the existing blockchain technology.

One of the interesting elements that Cuban talked about recently was his approach to valuing a blockchain or DeFi project.

For him, its the revenues, similar to valuing a software business. He looks for growth rates, current revenues, and the strength of its community. In this regard, he feels that MATIC has the edge over its competition.

MATIC has shed more than 27% of its value in the recent crypto sell-off. While it has been resilient in comparison with many of its peers, the altcoin also has been one of the best performing cryptos growing by over 5,500% on a year-over-year basis.

It touched highs of $2.62 back in May this year. As Bitcoin tanked, the industry followed and lost a fair bit of its values. MAtIC dropped at least 50% of its value during the period.

It appears as if investors have witnessed the worst of the corrections already. In fact, it wouldnt be surprising Polygon is back trading at all-time highs in the next few months.

Price predictions are largely bullish on its potential to break out and regain its lost ground by the conclusion of this year.

Moreover, with multiple new updates and unique features to its platform, the altcoin presents itself as relatively stable as its core business progresses.

MATIC has been one of the more resilient altcoins in the past few years, and analysts are bullish on its long-term potential going ahead. It has several promising features, and upcoming updates put it in pole position to reach all-time highs.

Mark Cubans insights hold a lot of weight and further boost the confidence of future investors in crypto. Hence, MATIC is a crypto that should be part of your altcoin portfolio.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

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Polygon Is an Altcoin That Will Emerge a Long-Term Winner - InvestorPlace

Bitcoin (BTC) headed toward a key Wyckoff level on Tuesday as BTC price action got traders excited about an altcoin surge.

Data from Cointelegraph Markets Pro and TradingViewshowed BTC/USD trading up 4.6% versus the previous days lows on Tuesday.

After seeing tests of $33,000 support, bulls won out overnight, sending Bitcoin higher. Now, a key area to watch is $36,000, popular analyst Rekt Capital said.

According to Wyckoff analysis, a popular method for charting BTC price action, $36,000 marks the likely end of a phase C and the beginning of a phase D for BTC/USD with trajectory favoring the upside.

BTC dips to the ~$33000 area and holds the orange Higher Low perfectly, Rekt Capital commented alongside a chart on the day.

As Cointelegraph reported, potential higher targets currently include an unfilled CME futures gap above $46,500. This would be a significant move if it were to happen, as Bitcoin would effectively exit a trading range, in which it has been sitting for multiple weeks.

Trader Filbfilb offered a more sobering view. Bears, he warned, were still in command of levels that have attracted the highest volumes to so-called point of control or POC.

Trend remains down, he summarized on Monday before the bounce higher.

Conditions, meanwhile, may be right for altcoins to benefit more than Bitcoin in the mid term.

Related:Ethereum price can gain 40% on Bitcoin, argues analyst as London fork nears

In an atmosphere in which cryptocurrencies broadly grind up rather than shoot higher, it may be more than just BTC/USD that forms a point of interest, trader Michal van de Poppe argued.

Most likely expectation is that altcoins will be grinding up way heavier than Bitcoin in the coming period, he told Twitter followers on Tuesday.

Some of the top 50 cryptocurrencies by market capitalization woke up overnight, seeing gains that topped 10%. Ether (ETH), the largest altcoin, traded up 3% at $2,340. Meanwhile, many decentralized finance tokens were the standouts over the past 24 hours, namely SUSHI and Aave, which rallied by roughly 20%.

Excerpt from:
Bitcoin targets $36K key Wyckoff level, with altcoins set to grind up heavier - Cointelegraph

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The cryptocurrency ecosystem is always an environment for hot topics. So when popular crypto trader and investor CryptoDonAlt took to Twitter to open the floor for a conversation centering Litecoins performance over the years, the community responded in excitement as many dropped their two cents; some of which are objectively thought-provoking.

Litecoin, as observed by the investor, has been underperforming amongst its peers over the years. A chart showing the four years performance timeline of the altcoin reveals that against Bitcoin and Ethereum, the altcoin has dipped greatly.

In terms of price performance, Litecoin (LTC) lost 70% of its value in May after hitting an all-time high of $413.91 to $133 at press time. What was once valued at $27 billion in market valuation, has now dropped to $9 billion at press time.

Seeing as the altcoin was created in 2011 long before a lot of other assets that are currently dominating the market were createdthe investors question; Why do you think Litecoin fell out of favor? Expanding on that thought, why cant whatever happened to Litecoin happen to your favorite altcoin? is one that many have been asking.

A similar sentiment is being shared by a handful of community members as regards the reason behind Litecoins underperformance; Charlie Lees Litecoin sale in 2017.

Back in 2017, Charlie Lee dropped a bomb on the community, when he revealed that he had sold his Litecoin holdings at an average price of $205.

The market as expected didnt respond quite well to the revelation, as it seemed like a situation of a founder giving up on his own project, which could have swayed a lot of selling decisions during that period. Lee added that he would donate the rest in the future, and continue to work on the Litecoin project regardless, But community members are still not convinced that the project has sustained any major growth since 2017.

It isnt used for anything close to zero economic activity, no network effects, pointless. Its core purpose is served better by bitcoin and its spot as #2 was replaced by ethereum. wrote one popular trader.

On the bigger spectrum, the conversations have created room for a bigger debate, on the expected lifespan of altcoins in the market, as these assets have a long history of falling off the track after some years. The market cup usually diminishes greatly, as trading volume drops, hinting that the asset has little to no use case in the current market.

For DonAlt, altcoins are just temporary and will continue to be replaced by other newcomers.

In his words;

I think altcoins are always going to come and go as soon as better competitors come around but wondering what you guys think.

However, with the likes of Ethereum, and the DeFi coins taking over the market, the narrative could change in the long term.

Read this article:
What Litecoins Downfall Teaches About The Lifespan Of Other Altcoins - ZyCrypto

The massive price correction in May caused many crypto investors to lose most of the gains they amassed earlier in the year. However, such price corrections are necessary to weed out the unnecessary crypto projects, bolster the tangible ones, and provide a better proving ground for hopeful and aspiring cryptocurrencies. Enzyme (MLN) has emerged as one of those altcoins. The crypto has made a name for itself during the latest lull.

While most of the market has been slow to gain ground due to the losses they experienced in May, crypto investors are looking to get back their profits as soon as possible. Looking for the next substantial cryptocurrency to invest in early has proven to be more difficult lately. However, looking at hype and momentum surrounding certain altcoins can help investors narrow in on a quick win.

Enzyme has benefited from such activity. Thanks to trading activity, strategic partnerships, and being added to exchanges, Enzyme has stood out from the crowd. But is it a good buy?

Many factors can help a digital token gain value and lose value. Timing when a cryptocurrency will increase is pure speculation. By the time news is out about a particular token, its likely already hit its peak and on its way back down.

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But with Enzyme, the momentum has been pretty consistent. After the big drop in May, Enzyme quickly rebounded to record heights. It has since come back down but has hovered around pre-crash levels.

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Enzyme saw a surge in its price amid the announcement that the MLN token would start trading on Binance on July 5. Being added to the largest crypto exchange in the world helped MLN spike 55 percent in the price to a high of $125. In the 24 hours after listing on Binance, the trading volume for MLN also surged by more than 2,000 percent to $148 million.

On July 5, Enzyme announced a collaboration with Yearn.finance. Through the partnership, Yearns vaults will now be available on the Enzyme protocol. This allows portfolio managers on Enzyme to use yield farming strategies through Yearn as part of their overall investment strategy.

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Yearn.finance has become one of the most expansive and cross-integrated DeFi platforms, and the Enzyme integration further entrenches them among the top.

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Should You Buy Enzyme Crypto as the Altcoin Rallies? - Market Realist